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LAPO Microfinance Bank lends N90b in eight months

August 23, 2019
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Lift Above Poverty Organisation (LAPO Microfinance Bank), has lent about N90 billion to its customers in the last eight months, its Managing Director, Godwin Ehigiamusoe, has said.

Ehigiamusoe said the lender plans to lend N152 billion within the year, adding that a total of N137 billion was loaned to customers in 2018.

He said the bank’s loans went to deserving Small and Medium Scale entrepreneurs and the poor in the society, saying his business focus is not just about making profit, but ensuring that the poorest of the poor have access to microcredit.

He said in July, the bank gave N14 billion to customers. For instance, in 2013, the micro finance bank celebrated the issuance of naira equivalent loan of $1 billion, while the amount keeps growing yearly. In 2017 the bank did N128 billion.

Read Also: Microfinance takes banking, credit to grassroots

As at December 2018, the bank has produced over 10, 000 home owners under the affordable housing scheme in response to the housing deficit in the country.

Ehigiamusoe said LAPO is much more than a credit lending institution; it is a development oriented organisation with priority focus on poverty alleviation, economic empowerment, environmental protection, education and an advocate for good quality of life.

He said the bank has a little above four million Nigerians who are currently on its list, accessing loans and depositing modestly. Through their loan services, many more have moved on to higher social status as the bank provides capital for their businesses, stabilise their enterprises and strengthened their families, economically.

Ehigiamusoe said the bank  has equally provided more than 7,000 direct employment, adding that LAPO has issued 3000 fully funded free education  scholarships to the children of our customers, including Vocational trainings for almost 400 beneficiaries.

“Currently, we are opening a multi-million naira massive healthcare facility center in Benin for quick access to qualitative diagnostic and medical treatment for people, especially women, this is in furtherance of our commitment to improving the lives of the ordinary Nigerian.

“We have also been investing in renewable energy, through the provision of cleaner energy for cooking (Cooking Gas), thereby discouraging huge deforestation by women who otherwise depend heavily on firewood to cook on a daily basis and also provision of solar lamps to encourage the switch from kerosene lanterns”, Ehigiamusoe .

On the impact the company has made in developing the society, he disclosed that in 2006, LAPO won the Grameen Foundation Award for Excellence in microfinance bank. “The cash prize of $10,000 of award was used as a seed fund for a scholarship scheme for children our our clients. Over 3,000 children have benefited from the awards. Also, Skill acquisition support for children of our clients who are pout of the school with over 600 benefiting from the scheme,” he said.

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