Baobab, a francophone Africa-focused micro-lender, has commenced an aggressive campaign to increase its operations in Nigeria, which it sees as a very strategic market.
Currently in nine states, the microfinance bank intends to sign-up three additional branches in the southeast and Port Harcourt this year and raised the figure next year when it intends to open more branches in the northwest where it started 13 years ago.
This year alone, the bank said it has reached out to 45,000 customers through the digital channel. Its yearly lending is estimated at N5 billion, which is extended to 5,000 micro businesses. According to him, Nigeria currently accounts for 10 per cent of the bank’s balance sheet estimated at $750 million and a customer base of 500,000 across seven African countries.
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