Awards

Baobab Microfinance Limited has won three awards at the 2024, Ghana Microfinance Institutions Network (GAMFIN) Non-Bank Financial Institutions Awards event. Baobab also won the Best Microfinance (MFI) of the year awarded at the 5th Ghana Credit Excellence Awards (CICM, 2023) in recognition of its extensive rural financially-inclusive outreach efforts and targeted financial services for women.

The three awards were Highest Outreach in Rural Areas, Gender Focused and Sustainable Microfinance Methodology. This was the second consecutive time (2022, 2023) the company won the Best Outreach, and third time in a row (2022, 2023 and 2024) for Most Gender Focused MFI. These awards were organized in Accra by the Ghana Microfinance Institutions Network (GHAMFIN) and CICM.

The MD, Alhaji Amadu Montia in an interview with the Ghana News Agency after the awards, assured that the company was deeply committed to alleviating poverty through comprehensive financial services and support programmes aimed at providing individuals and families with the tools needed to alleviate poverty. Baobab Microfinance Ltd, headquartered at Zogbeli, Tamale, was the first non-bank financial institution to be licensed by the Bank of Ghana. It was incorporated as a limited liability company on April 23, 2008 and commenced business on April 24, 2008 to address the inadequate access to financial services for micro and small-scale businesses owned and operated particularly by women in the northern parts of the country. Alhaji Montia, said as part of its core mandate, the company sought to alleviate poverty in northern Ghana by making access to credit a reality to women as well as inculcate savings and investment habits into them.

He emphasised that “with a corporate vision of a "Northern Ghana without Poverty" through tailor made financial products and services for women groups, Baobab has made measurable impacts on poverty reduction in the northern parts of Ghana serving a very deprived communities like” Yilonaayili, Pigu, Ziang, Tampion, Tali to mention but a few. He said the company had been consistently dedicated to promoting gender equality and empowering women in particular through targeted financial services adding “As such, about 98 per cent of our credit portfolio is tailored towards women”. He added that “Our extensive rural financially-inclusive outreach efforts and educational sponsorships under our corporate social responsibility scheme have significantly increased access to the rural populations fostering economic growth and stability”.

Alhaji Montia said “Maintaining healthy and excellent Portfolio At Risk (PAR) of less than 1% is a key indicator of our company's financial health and risk management capabilities. This demonstrates our commitment to responsible lending and sustainable financial practices” thus, the award for sustainable credit methodology.

GJA: Tell us what this award means for the company? It tells us that we are on track to achieving the vision of the company- "Northern Ghana Without Poverty" MD: Also, with these awards, what should customers expect from the company moving forward? The company is poised and focused at providing the best of financial services and will continue to provide very attractive products tailored at the yearning needs of our dedicated clients. He added that, ‘‘the awards were also testimonies to our staff’s dedication to providing appropriate support to our customers in an effort to making Baobab the preferred brand in our quest to realizing our vision of Northern Ghana without Poverty’’.

We dedicate these awards to God Almighty and to all our cherished customers across Northern Ghana, the MD added.