LAPO (Lift Above Poverty Organization) Microfinance Bank is said to be the largest Microfinance Bank we have in Nigeria. Although it was established since 1987, it was approved as a state Microfinance bank in 2010 and later as a National Microfinance Bank in 2012 by the Central Bank of Nigeria (CBN). So far, the Bank has been of good help to the masses as it aims to offer aid to low-income earners in Nigeria and has continue to grow in percentage yearly. In 2016, LAPO Microfinance Bank won the Best Microfinance Bank in Agricultural Financing under the Agricultural Credit Guarantee Scheme for year 2015 by Central Bank of Nigeria (CBN).
The current members of the LAPO Microfinance Bank Board of Directors include;
- Osayande Ede
- Godwin Ehigiamusoe
- Osaretin Demuren
- Andrew Ejoh
- Rene Azokly
- Hannatu Ahmed Yaro
- Faith Osazuwa-Ojo
- Josephine Nwachukwu
The Head Office of LAPO Microfinance bank is at 18, Dawson Road, Benin, Edo State. Their most recognized branch office is the Lagos Office which is located at Irorun Plaza, Kudirat Abiola Way, Oregun, Ikeja, Lagos State. There are other branches located across Nigerian States.
Banking with LAPO Microfinance bank
LAPO Microfinance bank runs two major account types; Current and Savings;
To open any of these account, you need to visit any LAPO Microfinance bank office or branch close to you and request for the account opening form, fill and submit the form along side with 2 recent passport photograph and a valid means of identification (Voters Card, Driver’s License, International Passport, National I.D Card) and your current utility bill.
The Savings Account has sub-account types which include;
- Regular Savings account
- Individual Savings account
- Staff Savings account
- Health Insurance Savings account
- Corporate Savings account
- Festival Savings account
- Voluntary Savings account and others.
The Current Account also has sub-account types which include;
- Individual Current account
- Staff Current account
- Corporate Current account
- Club Current account
These account types all have different features and requirements.
LAPO Microfinance Bank Loan Products
LAPO Microfinance bank offer loans to its customers’ that differs in duration according to the amount, these loan products include;
- Regular Loan
- Mid Term loan
- Education Loan
- Farming Loan
- Asset Loan
- Agricultural Loan (Short term and Long term)
- Consumer Loan
- Staff Loan
- Cooperative Loan
- Affordable Housing Loan Scheme
- Insurance Loan Scheme
- Progress Loan and many more
These Loan products are of different Methodology and have different Repayment methods, either weekly or monthly; the highest a particular loan can last is 2 years (24 months). One interesting fact about LAPO Microfinance Bank Loan is that no collateral is needed when applying and the interest rate is relatively low when compared to other Microfinance banks.
The minimal requirements for applying for the LAPO Microfinance Bank Loan include;
- Must have a LAPO Microfinance Bank account
- Two passport photographs
- Two guarantors
- Most Current utility bill
- Valid means of Identification (Voters Card, Driver’s License, International Passport, National I.D Card)
LAPO Microfinance bank has recorded steady improvement in profitability since it started operation and as a customer centered Microfinance bank that aims to improve life, LAPO Microfinance bank is considered as one of, if not the best in Nigeria.