Boabad, the former Microcred Microfinance Bank Nigeria, dispersed its first loans in 2010. Today the company serves 34,082 clients throughout 7 branches in central Nigeria. Of Boabob’s clients, 40% are women and 70% are previously unbanked individuals. MCN has successfully established flexible and reliable financial services to SME’s in an area of the Nigeria with the country’s lowest financial inclusion rate.
Goodwell Investments was attracted to Baobab’s ability to reach one of West Africa’s most underserved regions. Beyond its physical location, Microcred has developed social performance standards to assist its customers beyond financial services by providing local communities with solar powered lanterns and clean water solutions. The company aims to expand its financial offerings to micro-insurance, which will further assist previously excluded populations.
Since the initial investment in 2012, Baobab has experienced a 67% increase in its client base. MicroCred has the ambition and platform to become a national player in Nigerian micro-finance and we aim to support that mission. As such, the investor team has been locally present and hands-on in order to better understand the market.