Beltone’s Baobab acquisition fuels Nigerian lending growth, adds 38 branches

Beltone Holding, an Egypt‑based financial services group, spent $227.13 million to acquire pan‑African lender Baobab Group in February 2026. Just three months later, Baobab contributed 53% of Beltone’s Q1 2026 operating revenue of EGP6.8 billion ($136.68 million) and EGP60.9 billion ($1.22 billion) of the group’s gross lending portfolio—about six out of every ten pounds lent. Baobab also brought EGP37.3 billion ($749.75 million) in deposits into Beltone.

In Nigeria, Baobab operates 38 branches across 15 states and the Federal Capital Territory, contributing EGP3.3 billion ($66.33 million) to Beltone’s loan portfolio and an equal amount in customer deposits during the quarter. Beltone’s asset‑management arm remained Egypt’s largest non‑bank‑affiliated manager with AUM of EGP49.0 billion ($984.95 million). Overall, Beltone posted Q1 2026 net operating profit of EGP1.3 billion ($26.13 million), though profit after tax fell 1% to EGP695 million ($13.97 million) due to one‑off integration costs and higher SG&A expenses from the Baobab deal and ongoing expansion.

For Nigerians, this signals growing foreign fintech investment in the local lending market, potentially offering more credit options and competitive terms. It also means heightened competition for domestic lenders. Watch for new loan products, interest rates, and service standards from Baobab‑backed outlets, and compare them with existing local providers to see which best meet your personal or business financing needs.

SOURCE: https://techcabal.com/2026/06/23/baobab-drives-53-of-beltone-revenue/