LAPO Microfinance Bank recently made history as it became the first microfinance bank to raise funds from the capital market. The LAPO MFB SPV PLC Series 1 ₦3.15bn 17.75% 5-year Fixed Rate Senior Unsecured Bond (the LAPO MFB SPV Bond) was listed on the FMDQ OTC. FCMB Capital Markets and United Capital Plc were co-sponsors to the issue.
The bond raise is part of a larger N20 billion shelf programme
LAPO (Lift Above Poverty Organization) was founded by began operations in 1987 as a non profit entity, but was formally registered as a Non-Profit and Non-Governmental Organization (NGO) with the Corporate Affairs Commissoion (CAC) in 1993. 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. The bank currently has a client base of over one million customers and has disbursed over $1 billion dollars as loans.