• Monday, March 04, 2024
businessday logo

BusinessDay

Netherlands firm provides 7.5m Euro facility to LAPO MFB

businessday-icon

FMO, the Netherlands development finance company, has decided to provide a local currency debt facility of 7.5 million Euro to LAPO Microfinance Bank, a leading pro-poor financial institution in Nigeria.

The loan will have a tenor of five years and will be used for providing funds to micro and small enterprises’ clients.

This credit facility from FMO to LAPO MFB will not only strengthen the implementation of its environmental, social and governance (ESG) initiatives including the client protection principles (CPP), but also contribute to enhanced financial inclusion and stimulate the development of sound financial services in Nigeria.

Godwin Ehigiamusoe, CEO, LAPO Microfinance Bank, expressed optimism that the facility will enhance LAPO MFB capacity to reach a wider group of clients, especially women and rural clients, ensuring greater financial inclusion.