Microcred Nigeria rebrands as Baobab, disburses N32bn loans

Microcred, a Kaduna-based leading digital financial inclusion group operating across Africa and in China, has unveiled to the Nigerian market its new group-wide brand, ‘Baobab.’

Announcing this rebranding in Lagos over the weekend, Mr Kazeem Olanrewaju, Chief Executive Officer of the Nigerian affiliate gave the new name as ‘Baobab Microfinance Bank Nigeria.’

The bank, he added, has disbursed N32 billion loans to 112 clients and has 10 branches in Lagos.

The CEO said Baobab, derived from a tree that grows in the French-speaking African countries that has a long life-pan, is African and “we are very proud of it.”

The tree he said, not only has great cultural significance, but also has many practical uses.

According to him, since inception in 2010, Baobab Nigeria has developed a network of seven branches in Kaduna and 10 branches in Lagos.

The bank which serves more than 65,000 customers according to Olanrewaju has dedicated staff who pride on integrity, and are committed to deliver value for the sustainable benefit of customers, their families and their businesses using technology.

“To do so, it offers a wide range of products: loans, savings plans, savings accounts and innovative products such as TAKA, a nano-loan which is offered to existing customers by SMS and which is available immediately with no further documentation.

“We are targeting to become the first digital microfinance bank in Nigeria. Baobab focuses on serving individuals, micro- and small businesses in Africa and China,” he stated.

He commended the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance (NDIC) for their support especially in the area of license, which was secured in less than 90 days.

Baobab, according to the CEO, comes with four commitments: it offers simplified services to its customers to allow them to focus on what really matters; symbolises access to innovation for its customers and their employees, as they digitise more and more of their operations; it revolutionises the banking experience for its customers by placing them at the heart of what they do and above all, Baobab exists “to help you to unleash your potential.”

Olanrewaju used the occasion to announce the launch of a new product: AJO account, a monthly savings plan of over 3,6,9 or 12 months. He explained that the customer chooses the period that is most convenient, and will enjoy a high remuneration interest rate from 6 per cent to 100 per cent of his/her monthly contribution.

Commenting on the rebranding, Group Chief Operating Officer, Charles Gill said: “We have come a long way since we started operations 13 years ago. We have built secure foundations and become one of the leading providers of financial services in Africa. The business here in Nigeria is strong and growing rapidly. We have a strong relationship with, and a deep understanding of, our customers, and we aim to build on that to help our customers unleash their potential wherever they are and however they access finance.”

Founded in 2005 as Microcred, today Baobab has 3,800 employees operating in Madagascar, Senegal, Nigeria, Ivory Coast, Mali, Tunisia, Zimbabwe, Burkina Faso, Democratic Republic of Congo and China.