Agusto affirms Baobab Nigeria’s ‘Bbb+’ rating

Pan-African credit rating agency Agusto & Co. has affirmed a ‘Bbb+’ rating for Baobab Nigeria, indicating strong financial standing and prudent management practices in Nigeria’s microfinance industry.

The rating was announced in a statement issued recently.

Baobab Nigeria said it has demonstrated resilience and adaptability despite the challenging macroeconomic environment characterised by high inflation and intense industry competition.

Commenting on the rating, Acting Chief Executive Officer of Baobab Nigeria, Eric Ntumba, said, “We are pleased with Agusto & Co.’s affirmation of our ‘Bbb+’ rating, which showcases our commitment to maintaining financial stability and operational excellence. Our strategic focus remains on strengthening our capital base, optimising our funding structure, and enhancing efficiency to better serve our customers.

“This is a step further to the impact we are looking to make in the financial services sector. Our services and offerings are strategically focused on improving lives and the economy at large, and we are excited to see our impact being recognised.”

The bank constantly implements measures to reinforce its financial position and leverages technology and digital solutions to drive operational efficiency, ensuring seamless financial services for its customers.

Baobab Nigeria continues to play a pivotal role in Nigeria’s financial inclusion drive, providing accessible and sustainable financial solutions to individuals and small businesses. This rating further reinforces the bank’s credibility and long-term growth prospects.

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