Liberalizing access to financial services via LAPO’s SID

Recently, LAPO Microfinance Bank limited introduced into the financial market, a unique financial product called Social Impact Deposit (SID) to liberalise access to financial services to people of low income status.

But SID is not just a financial product but also an instrument for collective engagement of the people in social and economic empowerment of low-income Nigerians.

SID presents a win-win proposition to depositors, LAPO MFB and clients, the depositors are doing good and at the same time earn interest, LAPO Microfinance bank has access to deposits to replenish its loan fund, while the clients have access to more credit.

SID account is an innovative deposit and investment platform that provides individuals the opportunity to make deposit with LAPO MFB that can be used to improve on the social needs of low-income individuals. The SID account will be targeted specifically at economically active poor women in Nigeria.

“Several individuals often express appreciation for LAPO’s commitment to the empowerment of low-income people particularly, women. Social Impact Deposit was developed to provide an ample opportunity for such socially minded men and women to be engaged in our efforts at economic empowerment”, Godwin Ehigiamusoe, managing director/CEO said at the unveiling of SID in Lagos.

Speaking at the event, Aigboje Aig-Imoukhuede, chairman of the occasion, congratulated the bank for its great innovation, adding that LAPO has since inception been synonymous with everything that has to do with developing the poor.

Represented by Bode Ojeniyi, executive director, WAPIC, he said the product shows LAPO thinking how to improve lives of people living below poverty line. He encouraged Nigerians to take part in the deposit concept.

Osaren Emokpae, chairman of board of directors of the bank said, “it is time to show compassion from your heart. People who do not have the channel to help the poor, we can assist you to do so today. We are offering our platform to tap into and help the poor”.

Continuing, he said, “It is a win-win proposition to depositors. You will also be getting some return, which you can plow back, to helping the poor. I encourage that you support.”