Baobab – online loan Nigeria
Baobab microfinance loans up to ₦10,000,000 for businesses.
Applying does not commit you to a loan agreement.
Screenshot of https://baobabgroup.com/nigeria
Baobab – Microfinance Loans Nigeria
Baobab Microfinance Bank Limited is part of the international Baobab Group, formerly known as Microcred, which operates microfinance institutions across Africa and China. In Nigeria, Baobab focuses on providing financial services to micro, small, and medium enterprises (MSMEs) as well as individuals who are underserved by traditional commercial banks. With branches in Lagos and other key cities, Baobab combines local expertise with international best practices in microfinance lending.
Baobab offers a range of credit products including individual business loans, group solidarity loans, and personal loans. Loan amounts range from ₦50,000 to ₦5,000,000 depending on the product and the applicant's financial profile. Monthly interest rates start from 28% per annum and repayment periods range from 3 to 24 months. Applications are processed through Baobab branches, where a relationship officer guides you through the process. Approval typically takes 3 to 7 working days with funds disbursed once all conditions are met.
Baobab is licensed by the Central Bank of Nigeria (CBN) as a microfinance bank and is a member of the Nigerian Deposit Insurance Corporation (NDIC). The institution adheres to responsible lending principles and does not engage in predatory practices. Baobab loans are best suited for small business owners and entrepreneurs seeking growth capital rather than very short-term consumer credit. Compare Baobab with other microfinance institutions if you need business financing with a longer tenure.
✓ Pros
- Part of international Baobab Group
- Focus on MSMEs and underserved customers
- Loans up to ₦5,000,000
- CBN licensed microfinance bank
- Personal relationship officer support
✗ Cons
- Branch visit required for application
- Processing takes 3-7 working days
- Higher interest rates than commercial banks
- Limited branch network in Nigeria
Loan example
Representative example: A business loan of ₦300,000 over 12 months at 28% per annum (2.33% monthly). Monthly repayment approximately ₦28,500. Total repayable: ₦342,000. Total interest: ₦42,000.
Loan requirements
- ✓ Valid government-issued ID
- ✓ BVN
- ✓ Proof of business (for business loans)
- ✓ 3 to 6 months bank statement
- ✓ Utility bill or proof of address
- ✓ Two guarantors (for some products)
Loan features
- Individual and group loans
- Business and personal loan products
- Loans from ₦50,000 to ₦5,000,000
- Repayment 3 to 24 months
- Relationship officer support
- CBN licensed microfinance bank
Frequently asked questions
3 business days after submitting your application.
The minimum amount at Baobab is ₦20,000.
How to log in and sign up to Baobab
Baobab is used through its official app and website (baobabgroup.com/nigeria). To sign up, download the official Baobab app or open its website, then register with the details requested — usually your phone number and BVN — and complete the short verification. To log in, open Baobab and sign in with the phone number or email you registered with. Never share your login code, OTP or PIN with anyone, and only use the official Baobab channels.
Baobab customer care and contact
For help with your account, repayments or complaints, contact Baobab through the support options inside the official app or on baobabgroup.com/nigeria. Baobab is operated by Baobab Microfinance Bank Limited. Be cautious of anyone asking for an upfront "processing", "clearance" or "insurance" fee before disbursement — legitimate lenders deduct any fees from the loan, never before it. You can also compare Baobab with other lenders before you decide.