At the 2022 Lagos Banking and Financial Institutions Awards, Baobab Microfinance Bank was named Microfinance Bank of the Year for Micro-small and medium-sized enterprises.

According to a company statement, Baobab MFB won the award for standing out in providing financial support to MSMEs at a well-attended ceremony attended by captains of financial institutions, the bank's chief executive officers, and professional bodies. 

Baobab MFB beat out competition from other microfinance banks in the award category. Dr. Kazeem Olarenwaju, Managing Director of Baobab Nigeria, said the bank was being recognized for its efforts in the financial industry.

Baobab Mfb is recognized

According to him, "we have heavily invested in making access to loans accessible to customers," and "we are being rewarded for the increasing demand for our services by MSME in Nigeria."

We are expanding our offline and online reach for more businesses to use our services. "We already have the Baobab application, which is very popular in the market and allows customers to conduct transactions without going to the bank."

We also collaborate with some agency bank networks to provide services to those in remote areas. This will continue in the coming years as we open more branch networks in Port Harcourt, Aba, and Onitsha.

As a result of this expansion, we now disburse over N5 billion in credit to over 5,000 customers each month. We aim to become Nigeria's and Africa's No. 1 Microfinance Bank for the MSME sector, which is why we continuously expand our capacity, technology, and products."

Kazeem stated in the statement that the board's leadership, the bank's management, and the dedication of the people working across the organization had taken steps to deliver the successes for which Baobab is being recognized.