LAPO Microfinance Bank Limited has given out a cash reward of N2.5 million to its loyal customers who met the conditions for saving in a new product called LAPO Xpress account.
The bank in November 2022, designed the new product with a target to reach out to 200,000 customers within three months.
“But we were able to target about 43,000 customers and over N160 million were mobilised within this period,” said Dorcas Osahenrumwen Thorpe, head, corporate planning, LAPO Microfinance Bank.
“It is a good progress for us, because as a Microfinance bank, focusing on savings is what we are trying to do. And for the customers they would rather go to a commercial bank to save and come to the Microfinance banks to collect loans. So we wanted to change that perception that we are not just for credit.
“We are also a bank and we offer different financial products and services. So that is what we actually want to promote, to push the savings culture amongst our customers and even the public in general. So the promo today, the raffle draw was to select the star prize winner,” she said.
The bank set aside N500,000 as a star prize winner and N20,000 each as consolation in the savings promotion.
Consequently, new and existing customers are expected to save at least N10,000 monthly for three months, to qualify for the raffle draw.
After the electronic raffle draw, which was conducted under the supervision of the National Lottery Regulatory Commission (NLRC), the media and other stakeholders, Sherifat Haruna, a trader based in Yola emerged as the star prize winner.
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Haruna, who sells foodstuff, plastic rubber and delivery products, was excited when she was informed about her win through phone calls.
‘I can’t believe this. I really appreciate LAPO Microfinance Bank. The bank will continue to grow and I will keep being a good customer. Right at this moment, I will start telling my customers about this,” she said.
Haruna said she joined the bank in 2019 and that she saves for herself and her child.
Speaking at the raffle draw held at the bank’s office in Lagos, Thorpe said, “The prizes will be transferred to the customers’ LAPO Xpress savings account. Remember, they already have an Xpress account, so we will be crediting all the winners’ accounts straight from the head office. They also have debit cards, so they could actually use debit cards to get the funds from their accounts or visit any of our branches to withdraw.”
Abel Ovenseri, head corporate strategy, LAPO Microfinance Bank, said, “From the corporate branding side, this further reinforces the fact that LAPO is a leading brand and the fact that we are very careful with what we put out there. If we give a commitment to our clients, we try as much as possible to follow through even if like you saw today, even though we’re not able to meet the required numbers. We went ahead to make sure this event was held. So for us customers can further beat their chest and say that they are dealing with a very reliable brand.”
