BaoBaB Microfinance Bank has disbursed N40billion to Small and Medium Enterprises (SMEs) within 10 years. These monies were disbursed in a bid to enhance economic activities within the country.
This feat was announced by the CEO of BaoBaB Microfinance Limited, Mr Kazeem Olanrewaju Rashid. He added that the success of the bank was in relation to its management’s hard work in providing cheaper funding for its customers. This brought about a reduction in the interest rate.
According to the CEO, BaoBaB fosters SMEs in order to help create employment and alleviate poverty.
“We would continue to ensure that we provide the necessary opportunities and collaborations to empower our women and youths to become successful business leaders of tomorrow”. Rashid said.
He further stated that customers would have enough funds to grow their businesses as the institution’s product offerings include mini and microloans. However, these loans range from N20,000 to N99,000 or N100,000 to N500,000. Also, SME loans which range from N500,000 to N40 million.
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