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Why we are empowering SMEs with N500m – Mr. Olanrewaju, MD BaoBaB Microfinance

By Divine Nweke

The Chief Executive Officer of BaoBaB Microfinance Limited, Mr. Kazeem Olanrewaju, has said that the Bank plans to disburse a tune of N500 Million to Small and Medium Enterprises (SMEs) to boost economic activities in the country.

Rashid, who stated this at the Bank Customers’ Day, over the weekend, in Lagos, said the small and medium enterprises are the prime movers of any economy around the globe.

He stated that the Bank has been at the centre of driving creativity, capacity and capital for SMEs business in recognition of its immense contribution to national development.

“We would also continue to ensure that we provide the necessary opportunities and collaborations to empower our women and youths to become successful business leaders of tomorrow”, he said.

Rashid noted that all countries are trying hard to develop entrepreneurs, promote SMEs and facilitating their graduation into large industries for rapid industrialisation.

He said currently, the institution is supporting SME development in the country in order to facilitate employment generation and poverty alleviation.

The BaoBaB boss explained that the meaning of BaoBaB as a tree that provides shelter, said the financial institution , formerly known as mirocre, has grown beyond loan to other products offerings, stressing that its customers will have enough funds to grow their businesses.

He added that the bank has successfully disbursed over 112,000 loans to the tunes of N32 billion and has over 400 staffs on its payroll to effectively manage its client’s portfolio.

Introducing the Bank loan products to customers, he said the lender has among its product offerings , mini micro loans ranging from N20,000 to N99,000; N100, 000 to N500,000; and micro plus loans, which ranges from N500,000 to N2 million.

He noted that the bank in 2017 gave the highest loan of N20 million to one of its customer which they tend to increased if any customer meet the requirement.

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