Baobab Microfinance Bank Gets ISO-Certification, Launches 3 Digital Products

In line with its commitment to provide an exceptional experience to customers, Baobab Microfinance Bank Nigeria Limited, a subsidiary of Baobab Group, France, announced that it has received certification for ISO 22301(Business Continuity Management Systems) and ISO/IEC 27001(Information Security Management Systems). The certifications in both international standards confirm the Bank’s commitment to guaranteeing customers’ data protection and transaction security.

ISO certifications are globally recognized standards that provide guidelines for quality management, information security management, business continuity management, and other areas. The certifications in both standards (ISO 22301 and ISO/IEC 27001) have been conferred by the International Standard Organization (ISO) on the Bank after its final audit of our policies and standard operating procedures and processes.

The two ISO certifications by the Bank goes to, demonstrate its commitment to high standards and willingness to fulfill all mandatory and voluntary requirements to ensure the quality, safety, and reliability of its products and services. It goes to certify the Bank’s investment in implementing effective systems and processes to manage risks and improve its service delivery performance for the benefit of our valued customers

Ag. MD/CEO of Baobab Nigeria, Jonas Nyaye, expressed his satisfaction with the achievement and emphasized the Bank’s s commitment to high operational and customer service quality standards by continuously conforming with the ISO certification requirements.

“It is important we demonstrate by our actions, as certified by an international body like ISO,  our commitment to providing quality services and adequate protection of data to our customers and stakeholders. We will continue to improve our systems and get certified in other industry certifications to further deepen our customers’ and stakeholders’ trust in us, “he said.

He noted that the certifications further show that the Board and Management of the Bank are committed to meeting internationally accepted standards regarding its banking operations here in Nigeria.

The bank also, as a measure of deepening customer satisfaction, recently launched three new digital products at its Headquarters in Lagos. Unveiling the three products during a virtual session, the Bank’s Chief Digital Officer, Chukwuka Obike revealed that the Bank is now offering Taka Loan for Savers, Micro-Health Insurance, and POS terminals to delight our valued  customers.

The Chief Digital Officer, supported by other senior management staff of the Bank, disclosed that Baobab as a digitally innovative Bank has considered global trends and therefore has decided to add value to its existing and potential customers by introducing these products. 

He noted that Taka for Savers is a reward scheme for customers who have diligently saved with Baobab for a minimum of six months. The product allows customers who have saved for a minimum of six months to access affordable loans as a reward for their loyalty and commitment. He noted that with the dwindling number of savings accounts in the financial sector falling to 17.7% in 2021 from 23.6% in 2011, it was important for the Bank to also introduce unique ways to ensure the savings culture is improved upon.

Also, the Bank introduced a Micro-Health Insurance product, in collaboration with AXA Mansard Nigeria, aimed at providing better insurance coverage to customers for common illnesses like Malaria and Typhoid. This offering reflects the Bank’s commitment to helping customers live healthier, more secure lives at a minimal cost.