LAPO microfinance disburses N74bn loan to MSMEs in Q1

Lift Above Poverty Organisation (LAPO) Microfinance Bank has disbursed N74 billion in the first half of the year.

Mr Oluremi Akande, the bank’s Head of Marketing and Communications, in a statement said LAPO in the last decade, disbursed over N1 trillion to owners of micro, small, and medium enterprises in Nigeria.

Akande said that the bank’s 2023 strategic objective was to disburse over N200 billion by the end of the 2023 financial year.

“LAPO MfB remains committed to its core mandate of providing easy access to credits to owners of micro, small, and medium enterprises.

“Members of low-income households who are financially excluded from the formal financial sector will also benefit from the bank’s easy access to credit.

“This underscores our firm resolve to continue to promote economic activities and contribute meaningfully to economic growth,” he said.

He said that LAPO MfB was committed to its over 30 years mandate of social and economic empowerment of members of low-income households and owners of micro, small, and medium enterprises in a sustainable manner.