The management of LAPO Microfinance Bank (LAPO Mfb) said it has under its LAPO Scholarship Scheme spent N656.486 million to provide scholarship to 4,114 young Nigerians since 2007.
Cynthia Ikponmwosa, managing director of the bank, disclosed this on Saturday at the annual LAPO Microfinance bank scholarship award presentation to beneficiaries in Benin City.
Ikponmwosa, who said the 2024 award was the 16th edition of the scholarship said the beneficiaries were students of Junior Secondary Schools, tertiary institutions and skills acquisition.
She said that the presentation of the scholarship was a celebration of academic excellence as well as highlights the transformative role of education in alleviating poverty and fostering sustainable development in the country.
She opined that the figures of the beneficiaries represent real lives uplifted, LAPO Microfinance bank’s steadfast commitment to empowering underserved populations and promoting economic opportunities through education.
The LAPO Microfinance Bank boss said that out of the amount, the sum of N65 million was spent this year, 2024 edition to empower 250 beneficiaries.
She also said that 185 beneficiaries were students of both secondary and tertiary institutions while no fewer than 65 were from skills acquisition.
While noting that LAPO Scholarship Scheme is a shining example of LAPO Microfinance Bank’s dedication to education and empowerment, she added that many beneficiaries have graduated and are making significant contributions across various sectors.
According to her, “A key component of this initiative is the LAPO Scholarship and Skills Acquisition Scheme, launched 16 years ago to provide our customers’ children with access to quality education.
“To further enhance the program’s value, the LAPO Scholarship Tertiary Alumni Forum connects graduates’ beneficiaries, enabling them to mentor current students of the scheme and maintain strong ties with the LAPO community.
“This network fosters leadership, community engagement, and professional growth among alumni while amplifying the program’s impact.
“Similarly, our scholarship scheme ignites hope and equips young Nigerians with the tools to excel as leaders and change-makers.
“These efforts underscore our belief in education as the foundation for holistic societal development.
To our beneficiaries, you embody our aspirations and represent the bright future of Nigeria. We urge you to seize this opportunity to not only achieve academic success but also make meaningful contributions to your communities.
Read also: LAPO Group CEO launches NGO, to donate food, others to vulnerable persons in Edo
Cynthia, assured that LAPO remained committed to financial inclusion, with a particular focus on women’s empowerment.
She also posited that LAPO Mfb’s services address barriers faced by women entrepreneurs, artisans, and small business owners.
She said the services enabled them to transform their lives, grow their businesses, and uplift their families.
In his remarks, Godwin Ehigiamusoe, the founder of LAPO Group said since the establishment of organisation in 1987 it has offered financial empowerment to over 2 million underserved and unbanked customers across 34 states, including the Federal Capital Territory (FCT).
Ehigiamusoe said in 2007, LAPO applied the USD10, 000 cash prize of the Grameen Foundation’s Excellence in Microfinance Award it won in 2006 as a seed fund to set up a scholarship scheme named LAPO Scholarship Scheme for children of its clients.
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