Baobab MfB disburses N40bn loans in 12 months

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The Chief Executive Officer, BaoBab Nigeria, Dr Olanrewaju Kazeem, has said the organisation is supporting its customers to grow and has given out about N40bn loans in the last one year.

He spoke during a customers’ forum organised by Baobab Microfinance Bank in Lagos.

“There are a lot of remarkable changes, changes in terms of the business. We have supported our customers with over N40bn between last year and now,” he said.

He said the customer forum was an event organised every year in each of the regions in the country.

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“It is a place where we are able to interact with our customers with a view to getting feedbacks from them and also be able to tell them the developments in the bank, and then our aspirations and what we intend to do,” he said.

The chief executive officer said the bank often used the forum to give customers feedbacks on previous meetings so that they could know how it had addressed the issues that they raised before.

“It is an interaction between the management, our customers and staff,” he said.

One of the changes experienced by the Mfb, he said, was in the area of digitisation because it had introduced the Baobab app to provide opportunity for online transactions.

According to him, in the last one year, it had created six additional branches and was partnering with some agency networks across the country, apart from using its digital platforms.

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Speaking on the recapitalisation that was introduced into the sector by the banking regulator, he said, “Between last year and now, we are fully recapitalised and nobody needs to worry about regulatory intervention.

“We have introduced different products to support our customers to save, to invest and we give them attractive rates.”

While speaking on insecurity in the country, he said the government had been trying to curb the menace but needed to do more to curb the effect on businesses.

He said the government should also create economic opportunities and ensure that people have confidence in the economy.

According to him, there was a need for the government to support entrepreneurs in the country by providing cheap funds, tax incentives and giving other supports needed for their survival.