Harsh economy: LAPO Microfinance Bank raises staff pay to enhance productivity

LAPO Microfinance Bank Limited has empowered about 7,000 staff with a salary increase of 25 percent and 12.5 percent for junior and senior staff respectively across the country, to enhance productivity.

This is in response to the current economic realities which have witnessed recent spikes in fuel, electricity, and other price increases.

In a statement announcing the development, Oluremi Akande, head, of Marketing and Communications, at LAPO Microfinance Bank, stated: “The implementation of the new salary structure is one of the many palliative measures the bank has designed to help staff cope better with the challenges posed by the sudden high cost of living and other tough economic realities. Whilst we remain optimistic that the current economic conditions will improve, the management of the bank will continue to deploy superior strategies to ensure business continuity and sustainability of the bank to the benefit of all stakeholders.

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“Our institutional culture rewards excellence and service. In 2021- 2022, over 900 staff were promoted to different ranks across the institution and our annual LAPO Staff Meritorious and Long Service Awards platform underscore our unwavering commitment to recognising and rewarding distinguished and loyal staff. We shall continue to prioritise staff welfare among other things and are committed to implementing our strategies accordingly.”

The Bank was ranked in 2021 by StatiSense, as the 5th largest employer of labour in Nigeria with over seven thousand staff.

The microfinance bank said it remained committed to its over 30 years’ mandate of socio-economic empowerment of members of low-income households and owners of micro, small and medium enterprises.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.