Kogi entrepreneurs urged to leverage microfinance for expansion

The opening of the Baobab Microfinance Bank in Lokoja, Kogi state, has been recommended to help entrepreneurs, small company owners, market women, and others grow their enterprises.

At the ceremonial launch of Baobab Microfinance Bank in Lokoja, the capital of Kogi state, Babatunde Omolere, the bank’s chief risk officer, made this statement.

He emphasized that the bank would help many vulnerable people while describing Kogi as an atmosphere that is favorable for business. He cited the durability of the Baobab tree, from which it gets its name, to explain how Baobab has endured for so long.

Omolere reminisced and recalled how the bank began in Kaduna fourteen years ago with just one branch.

“As of right now, the bank has 12 branches in Lagos, three in Kano, and six in Kaduna. We are in Kogi to provide possibilities for the hardworking, financially fragile entrepreneurs who are eager to expand their enterprises as soon as possible but have been denied access to capital, he said.

He stated that the branch had over 750 clients and had successfully issued a total of N650 million in loans since the bank’s initial opening in Kogi in February 2023.