Microcred Microfinance Bank on Saturday changed its name to Baobab Microfinance Bank as its new brand identity in Nigeria and across its operations in eight other African countries.
The bank, which was established by French investors in 2005, was granted national licence in Nigeria in 2015.
Unveiling the bank’s new identity in Lagos, Baobab Group Chairman, Ben Zwinkels, said that the name was inspired by the famous Baobab African tree which had great cultural significance in the continent.
“Thirteen years after our creation, the name Microcred no longer fits – it doesn’t describe who we are or what we do. This is why we’re changing our identity to reflect this evolution,” Zwinkels said.
He said that Baobab has over 650,000 customers and 3, 800 employees in Nigeria, Madagascar, Senegal, Ivory Coast, Mali, Tunisia, Zimbabwe, Burkina Faso, Democratic Republic of Congo as well as China.
Also speaking, Baobab Microfinance Chief Executive in Nigeria, Kazeem Olanrewaju, said the bank has 11 and seven branches in Lagos and Kaduna, respectively.
According to Olanrewaju, Baobab Microfinance Bank has granted over N32 billion credit facility to 65, 000 micro entrepreneurs since its take off in Nigeria in 2016.
“Over 112, 000 Nigerians that were financially excluded had also been captured into the banking sector and now banked with Baobab,” he said.
The MFB boss said the bank has introduced digitized services to make more credit facilities accessible to you thy entrepreneurs.
