LAPO Microfinance Bank

LAPO Microfinance Bank (also known as LAPO MfB) is a Nigerian microfinance bank headquartered in Lagos State, Nigeria. It operates with a national microfinance bank licence from the Central Bank of Nigeria (CBN). The bank is part of the wider Lift Above Poverty Organisation (LAPO) group founded by Godwin Eseiwi Ehigiamusoe.

History

LAPO originated as a non-profit initiative in the late 1980s to improve access to credit for low-income Nigerians.[1] The NGO was formalised in 1987. The bank’s roots include an earlier community-bank phase in the 1990s. LAPO Microfinance Bank Limited was incorporated in 2007, licensed by the CBN as a state microfinance bank in 2010, and upgraded to a national microfinance bank in 2012 under the CBN’s revised microfinance policy.[2][3]

To diversify funding, the group established LAPO MFB SPV PLC and accessed Nigeria’s domestic debt market. Notable listings include a ₦3.15 billion bond admitted to FMDQ in March 2018 and a ₦6.2 billion, 13% fixed-rate Series II bond listed in July 2020; subsequent programme updates and status reports have been published by the exchanges and regulators.[4][5][6]

Operations and services

LAPO MfB provides microcredit and savings products aimed at low-income households, traders, and micro/small businesses, alongside specialised products and delivery via branch and agent networks.[7][8][9] During COVID-19 restrictions, the bank leveraged agent banking to sustain basic services, according to a World Bank Group report.[10] As of 2021, the IFC described LAPO as operating hundreds of outlets and serving hundreds of thousands of clients across Nigeria.[11]

In H1 2023, BusinessDay reported that LAPO MfB disbursed ₦74 billion to SMEs as part of efforts to expand access to credit.[12]

References

  1. ^ "Project detail - LAPO MICROFINANCE BANK LTD - FMO". www.fmo.nl. Retrieved 2025-09-25.
  2. ^ "IFC and Nigeria's LAPO Partner to Expand Microfinance Lending in Sub-Saharan Africa". IFC. Retrieved 2025-09-22.
  3. ^ "Promoting Entrepreneurship, the 'LAPO' Way" (PDF). www.cbn.gov.ng.
  4. ^ admin (2018-03-30). "FCMB Capital Markets Lists Lapo MFBs N3.15bn Bond on FMDQ". This Day. Retrieved 2025-09-22.
  5. ^ Moses-Ashike, Hope (2020-08-14). "FMDQ lists LAPO MFB's N6.2bn Bonds". Businessday NG. Retrieved 2025-09-22.
  6. ^ "LAPO Microfinance Bank" (PDF).
  7. ^ Aina, Temitope (2024-09-12). "LAPO MFB, IITA collaborate to combat climate change". The Punch. Retrieved 2025-09-22.
  8. ^ Yusuf, Ayo (2025-08-22). "LAPO MfB Introduces EduFinance Loans to Boost Access to Education". This Day. Retrieved 2025-09-22.
  9. ^ Adedipe, Adeyinka (2024-03-29). "Edo partners LAPO on N300m MSME loan". The Punch. Retrieved 2025-09-22.
  10. ^ World Bank. (2022). World development report 2022: Finance for an equitable recovery. https://documents1.worldbank.org/curated/en/408661644986413472/pdf/World-Development-Report-2022-Finance-for-an-Equitable-Recovery.pdf
  11. ^ "IFC and Nigeria's LAPO Partner to Expand Microfinance Lending in Sub-Saharan Africa". IFC. Retrieved 2025-09-21.
  12. ^ Balogun, Folake (2023-07-11). "In race to boost access to credit, Lapo MFB disburses N74bn to SMEs in H1 2023". Businessday NG. Retrieved 2025-09-22.
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