What to know about LAPO MFB

LAPO Microfinance Bank, officially known as Lift Above Poverty Organization Microfinance Bank, is a leading Nigerian financial institution dedicated to promoting financial inclusion and empowering low-income individuals and micro-entrepreneurs.

Established in 1987 by Dr. Godwin Ehigiamusoe in response to the economic challenges posed by the Structural Adjustment Programme, LAPO began as a non-governmental organization (NGO) focused on poverty alleviation.

In 2010, LAPO obtained approval from the Central Bank of Nigeria (CBN) to operate as a State Microfinance bank, and by 2012, it had secured a National Microfinance banking license, allowing it to expand its services across Nigeria.

Headquartered in Benin City, Edo State, with additional offices in Lagos, LAPO has grown to become one of the largest microfinance banks in Nigeria.

It offers a range of financial products, including regular loans, SME loans, agricultural loans, educational loans, and various savings accounts.

LAPO’s commitment to social and economic empowerment is evident in its focus on serving rural areas and women, who constitute over 90% of its clientele.

Through its extensive network of over 200 branches nationwide, LAPO continues to play a pivotal role in Nigeria’s financial inclusion landscape.

For more information, visit the official website: www.lapo-nigeria.org.

Recognitions and Awards

Highest Impact on MSMEs in Nigeria:  In 2024, LAPO Microfinance Bank received the Development Bank of Nigeria (DBN) Award for the Highest Impact on MSMEs in Nigeria, acknowledging its substantial contributions to economic empowerment across the country.

• Microfinance Bank of the Year<span;>: The bank was honored as the “Microfinance Bank of the Year” at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, marking the ninth consecutive year it received this accolade.

• Support for MSMEs<span;>: LAPO was recognized for its exceptional support to MSMEs, reflecting its ongoing commitment to promoting financial inclusion and economic development in Nigeria.

 Economic Impact

• Loan Disbursements: In the first half of 2023, LAPO disbursed ₦74 billion in loans to MSMEs, contributing to over ₦1 trillion disbursed in the last decade. This financial support has been pivotal in fostering entrepreneurship and economic growth.

• Agricultural Support: In the first quarter of 2024, LAPO allocated ₦1.4 billion to support rural agriculture, enhancing the livelihoods of smallholder farmers across Nigeria.

Women Empowerment and Financial Inclusion

• Focus on Women-Led Enterprises: LAPO has been instrumental in empowering women by providing tailored financial services to female entrepreneurs, thereby promoting gender equality in economic participation.

Financial Literacy Initiatives: The bank has invested in financial literacy campaigns, educating individuals on savings, access to financial services, and informed financial decision-making, which are crucial for sustainable economic growth.

Nationwide Presence

With over 500 branches across 34 states and the Federal Capital Territory, LAPO Microfinance Bank has established a robust presence, ensuring accessibility to financial services in both urban and rural areas.

Through these initiatives and recognitions, LAPO Microfinance Bank continues to play a vital role in Nigeria’s economic landscape, driving inclusive development and empowering communities.