LAPO Microfinance Bank Limited, the leading micro lender in the country, which has the capacity to disburse N152 billion this year is much more than a credit lending institution. It is a development-oriented organization with a priority focus on poverty alleviation, economic empowerment, environmental protection, education and an advocate for a good quality of life. LAPO was a product of deliberate thought. It was initiated in the late 1980s.
Read More : LAPO optimistic of meeting N152bn loan target
“As a young man, I conceptualized poverty as an octopus with the tentacles of material deprivation, poor health and social exclusion,” Godwin Ehigiamusoe, managing director/ceo said.
Currently, the bank has a little above 4 million Nigerians who are currently on its list, accessing loans and depositing modestly. Through its loan services, many more have moved on to higher social status as the bank provides capital for their businesses, stabilize enterprises and strengthened their families, economically.
“In addition, we have equally provided more than 7,000 direct employment opportunities. And in Nigeria, for everyone that takes his or her salary on or before 25th of the month, there is always a dependent or up to four or five persons attached to the remuneration”.
LAPO has issued 3000 fully-funded free education scholarships to the children of its customers including Vocational training for almost 400 beneficiaries. Currently, “we are opening a Multi-million massive Healthcare Facility Centre in Benin for quick access to qualitative diagnostic and medical treatment for people especially women, this is in furtherance of our commitment to improving lives,” Ehigiamusoe said.
“We have also been investing in renewable energy, through the provision of cleaner energy, gas, for cooking, thereby discouraging huge deforestation by the women who otherwise depend heavily on firewood to cook on a daily basis and also, the provision of solar lamps to encourage the switch from kerosene lanterns. Interestingly, one way to also assess our social impact is in knowing the number of loans that LAPO has provided vis-à-vis the deposit it has received. For instance, in 2013, we celebrated the issuance of naira equivalent loan of $1billion! And the amount keeps growing yearly. Last year, we disbursed N137billion. A year before, that was 2017, we did N126billion. As of December 2018, we have produced over 10, 000 Homeowners under the Affordable Housing scheme, this is in response to the housing deficit in Nigeria”.
“Apart from the 900 plus other licensed microfinance banks in Nigeria, there are hundred more informal financial lending institutions in existence. And as their most viable marketing strategy, some of them have chosen to latch on the reputation of the most credible leader in the industry. Ironically, LAPO Microfinance Bank happens to be that. There have been instances where even national dailies have wrongly attributed some irregular activities of other lending institutions to us.”
Customers can now own smartphone devices and be able to effectively transact business online through Access Bank’s digital finance solutions. The bank continues to lead the way in innovative economic digital finance solutions, providing more Nigerians with access to credit as it unveils the Device Finance scheme, a scheme designed to provide salaried customers with the opportunity to purchase smartphones of their choice and pay over a period of twelve months.
Speaking on the initiative, Victor Etuokwu, executive director, retail banking, said Access Bank has taken the initiative to lead the digitization of lending in Nigeria and wants every customer to benefit from the modern connected lifestyle.
“Through our revolutionary and groundbreaking credit schemes such as device finance, we will see more Nigerians get connected to do more in business online and enjoy social lifestyle of their choice. And that is the kind of change that we want to see,” he said.
Device Finance he said is designed to finance the purchase of devices under a contract arrangement. The financing scheme currently includes smartphone devices, where customers can enjoy additional benefits with an optional monthly airtime bundle, which can also be converted to data.
