New USD 5 million Oikocredit loan supports Nigerian entrepreneurs

Baobab Microfinance Bank in Nigeria has secured a USD 5 million loan from Oikocredit, a global social impact investor. This collaboration is designed to extend responsible financial services to micro, small and medium enterprises (MSMEs) across Nigeria, helping to drive economic growth and financial inclusion.

Baobab Nigeria, part of the Baobab Group, is known for its focus on underserved communities and its adherence to the Smart Campaign Principles of fair and client-focused financial practices. The bank’s 200,000-plus clients benefit from its commitment to promoting social equity and sustainable economic opportunities.

“This partnership represents a significant milestone in advancing financial inclusion in Nigeria, where MSMEs are vital in driving economic growth,” said Eric Ntumba, MD/CEO of Baobab Nigeria. Oikocredit’s Ufuoma Eghwerehe added, “Together, we can enhance financial inclusion and achieve positive social impact.”

Read the full press release here.