By Albert Futukpor
Tamale, Sept 23, GNA – Baobab Microfinance Company Limited has won three awards at this year’s Ghana Microfinance Institutions Network (GAMFIN) Non-Bank Financial Institutions Awards, held in Accra.
The three awards were Highest Outreach in Rural Areas, Gender Focused and Sustainable Microfinance Methodology.
This was the second consecutive time (2022, 2023) that the company won the Best Outreach, and the third time in a row (2022, 2023 and 2024) as the Most Gender-Focused Microfinance Institution.
Baobab also won the Best Microfinance Company of the Year 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.
Alhaji Amadu Montia, Managing Director, Baobab Microfinance Company Limited, in an interview with the Ghana News Agency after the awards, gave assurance 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 Company Ltd, headquartered at Zogbeli, Tamale, was the first non-bank financial institution to be licensed by the Bank of Ghana.
The company was incorporated as a limited liability in, 2008, and commenced business later, 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 for women as well as inculcating 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 a measurable impact on poverty reduction in the northern parts of Ghana serving very deprived communities like Yilonaayili, Pigu, Ziang, Tampion, Tali amongst others.”
He said the company had been consistently dedicated to promoting gender equality and empowering women through targeted financial services adding “As such, about 98 per cent of our credit portfolio is tailored towards women.”
He added, “Our extensive rural financially inclusive outreach efforts and educational sponsorships under our corporate social responsibility scheme have significantly increased access to rural populations fostering economic growth and stability.”
Alhaji Montia said “Maintaining a healthy and excellent Portfolio at Risk 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, hence the award for sustainable credit methodology.”
He assured customers that the company was poised and focused on providing them with the best financial services and would continue to provide very attractive products tailored to their yearning needs.
GNA