Wednesday, May 12, 2021

Microfinance bank disburses N32bn to SMEs

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Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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BaoBaB Micro-Finance Bank says it has disbursed N32 billion to artisans and Small and Medium Enterprises, SME, since inception in 2009.

The bank’s Chief Executive, Kazeem Olanrewaju, told the News Agency of Nigeria in Lagos on Friday that the SME loan was to ensure growth and continuity of the small businesses.

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He said that the bank would continue to support SMEs in the country with business loans to ensure continuity and growth.

Mr Olanrewaju said the bank would open new branches to enable it extend loans to more artisans and SMEs all over the country.

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“As we speak, the bank already has seven branches in Kaduna and 10 branches in Lagos.

“More branches will be opened to get closer to our 65,000 existing customers and to all the future ones.

“The bank is committed to delivering value for the sustainable benefit of SMEs, deserving families and artisans,’’ Mr Olanrewaju said.

Mr Olanrewaju said the bank has also developed savings plans to encourage its clients save so that they would not live on loans forever.

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“The savings plans would enable them plan towards the future and their businesses independent of loans,’’ he said.

NAN

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