Social Impact Deposit to drive LAPO’s N134bn target loan disbursement

LAPO Microfinance Bank Limited is targeting to disburse an average of N134 billion to low-income people this year, which will be driven by its Social Impact Deposit (SID) product.

The bank has so far disbursed a total of N429 billion, an average of N71.5 billion loan annually to its active borrowers.

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 of LAPO, 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 had since inception been synonymous with everything that had to do with developing the poor,

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

Osaren Emokpae, chairman of LAPO board of directors, 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.

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

With a minimum deposit of N200,000 and a minimum tenor of six months, savers in return are rewarded with competitive interest that comes with the account to encourage their philanthropic gesture.