LAPO Microfinance Bank disbursed N137bn loans in 2018 financial period. This occurred as part of its commitment towards alleviating poverty and empowering small and medium organisations.
Dr. Godwin Ehigiamusoe, the Managing Director and Chief Executive Officer of the bank, disclosed this during a press briefing in Lagos.
Earlier this month, at the bank’s eighth Annual General Meeting (AGM) held in Lagos, they disclosed their intentions to disburse N154bn to Nigerian MSMEs.
He said, “Interestingly, one way to also assess our social impact is in knowing the number of loans that LAPO has provided vis-à-vis the deposit it has received.”
“For instance, in 2013, we celebrated the issuance of naira equivalent loan of $1bn. And the amount keeps growing yearly. Last year, we disbursed N137bn. And in 2017, we did N126bn.”
According to him, LAPO is much more than a credit lending institution, describing it as a development-oriented organisation with priority focus on poverty alleviation, economic empowerment, environmental protection, education and an advocate for good quality of life.
Ehigiamusoe said LAPO microfinance bank is a client protection principle-certified institution with a wide range of products and services tailored towards improving lives and lift people out of poverty.