Goodbye letter to Baobab Group
Dear Friends,
Nearly 14 years ago, I created MicroCred thanks to the exceptional support of Jacques Attali, whom I would like to thank, and with the help of Sarah Puzzuoli, a young, dedicated intern who worked tirelessly to contribute to the launch of our first subsidiaries. The work we have accomplished together was possible thanks to our very first investors: the IFC (World Bank Group), AXA and Société Générale.
14 years later, MicroCred became Baobab, one of the leading microfinance groups in the world and certainly the first in Africa. In 2018, Baobab provided nearly 1 billion USD in loans to more than 1 million customers while generating nearly 200 MUSD of revenues and the best profitability in its history (28 M USD Profit before Tax for the Group). We have succeeded in creating a business that generates a very positive impact on economic development, job creation and the fight against poverty and also a significant return for our shareholders. I am very proud of what we have accomplished together, and I feel very lucky to have been able to work with you. As you know, you all became a second family to me!
It is now time for me to embark on new adventures, and while I am very excited about what is to come, I am also very sad to leave you.
I wish the best to Philip Sigwart, who will head the Group as CEO from October 5th, and I hope that Baobab’s values will continue to live through you all.
Stay in touch!
Arnaud Ventura
Founder Baobab Group
www.arnaudventura.com
Microcred becomes Baobab: Growth in Numbers
Interview with Arnaud 15th September 2019
What inspired you to create MicroCred?
With PlaNet Finance I spent a lot of time in Africa and elsewhere meeting small entrepreneurs who didn’t have the resources they needed. In 1998, when Jacques Attali and I created PlaNet Finance, microfinance was mainly a social project implemented by NGOs. It was hard to imagine at the time that microfinance could have social impact and be profitable at the same time, especially in Africa. A few years later in the early 2000s, a number of institutions began to show that microfinance could be a sustainable business opportunity that could attract investors. So I started to work on the MicroCred business model with the idea that a company investing in microfinance banks could contribute effectively to the fight against poverty, especially in countries where access to financial services was particularly weak.
What are you proud of?
I am very proud of Baobab’s shared company culture. What makes me most proud is to receive emails or talk with staff from the most remote places of the world, in our most distant branches and find out that they share the same values as me. It makes me proud that Baobab is full of people who are loyal, honest, very hardworking and passionate about providing financing to entrepreneurs and contributing to the economic development of the countries where we operate! The culture and values of Baobab are very strong. These values are shared at all levels throughout Baobab. I am proud that this has not been lost with the growth of the company, and I hope it will continue.
What are some of your favorite memories of MicroCred/Baobab?
I have two memories that keep coming back to me. One is very recent and touched me profoundly. On my way back from Dakar last week after introducing Philip to the Baobab Senegal management team, I was stopped by a customs officer. “Sir, I recognize you. You are the boss of PlaNet Finance. Your name is Mr. V…” To which I answer, “Incredible, yes my name is Arnaud Ventura. The Senegalese customs is better informed than the CIA!” The customs officer then continued, “I was one of MicroCred Senegal’s first employees. You changed my life and the lives of hundreds of young people like me at MicroCred Senegal. Thank you for everything you have done for me. I was recruited to the customs agency a few years later and it was because of my experience at MicroCred that I was recruited: today they call me the customs banker!” We stayed exchanging MicroCred memories for at least 20 minutes — for the Senegalese colleagues reading this, you will remember Serigne! This chance meeting and his kind words, affected me deeply and will stay with me for a long time.
The other memory is from the early days of MicroCred, during the start-up of the first banks and institutions in Madagascar, Mexico and Nigeria. With Bodo and Isabelle, we would rent a house where we lived and worked together. We recruited the entire staff and organized the launch phase of each institution. We rolled up our sleeves to get the business going: the search for the first offices, the first branches, the headquarters, the recruitment and training of the first staff… This period of creation where we had very little resources except our strength, enthusiasm and shared values as a team was incredible. We had the hope of creating innovative institutions in each of our markets while contributing to the improvement of the standard of living of thousands of customers.
