Baobab Nigeria
“Can a traditional Nigerian microfinance bank become a digital-first inclusive finance platform without losing its branch-based reach?”
Founded2009
HQNigeria
IndustryBank / Community
The story
Baobab Nigeria is the Nigerian arm of the pan-African Baobab Group microfinance network, operating as a CBN-licensed microfinance bank since 2009. It serves 200,000+ customers through 38 branches across 16 states, combining branch-based lending with a growing digital layer (Jollof+ savings app, e-channels) powered by Paystack. Recent strategy emphasizes digital acceleration and social-impact bundles like free micro health insurance via AXA.
Last 12 months
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Product timeline
0
Launched Jollof+ digital savings product and expanded to 38 branches across 16 states.· banking
0
Partnered with AXA Health to launch Baobab Free Micro Health Insurance for underserved populations.· banking
2009
Baobab Microfinance Bank Nigeria founded to provide financial services to underserved Nigerians.· banking
Regulated entities
1
regulatory licence held by Baobab Nigeria
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Baobab Nigeria’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Lending
in the full report
Insurance
in the full report
Accounting gap: none
5 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.