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\u202fAlitheia Capital<\/a> and Goodwell Investments<\/a> have exited Baobab Nigeria<\/a>, a financial institution providing inclusive banking services to individuals and MSMEs in underserved areas. <\/p>\n Alitheia and Goodwell via their joint fund which was known as GWAMDC fund and later uMunthu, have exited the investment after more than 12 years of investing in Baobab Nigeria which was operating only in Kaduna state to 16 states in Nigeria. This exit marks a new phase for Baobab Nigeria, which will now be fully owned by the international Baobab Group.<\/p>\n Baobab Nigeria has grown from serving 19,000 customers through a regional network of five branches to\u202fserving 230,000 customers through a national network of 38 branches. Significantly, this was achieved by continuing to serve Baobab\u2019s original, inclusive customer base, with average loan and deposit sizes remaining consistently small throughout the period of impressive growth.\u00a0\u00a0<\/p>\n \u201cThis was a bank that was operating out of a single room in northern Nigeria when we invested, and today it is top-three nationally licensed microfinance bank. We\u2019ve walked a journey of leadership, governance, and financial and impactful growth, scaling from small beginnings through to the top-tier national microfinance bank that it is today. We\u2019re proud of what\u2019s been achieved together, and look forward to seeing where the future will take Baobab Nigeria,\u201d shared Alitheia Managing Partner Tokunboh Ishmael.<\/p>\n Then trading as MicroCred in 2012, Alitheia and Goodwell\u2019s investment invested into Baobab and led a further investment through the uMunthu Fund in 2015. <\/p>\n Alitheia and Goodwell were the first local, on-the-ground investors in Baobab. Since that first investment, Alitheia and Goodwell have poured hands-on, proactive expertise into Baobab. uMunthu supported the bank\u2019s professionalisation, enabling improved governance at board and management level, driving its growth from a unit microfinance institution (MFI) to a top national MFI. It also advised on financial structuring, and provided access to local networks and a deep understanding of the local business environment leading to its expansion in Nigeria.<\/p>\n Since the initial investment in 2012, Baobab has reached 12 times more customers through 7.6 times more bank branches, with the support of 3.2 times more staff. <\/p>\n The Alitheia and Goodwell teams are continuing this pragmatic, locally led, hands-on approach with the rest of the uMunthu portfolio, and are optimistic about the potential for additional exits in 2025. uMunthu II Fund is entering its final fundraising phase; it is actively seeking investors who want to be involved in the kind of success and impact Baobab Nigeria has demonstrated.<\/p>\n