Alitheia Capital and Goodwell Investments have announced their exit from Baobab Nigeria, marking the first divestment from their joint uMunthu Fund.
Over 12 years, the two firms have played a crucial role in Baobab Nigeria’s transformation from a small regional microfinance institution to one of the country’s top three nationally licensed microfinance banks.
Baobab Nigeria has expanded from one state to 16, growing its customer base from 19,000 to 230,000 and increasing its branches from five to 38, all while maintaining a strong commitment to serving underserved communities with small-scale loans and deposits.
Driving Inclusive Growth in Nigeria
Since investing in the startup formerly MicroCred in 2012, Alitheia and Goodwell have provided not only capital but also hands-on governance, financial structuring, and local expertise. The uMunthu Fund was the first private investment fund in northern Nigeria, previously dominated by Development Finance Institutions (DFIs).
A New Chapter for Baobab Nigeria
With uMunthu’s exit, Baobab Nigeria is now fully owned by the international Baobab Group, which remains committed to financial inclusion in underserved markets.
“This was a bank operating out of a single room when we invested, and today, it is a top-tier national microfinance institution,” said Tokunboh Ishmael, Managing Partner at Alitheia Capital. “We’re proud of what we’ve achieved together and excited for Baobab’s next phase.”
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