Baobab MfB disburses N16b loan to customers

By Collins Nweze

Baobab Microfinance Bank has disbursed N16 billion loan to customers, its Managing Director/Chief Executive Officer Kazeem Olanrewaju, has said.

The bank chief, who spoke during the launch of four e-channels in Lagos, said the lender is also boosting its e-payment channels in the face of COVID-19 pandemic.

In a bid to ensure that its customers enjoy smarter, more efficient, effective transactions and in line with the new normal in view of the COVID-19 protocols, Baobab Microfinance Bank over the weekend in Lagos launched for new e-channels.

The channels, quick savings, which is known as USSD, debit card, Paydirect Branch and an App were premiered during the banks annual customers forum held via Zoom with over 100 participants.

Olanrewaju said the bank will continue to invest in technology to create value for customers.

The bank, he added, has remained profitable, adding that it has consistently grown its deposits, which moved from N8 billion to N11 billion this year.

He also disclosed that the bank has since the beginning of the year added an average of 2000 customers on monthly basis.

While assuring customers of the bank’s determination to ensure that they stay in business, he said the bank during the COVID-19 lockdown restructured its customers loans and reduced charges.

On the e-channels, he said, “We are basically premiering four new products. We have also partnered with reputable financial technology companies to design platforms tailored to the needs of our customers. The first of the channels is our quick savings channel, which is known as USSD. For our USSD, the magic code is *322 *348.We have partnered with Interswitch to come of with this transactional platform.