LAPO Microfinance Bank

LAPO Microfinance Bank limited is a Nigerian microfinance bank.

History

In 1987, the Lift Above Poverty Organization (LAPO) started as a non-profit entity at Ogwashi-Uku in present-day Delta State. The Institution was established as a Non-Governmental Organization (NGO) by Godwin Ehigiamusoe in response to the effects of the implementation of the Structural Adjustment Programme (SAP) in 1986. In 2004, LAPO scaled up as a sustainable and effective lending institution drawing inspiration from best practice model of Grameen and ASA methodology in Bangladesh. In 2008, the LAPO MfB Scholarship Scheme was instituted with the $10,000 cash prize from the Grameen Foundation Award for excellence[1]

In 2010, LAPO MfB obtained the approval of the Central Bank of Nigeria (CBN) to operate as a state microfinance bank and in 2012, it got an approval as a national microfinance bank. LAPO MfB celebrated their one millionth client and one billion dollars cumulative disbursement in 2013.[2] In 2014, LAPO MfB was awarded ‘Microfinance Bank of the Year 2013’ by BusinessDay[3] and Leadership Newspaper.[4]

References
  1. "LAPO holds Nationwide Scholarship Examination". THIS DAY LIVE.
  2. "LAPO Providing Affordable Micro Housing". BUSINESS DAY.
  3. Obodo, Ejiro (June 26, 2014). "The Nigerian Banking Award 2014". BUSINESS DAY ONLINE. BUSINESS DAY. Retrieved 18 April 2015.
  4. Correspondents (Oct 15, 2014). "LEADERSHIP Conference/Awards: I Owe Everything To Nigeria – Gowon". LEADERSHIP NEWS. LEADERSHIP. Retrieved 18 April 2015.
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