AfDB Grants LAPO Microfinance N2.4 Billion Loan Facility
A N2.364 billion ($12 million) credit facility to support inclusive growth and enhance local Small and Medium Enterprises (SMEs) in the country has been granted by the AfricanDevelopment Bank Group (AfDB) to LAPO Microfinance Bank Ltd.
LAPO Micofinance Bank is the largest microfinance bank in Nigeria with 1.1 million clients and 327 branches, currently operating in 26 out of 36 states in the country.
Given its history of group-lending model centred on a community-based approach, LAPO predominantly focuses on low-income households and women by providing an average loan size of N38,000 ($190).
“The corporate AfDB loan will support a proposed expansion project of LAPO MfB to achieve its goal to serve 5 million clients by 2017.