Baobab Microfinance disbursed N5bn loans in Ibadan in last one year ― MD

Baobab Microfinance Bank Nigeria Ltd, on Thursday, declared that the financial institution disbursed the sum of N5bn as loans to its customers in Ibadan within the last one year as part of its vision to help businesses grow, adding that it remains the institution with the shortest turnaround period.

The Managing Director and Chief Executive Officer of Baobab Microfinance Bank, Dr Olanrewaju Kazeem,  made this known in Ibadan while speaking during the first Customer and Staff annual Forum for Ibadan city which held at Geeks Event Place along Challenge Expressway.

Dr Kazeem stated that the bank is aware of the microfinance market in Ibadan and other cities before it came to Ibadan, adding that the management holds the belief that it has what it takes to give customers a good experience and make banking easier for them.

He said, “We are not the first to come to Ibadan and we probably won’t be the last but we will be the choice of the people as it happened in Lagos, Abuja and Kaduna where we operate and we expect that the same thing is going to happen in Ibadan; so far, within the last one year, we have disbursed over N5bn loans in Ibadan and we expect that this will continue. The deposits too are growing; in less than a year, we are close to a billion.

“So we can say the people are very receptive to our services and system of banking; especially in terms of efficiency and providing prompt and best possible turnaround time which is a delight to customers and we don’t have any doubt that in Ibadan and its environs, we will make a landmark,” he stated.

Speaking on loan accessibility, Dr Kazeem who left the commercial bank as a Deputy General Manager said there is no doubt that accessing loans from microfinance banks is easier and faster than in any commercial bank, adding that “though it may be more expensive for obvious reasons which include the way they source their funds and because of the perception of the public in terms of having deposits with them. But in terms of turnaround time, efficiency and ability to deliver these loans to customers, of course, it is faster with the microfinance bank and one is not surprised, it is like that almost everywhere in the world and Nigeria is not an exception .”

He explained that turnaround in Baobab microfinance is four days if an applicant has all the documents required, reiterating that “many people have testified to fact, I am not sure there is any commercial bank you walk into in this country and you will get a loan of N15m in four days, I am not sure and I don’t know of any.”

Speaking further, he said that there are also facilities for salary owners known as consumer loans and they are usually the short term loans that a customer can easily access through the online platform, adding that they can also access housing loans once they have what it takes and are able to pay back the principal and the interest.

“We are rolling out other types of consumer loans before the end of this year, we would have rolled out some of those other loan facilities last year but due to the Covid-19 pandemic but I have to emphasise that more than 80 per cent of our loan is for business. Our idea is that if your business is running, then your lifestyle will improve and your general wellbeing will improve but we still have what it takes to cater for the salary earners. But we encourage business people to come so they can grow their businesses

“We are delighted to come to Ibadan and we appreciate the patronage so far.  Customers should watch out for the best of banking as we roll out other means to help them do their banking seamlessly with more products in the next few months, I believe what they have seen is just a tip of what is coming, so they should be prepared to get the best experience of banking with us in Ibadan and of course, we look forward to them growing their business because everywhere we have gone to, we tried to create a multiplier effect on the economy and the environment,” Dr Kazeem concluded.

Also speaking, a customer who has accessed loans more than twice, Mrs Omobolaji Mariam Odunola, said, “ my experience in Baobab has shown that they are the best of the best. We have many microfinance companies but they are different and much more than what we expected. I advise other people to stop running up and down for capital to achieve their dreams, they should go to Baobab and get loans without stress, I can guarantee that within three days, you can access loans without long processing or unnecessary paperwork once you have the requirement.”

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