In 1987, LAPO Microfinance Bank was founded with a mission to offer financial services to low-income earners, particularly women and rural residents who have limited access to regular banks.
The bank’s acronym “LAPO,” stands for “Lift Above Poverty Organization.”
LAPO Microfinance Bank is a pro-poor financial institution that is dedicated to empowering low-income Nigerians by providing access to responsive financial services on a sustainable basis.
Mr. Godwin Ehigiamusoe founded the institution as a non-profit entity while working as a rural co-operative officer.
Purpose of LAPO’s Establishment
LAPO Microfinance Bank Limited exists to help a large number of Nigerians overcome economic and social challenges by providing financial services to micro, small, and medium enterprises at very affordable terms.
This microfinance bank offers a variety of financial services to help low-income households boost their productivity, build and strengthen their economic standing, and manage risks effectively.
These services comprise loans, savings accounts, micro-investment opportunities, and micro-insurance services.
Services And Functions of LAPO MFB
LAPO Microfinance Bank, as a financial institution, caters to the needs of its customers, especially those in the microfinance sector.
This they do by offering a range of services and functions. Let me show you a few of the key services and functions they provide to their customers:
Financial Education
LAPO Microfinance Bank empowers its clients by providing financial literacy programs and workshops.
However, through these initiatives, the bank equips its customers with the essential knowledge and skills required to make proper financial decisions.
These programs cover important topics such as budgeting, saving, investing, and understanding financial products and services.
Through the encouragement of financial literacy, LAPO enhances its client’s financial capabilities, thereby promoting a financially inclusive society and encouraging responsible financial practices among its customer base.
LAPO Offers Insurance Products
LAPO, in collaboration with other microfinance institutions, and insurance agencies, provides a number of insurance products.
These products cover life, health, and asset insurance, therefore, providing clients with protection against unforeseen financial risks.
Furthermore, through partnering with insurance companies, LAPO ensures that its clients have access to essential coverage, safeguarding their well-being and financial security in times of uncertainty.
LAPO Microfinance Provides Advisory Services
This microfinance bank engages in providing financial advisory services to its valued clients. They also ensure they receive expert guidance in managing their finances and making quality investment decisions.
Furthermore, by offering financial advisory services, the bank demonstrates its commitment to the financial well-being of its clients.
These services come with personal consultations with experienced financial advisors who analyze the client’s financial situations, goals, and risk tolerance.
LAPO, also handles and provides comprehensive approach to financial planning, covering areas such as debt management, tax optimization, retirement planning, and even estate planning.
LAPO Microfinance Offers Credit Facilities
They are a popular name in many parts of Nigeria for their micro-credit facility. This service is greatly in use by mostly market women and other business persons who need financial support to upgrade their businesses.
LAPO Microfinance Bank provides loans with flexible terms and affordable interest rates.
This means that when someone borrows money from the bank, they have options to choose how long they will take to repay the loan. Additionally, the bank offers reasonable interest rates that make it easier for borrowers to manage their loan payments.
It enables aspiring entrepreneurs to access the necessary capital to turn their ideas into reality and contributes to the growth and prosperity of local communities.
LAPO Microfinance Savings Account
The bank provides diverse savings account options, such as basic and targeted savings products.
For example the “My Pikin” savings plan, this plan enables parents and guardians save money for back-to-school expenses of their wards.
Thereby, enabling customers to save money and earn interest on their deposits.
With these many options, individuals can actually select an account that best suits their needs and financial goals, ensuring their savings grow and remain secure.
How to Access a Loan From LAPO
To access a loan facility from LAPO, is easy. Their process is also quite simple and straightforward. Let me walk through it step by step:
Firstly:
- Visit a Branch: Locate a nearby LAPO Microfinance Bank branch and visit in person. You can find their branch locations on their website or inquire through their customer service helpline.
- Provide Necessary Documents: Be prepared to present valid identification (such as a national ID card or passport) and other relevant documents as required by the bank. These documents may include proof of income, residence, and any other supporting documents based on the type of loan you are applying for.
- Apply for the Loan: Request a loan application form from the bank staff. Fill out the form accurately and provide all the necessary information.
- Have Your Loan Assessed: LAPO will review your application and assess your creditworthiness. They will consider factors such as your income, credit history, and ability to repay the loan.
- Receive Approval and Terms: If your application is approved, the bank will inform you of the loan amount, interest rate, repayment period, and any other terms and conditions.
- Accept the Offer: Review the loan offer carefully and, if you agree to the terms, sign the loan agreement.
Lastly, carefully review the terms of the credit facility and, if you agree to the terms, sign the loan agreement.
Note:
Repayments, is subject to negotiation between you the borrower and the lender. It can also be adjusted to suit your economic realities. Therefore, you have to be trustworthy and honest while doing business with LAPO Microfinance Bank.
Conclusion
LAPO Microfinance Bank is a reliable and dedicated financial partner. While offering a wide range of services to support the financial needs of its clients.
They also help in providing financial literacy programs to offering flexible loans and various savings account options, the bank ensures that customers receive the necessary tools to achieve financial empowerment and success.
Through its commitment to financial inclusion and economic development, LAPO continues to play a very important role in transforming lives and fostering thriving communities.
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