LAPO Microfinance Bank: Everything You Need To Know

    LAPO Microfinance Bank is a financial institution who are resilient to social and economic help to households with low income entries by providing access to monetary help on a sustainable and economic way.

    The bank began its operations in the 1980s as a Non-Governmental Organization by Dr. Godwin Ehigiamusoe Ph.D as an effective way to the effects of the implementation of the Structural modification program.

    The Microfinance Bank lay hold of an approval of the Central Bank of Nigeria (CBN) to function as a state microfinance bank in the year 2012. In the year 2012, the MFB got an approval as a national microfinance bank.

    Over the past years, LAPO MFB has strived to be the leading financial institution giving a range of financial services and aids to millions of individuals in the country and outside Nigeria.

    LAPO Microfinance Bank Owner

    Dr. Godwin Ehigiamusoe is the founder of LAPO MFB, a non-profit financial organization which has its headquarters in Benin, Edo State. However, He had interest in helping people and organizations.

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    LAPO Microfinance Bank Loan And Interest Rate

    1. Regular Loan: This loan is tailored to operate on a union aspect but have group guarantees. The Loan is meant to assist and meet the need for working capital of customers that have small businesses with the maximum amount set at NGN150,000 and minimum amount set at NGN30,000. The interest rate on this loan is at 0.76% to 6% per month.
    2. SME Loans: This loan is meant for Small and Medium Enterprises. No condition is set for a particular sector in which your organization is operating in, LAPO Microfinance Bank is in the business to support such groups with a credit amount up to N5,000,000 to grow the enterprise at an affordable interest rate of 6% per annum and maximum duration of 12 months.
    3. Agric Loan: These funds financing is fashioned to assist farmers get better outcome through the provision of agricultural aids. The loan size is within the range ₦30,000 – ₦1,000,000. Interest rate for this loan plan is set at 6% per month.
    4. Educational Loan: This loan offer is for the payment of children’s educational charges and school owners who have ambition to expand the school business to more qualitative standard. LAPO MFB Education Loan credit is categorized under 2 major product offers;
    • School Improvement Loan is mandated for school proprietors to improve standard. The plan of school improvement is buying of digital equipment etc. Credit range is NGN 250, 000 to NGN 10, 000, 00 as maximum.
    • Fees Loan credit is to cover Tuition fees etc. Interest rate is 4% and Reducing Balance (48% per Annum Reducing Balance)
    1. Lapo Special Loan: This loan segment is mandated to meet the credit needs of in system regular loan customers who require larger loan sizes to strengthen their businesses. Interest rate is at 6% per month.

    LAPO MFB Salary Structure

    LAPO has a lucrative salary structure in place for their staff members. It depends on level and the way of entry, years of service and experience.

    1. Client service officer (CSO) receives NGN103,000 monthly.
    2. Accountant earns receives NGN90,000 Monthly
    3. Mid-level staffs earns NGN150,000 to 200,000 per month
    4. Managers and top level management receives above NGN200,000 monthly

    LAPO Microfinance Bank Customer Care Number

    The customer care phone number is; +234-813-984-0230 or +234-816-938-9739

    Final Words

    LAPO customers are welcomed to ask for loans and the procedure is not hard. The microfinance bank loan is an easy to go system.

    During all loan applications customers are requested to disclose valuable information about their businesses and organization for verification.

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