Making financial services more accessible with Baobab
With operations across Nigeria – including Kaduna, Lagos and Abuja states – Baobab dares to go where other banks don’t, bringing basic financial services to underserved individuals and SMEs. Using the power of digital banking, Baobab makes savings, transfers, loans and more accessible, unleashing the potential of their clients.
Financial services
Impact Indicators
28,720
Total borrowers
57%
Female borrowers
221,597
Depositors
47%
Female depositors
38
Branches in Nigerian 16 states
Bringing digital banking to Nigeria and beyond
In sub-Saharan Africa, more than 65% of all households are unbanked. Baobab provides inclusive digital financial services to individuals and MSMEs in underserved areas across Africa and China, targeting clients and locations that are considered risky by traditional commercial lenders.
Why Goodwell invested
Baobab’s mission aligns with our goal of providing underserved businesses and communities with essential financial services, such as transfers, savings, and loans. Despite the growing demand for financial inclusion, accessing these services remains a challenge for many in these regions. Baobab’s scalable fintech offerings present a robust strategy to effectively address this pressing issue.
Recent achievements and future ambitions
With operations in nine African countries and China, Baobab serves nearly half a million micro entrepreneurs and small businesses via its subsidiaries. The company continues to expand its reach into underserved regions: in 2023 they launched a new loan app, and company’s services are now available in 16 Nigeria states. Female users represent about 50% of both depositors and lenders – a number which continues to grow.