LAPO MICROFINANCE BANK reaches new heights

…LAPO is licensed as deposit-taking microfinance bank, Says MD

Written By Olushola Okunlade

LAPO Microfinance Bank, Nigeria’s largest microfinance institution on Friday commissioned its new Corporate Head office building to increase access to financial services for its clients with integrity and transparency in Lagos State.

The expansion capacity serves as easy access to financial services both in saving and depositing funds for its clients as well as getting loans with good relationships that help build greater financial inclusion among a rural low-income client base in Nigeria.
Chairman Board of Directors, Mrs. Osaretin Demuren in her statement said the day is the day the Lord has made, it is a vision of years ago that came to pass to make a difference in people’s lives.
LAPO has enjoyed robust growth annually as it serves millions of microenterprise borrowers, 90 percent of whom are women in Nigeria. The growth has enabled LAPO to lower interest rates while becoming the first microfinance provider in Sub-Saharan Africa to use a nationally representative poverty scorecard to select its clients and track their poverty levels.

The financial institution is active in serving poor and low-income borrowers, particularly rural women without collateral or the ability to meet other requirements. The bank provides a range of financial products and solutions to assist micro, small and medium enterprises, and members of low-income households.

Speaking to ROTA Media, Managing Director, LAPO Microfinance Bank, Mrs. Cynthia Ikponmwosa said today is a momentous day for us as we commissioned our building, in the history of LAPO MFB am sure you must have heard how long it cost us to build. LAPO is one of the leaders and pioneers in the sector. This building is a statement we have been here for a long time. A commemoration of prosperity starting that assures everyone we look forward to doing more.

In loan value dispensation, She said we have done over a trillion in terms of value to households of low income, finance, and small and medium enterprises and we still focus on a niche which is women though we have men female entrepreneurs are very important to LAPO because women the one who support the family more. We lend and also receive deposits, so people are very skeptical about microfinance bank because many think microfinance bank is only for lending money, We do disbursement of funds. LAPO is licensed as a deposit-taking microfinance bank.

Dorcas Thorpe, Head of Corporate Planning and Development, LAPO Microfinance Bank while speaking with journalists said “This is a huge significance for LAPO of over 30 years, we couldn’t have done this if not for our partners and clients. We started this building in 2018.

Thorpe said “To our brand, we want a feasibility market beyond the target audience that LAPO microfinance bank is not just for lending but all financial services.

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