LAPO Mfb empowers 2.1 million MSMEs with N416 billion in Nigeria, Sierra-leone

The management of LAPO Microfinance Bank ( LAPO MFB) said it has in the past six years disbursed the sum  of N416 billion loan to 2.1 million  Micro, Small and Medium Enterprises (MSMEs) clients in Nigeria and Sierra-Leone.

BusinessDay reports that, Godwin Ehigiamusoe, the managing director of the financial institution made the disclosure at the launching of the organization’s new product tagged “Social Impact Deposit Account (SID) in Benin- City.

Ehigiamusoe added that before the end of the year, the bank hope to disburse additional sum of N9.5 billion to Micro, Small and Medium Enterprises (MSMEs) clients in Nigeria.

He said the bank asset base as at last September was over N48 billion and shareholders’ fund in excess of N9 billion.

According to him, for the past six years from 2010, 2011, 2012, 2013, 2014 and to November 2015 we have disbursed the sum of N416 billion and we hope that we are adding in this month of December additional N9.5 billion.

As at September 2015, with asset base of over N48 billion and shareholders’ fund in excess of N9 billion, LAPO Microfinance Bank has demonstrated speedy growth from inception.

“At the moment LAPO has 2.1 million clients and women obviously represent 92 percent. Clients loan repayment is about N96 percent. We have our operations in 26 states including FCT and in Sierra Leone since 2008.

“In the Nigeria microfinance sector we have 934 MFBs but LAPO accounts for 24 percent of the MFB sector. That means that LAPO alone is equal to 224 MFBs in this country, “he said.

He listed the partners of the institution to include International Finance Corporation (IFC) which is the private sector of the World Bank, Grameen Foundation, USAID, Standard Chartered Bank among others.

He described the new product “Social Impact Deposit (SID) Account” as an innovative deposit and investment platform that provides the opportunity for admirers and supporters of LAPO as well as public spirited individuals to support the efforts of low- income people while earning interest on their deposits.

The LAPO Mfb boss who posited that the new product will be targeted at economically active poor women in Nigeria.

He enumerated the features of the Social Impact Deposit (SID) Account to include a minimum deposit of N500,000 for a minimum tenor of six months or maximum of five years.

He said depositors are in return awarded with attractive interest, nominate a child from low-income household for LAPO scholarship award and a copy of LAPO annual financial reports respectively.

 IDRIS UMAR MOMOH