LAPO Microfinance Bank

LAPO Microfinance Bank limited is a pro-poor financial institution "committed to the social and economic empowerment of low-income households through provision of access to responsive financial services on a sustainable basis". The Institution was established in the late 1980s as a Non-Governmental Organization (NGO) by Godwin Ehigiamusoe in response to the effects of the implementation of the Structural Adjustment Programme (SAP) in 1986.

In 2010, LAPO MfB obtained the approval of the Central Bank of Nigeria (CBN) to operate as a state microfinance bank and in 2012, it got an approval as a national microfinance bank.

Milestones

2014 LAPO MfB was awarded ‘Microfinance Bank of the Year 2013’ by BusinessDay[1] and Leadership Newspaper.[2]

2013 LAPO MfB celebrated one million client base, one billion dollars cumulative disbursement[3]

2012 LAPO MfB obtained approval from the Central Bank of Nigeria (CBN) to operate as a National Microfinance Bank

2012 LAPO MfB commenced the implementation of Environmental, Social and Governance (ESG) initiative

2010 LAPO MfB obtained approval from the Central Bank of Nigeria (CBN) to operate as a regulated State Microfinance Bank

2008 The LAPO MfB Scholarship Scheme was instituted with the $10,000 cash prize from Grameen Foundation Award for excellence[4]

2006 LAPO MfB won the Grameen Foundation Award for Excellence in Microfinance which came with a cash prize of $10,000

2004 LAPO scaled up as a sustainable and effective lending institution drawing inspiration from best practice model of Grameen and ASA methodology in Bangladesh

1993 LAPO was formally incorporated as a non-profit, non-governmental organization (NGO) with the Corporate Affairs Commission, a federal agency

1991 Ford Foundation gave first grant to LAPO

1987 LAPO started as a non-profit entity at Ogwashi-Uku in present-day Delta State

References

  1. ↑ Obodo, Ejiro (June 26, 2014). "The Nigerian Banking Award 2014". BUSINESS DAY ONLINE. BUSINESS DAY. Retrieved 18 April 2015.
  2. ↑ Correspondents (Oct 15, 2014). "LEADERSHIP Conference/Awards: I Owe Everything To Nigeria – Gowon". LEADERSHIP NEWS. LEADERSHIP. Retrieved 18 April 2015.
  3. ↑ "LAPO Providing Affordable Micro Housing". BUSINESS DAY.
  4. ↑ "LAPO holds Nationwide Scholarship Examination". THIS DAY LIVE.
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