The Managing Director/Chief Executive Officer of Baobab Microfinance Bank, Dr. Kazeem Olanrewaju in this interview with Eromosele Abiodun explains why the bank premiered four e-channels and its contribution to the Nigerian economy via loan disbursements
We decided to start testing some of our platforms, to see those that would support what we were doing. But it is important to mention at this moment that even before COVID-19, most of our transactions were done online every time. Everything is done via mail. I think this is very important because that also affects what happens in the bottom line. And then you see our liquidity growing by reason of the plans that were put in place.
So this department is to be able to provide a system where whether you are within our premises or on your own, you can do a banking transaction as if you are in the bank. So we have launched our cards. We have our debit cards today, which are connected to these accounts, so customers can be able to have access to their funds at anytime, anywhere via the ATM. And of course they can make transfer.
The most important thing is that we are not at the same level as we were last year, in terms of alternative channels. We also felt that it was not the best time to launch such. Now we have an app that we are working on which all those agent are going to have, and of course, customers are able to have and they will be able to do transactions without necessarily walking into any shop.
Then we will be doing group loans, which is for small request for loans for a group of persons who may want to come together. And them we are also working on our agric loan to support agriculture. All those are things that we want to launch in the year 2021. Take the picture of the building, etc. As you are working it’s connected to the main server at the office, so all the work that you are doing is going to the core banking application that we have.
Of course we miss those fun that goes with customer forum. Hopefully soon we can overcome this COVID-19, so we can begin to do things normally. But, I am also happy that we are able to have this discussion. I put down every question that they ask. For me, these are things that can help us to be able to develop our strategy, understand what the customer needs are, work our people towards that, amend our training curriculum and look at areas where probably we are not doing so well.