Eric Ntumba, a seasoned banking professional with a wealth of experience in the Microfinance industry a strong shareholder in that space, is the acting Managing Director and Chief Executive of Baobab Microfinance Bank, Nigeria.
An afro optimist with over 16 years banking experience in Sub Saharan Africa, he can be described as a successful intrapreneur.
Having held senior positions at renowned institutions such as Equity Bank, Procredit Bank, BCDC, and Citigroup, his outstanding achievements have earned him recognition in the Choiseul Africa 100 ranking and as an alumnus of the Atlantic Dialogues Emerging Leaders and Africa-French Young Leaders programmes.
He brings his intrapreneurship into Baobab with innovative products that would see its customers thrive. According to him, a way to give a relevant response to the hardship which is been experienced in the country is through offerings such as Jollof+, that makes savings relevant even in tough economic times.
Innovation In Microfinance Banking
One way to combat inflation is to ensure that money earns interest between receipt and expenditure. Jollof+, a digital savings and investment offering, he said, is relevant because customers can still earn an interest that actually alleviates the effect of inflation.
While some people may struggle to save, earning interest can help alleviate inflation’s effects.
Ntumba believes that, by digitising the savings process, the cost of physical transactions can be removed, making saving more convenient and cost-effective. Although some costs like internet access remain, Baobab, under his leadership, plans to introduce a USSD format for people without smartphones or internet access, extending its product reach to people using feature phones.
The Jollof+, he explained, is a digital savings app designed to provide more convenience to Baobab customers, allowing them to save from the comfort of their own homes, businesses, or offices. This initiative is part of Baobab’s transformative efforts, as believe banking should no longer be a place you go to whenever you need to.
The goal is to empower customers to become their bankers, managing their savings and investments independently. Additionally, digitisation enables us to extend our outreach far beyond the structural limits of physical branches, helping us reach more people, tap into new segments, and serve our existing customers better. This is the key rationale behind the launch of Jollof+.
Biography
A senior banker from the Democratic Republic of Congo (DRC) with international experience (Nigeria, France, Kenya, South Africa), Ntumba is a recognized leader having been named Africa France Young Leader, Atlantic Dialogue Emerging Leader, Africa List.
He also attended the University of Arkansas where he adds to his resume Public Management Track of Washington Fellowship (YALI), Public Management Track of Washington Fellowship (YALI).
He was also part of the Washington Fellowship, Young African Leaders Initiative as well as President Obama’s flagship program for diplomacy with SSA countries.
He holds a Bsc IT honours, Information Technology from the North-West University, where he also earned the Council Certificate of honor for outstanding leadership and services rendered to the university and the vaal triangle campus community.
Appointed in March 2023, Ntumba brings a wealth of experience and a track record of success in the banking sector. Prior to joining Baobab Group, he served as Director in charge of Southern DRC at Equity BCDC, where he transformed the region into the bank’s leading revenue generator.
Under his guidance, the region achieved triple-digit growth annually. His notable accomplishments included the launch of the bank’s first commodity hedging product and structuring a syndicated loan of USD 350 million for a local mining company.
Before his tenure at Equity BCDC, Eric held several key positions at Equity Bank Limited. He also led a successful rebranding effort from Procredit Bank Congo to Equity Bank Congo.
Eric’s expertise extends beyond management roles. He served as a guest lecturer at EcoPo-Lubumbashi, sharing his knowledge in commercial negotiation.
His early career includes pivotal roles at Citi and BCDC – Banque Commerciale du Congo, where he managed diverse corporate portfolios and drove structural changes within the banks.
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