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LAPO microfinance to disburse N152bn loan to MSMEs

The Managing Director of Lift Above Poverty Organisation (LAPO) Microfinance Bank, Godwin Ehigiamusoe, says the bank has set a target of N152 billion to be disbursed in loans to micro small and medium enterprises (MSMEs) this year.

Ehigiamusoe, who disclosed this at an interactive session with journalists in Lagos, yesterday, also said the bank disbursed a total of N137 billion loans last year.

He said so far, the bank has already disbursed a total of N90 billion adding that 80 percent of its total assets are in loans.

LAPO, which became a microfinance bank in 2012, currently has a staff strength of 9,340 within the LAPO system and 34 branches across the federation. Speaking on the importance of microfinance banks in the economy of the country, Ehigiamusoe said even with the presence of the large commercial banks, the MFBs will continue to play important roles. “In terms of spread and touching lives, the MFBs do it better,” he said.

He also hinted that at the current rate of its evolution, the bank will eventually list on the Nigerian Stock Exchange (NSE), adding however that it will continue to focus on micro credit.

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