Baobab Nigeria Wins Financial Inclusion Award at Nigeria Innovation Summit 2026
Baobab Nigeria was named winner of the “Advancing Financial Inclusion and Access to Finance for Nigerian MSMEs” award at the 2026 Nigeria Innovation Awards on Tuesday, 6 October. The ceremony closed the 11th Nigeria Innovation Summit at the MUSON Centre, Lagos, organised by InnovationHub Africa under the theme “Innovating in the Age of AI.”
The microfinance bank was also among the summit’s partners, listed alongside NNPC RTI, the International Society for Professional Innovation Management and the Nigeria Computer Society, amongst others.
The category speaks to the two problems Baobab has built its business around: reaching small firms and getting them credit. In January 2025, the bank said it had disbursed more than N323 billion to over 407,000 customers. Chief Business Officer Oladapo Ikupolati said N92 billion of that went out in 2024 alone. At an April 2024 press briefing, management reported N229.66 billion disbursed since inception, with women receiving about 56.3 percent of loans.
Technology on top of a visiting model
Baobab Microfinance Bank began operating in Kaduna in 2010 as MicroCred Nigeria, according to IFC records, and took the Baobab name when its parent group rebranded in 2018. It is licensed by the Central Bank of Nigeria, and its deposits are insured by the Nigeria Deposit Insurance Corporation. Its lending still depends on loan officers who visit traders and artisans, but the bank has layered digital tools on top.
The clearest example is its Automated Loan to Improve Productivity, or ALIP. Existing customers with a good repayment record can get an increase of up to 80 percent on their previous loan, from ?50,000 up to ?15 million. The bank says no new account is needed, and decisions come within three working days once requirements are met. TAKA, its nano-loan, serves urgent cash needs, and the My Baobab app lets customers transfer money and repay loans round the clock. A USSD code, 723348#, covers customers without smartphones.
In May 2024, Baobab launched Jollof+, a standalone savings app. Nairametrics reported that it attracted more than N1.3 billion from over 15,500 users in 64 days. In June 2023, the bank announced ISO 22301 certification for business continuity and ISO/IEC 27001 for information security. In April 2026, it opened a new head office on Ikorodu Road, Lagos, which board chairman Rotimi Oyekanmi called “a significant milestone in Baobab Nigeria’s growth journey.”
Not the first recognition
The award adds to earlier ones. Baobab was named MSME Microfinance Bank of the Year at BusinessDay’s banking awards in 2021 and 2022, according to Techpoint Africa.
Its summit win also fits the event’s message. The Summit Programme Director, Tony Ajah told reporters ahead of the event that Nigeria has an opportunity to become “not just a consumer of AI technologies but a creator of solutions”, a line that small-business lenders increasingly apply to credit scoring and mobile products.
How to reach the bank
Small business owners can apply in-branch, by phone, or through the website. They need a business operating in the bank’s lending area, a Bank Verification Number, and valid identification. Salary earners and savers can use Jollof+, My Baobab and fixed deposits. The bank can be reached on 070 0022 6222 or 020 1460 2630, or at their website. The award recognises reach.
