According to the CEO of BaoBab Nigeria, the company provides loans of roughly N40 billion to its clients in order to help them expand.
He spoke during a customers’ forum organised by Baobab Microfinance Bank in Lagos. “There are a lot of remarkable changes, changes in terms of the business. We have supported our customers with over N40bn between last year and now,” he said. He said the customer forum was an event organised every year in each of the regions in the country.
He said the bank often used the forum to give customers feedbacks on previous meetings. “It is an interaction between the management, our customers and staff,” he said. The launch of the Baobab app, which provided the option for online transactions, resulted in certain changes to the Mfb.
Speaking on the recapitalisation he said, “we are fully recapitalised and nobody needs to worry about regulatory intervention. “We have introduced different products to support our customers to save, to invest and we give them attractive rates.”
While speaking on insecurity in the country, he said the government had been trying to curb the menace. But needed to do more to curb the effect on businesses. He said the government should also create economic opportunities and ensure that people have confidence in the economy.
According to him, there was a need for the government to support entrepreneurs in the country by providing cheap funds, tax incentives and giving other supports needed for their survival.