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.
“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.