In the dynamic landscape of Nigeria’s financial sector, few institutions have demonstrated as remarkable a transformation as LAPO Microfinance Bank. From its modest beginnings in the late 1980s to its current status as a formidable force in microfinance, LAPO has remained steadfast in its commitment to financial inclusion, economic empowerment, and social impact. Today, with 500 branches across 34 states, including the Federal Capital Territory (FCT), LAPO Microfinance Bank stands as a beacon of sustainable finance, fostering the growth of Micro, Small, and Medium Enterprises (MSMEs) while championing women empowerment.
The origins of LAPO Microfinance Bank can be traced back to the late 1980s when Godwin Ehigiamusoe, a young and visionary development economist, founded the organisation as a response to the economic hardships plaguing Nigeria. Initially structured as a non-governmental organization (NGO), LAPO’s core mission was to provide financial assistance to low-income households, particularly women, who lacked
access to formal banking services. Ehigiamusoe recognized that poverty was not merely a lack of income but a systemic issue tied to limited access to capital. With this insight, LAPO embarked on a mission to offer small-scale loans to micro-entrepreneurs, enabling them to grow their businesses and improve their standard of living. What began as a small initiative quickly gained traction, driven by its grassroots approach and deep understanding of local economic challenges.
The transition from an NGO to a licensed microfinance bank in 2010 marked a significant milestone in LAPO’s evolution. With formal banking authorization, LAPO was able to scale its operations, extend its reach, and provide a wider array of financial products to its growing client base. Over the next decade, LAPO Microfinance Bank expanded exponentially, establishing branches across Nigeria and solidifying its
reputation as a trusted financial partner for small businesses and individuals alike. By 2024, LAPO had grown to 500 branches, making financial services accessible in both urban and rural areas across 34 states, including the FCT. This expansion was fueled by the bank’s unwavering dedication to its founding principles—improving lives through financial inclusion, capacity building, and sustainable development.
One of LAPO’s most distinguishing characteristics is its female-centric culture. With 60% of its 7,000-strong workforce comprising women, LAPO not only promotes gender diversity within its organization but also actively supports female entrepreneurs.
Women, particularly those in underserved communities, face unique challenges in accessing credit facilities, and LAPO has consistently tailored its financial products to address these barriers. Through initiatives such as group lending schemes, business training programs, and mentorship support, LAPO has empowered countless women to become financially independent. This commitment to female empowerment is a
testament to the bank’s belief that sustainable economic development is intrinsically linked to gender equity.
LAPO’s impact on the MSME sector cannot be overstated. Small businesses are the backbone of Nigeria’s economy, yet access to credit remains a significant hurdle for many entrepreneurs. Recognizing this gap, LAPO has positioned itself as a lifeline for MSMEs, offering tailored loan products with flexible repayment structures. In 2024 alone, LAPO disbursed over ₦230 billion in loans, providing critical capital to thousands
of small business owners across various industries. As the bank continues to refine its financial strategies and expand its lending portfolio, projections for 2025 indicate an all-time high disbursement of ₦400 billion. This sustained financial commitment underscores LAPO’s dedication to fostering economic growth and resilience in Nigeria’s MSME ecosystem.
Beyond its financial services, LAPO has cultivated a corporate culture that aligns with its core objective of improving lives. By integrating technology into its operations, the bank has enhanced accessibility, streamlined loan application processes, and improved customer service delivery. Digital banking solutions, mobile money services, and agent banking initiatives have further reinforced LAPO’s mission to bridge the financial divide.
Additionally, LAPO has remained active in corporate social responsibility (CSR) efforts, investing in community development projects, health awareness programs, and financial literacy campaigns. These initiatives reflect the bank’s holistic approach to poverty alleviation—one that extends beyond financial support to encompass broader socio-economic empowerment.
As LAPO Microfinance Bank charts its course for the future, its commitment to financial inclusion, women empowerment, and MSME support remains unwavering. With ambitious goals of further expanding its reach and increasing its loan disbursements, the bank is well-positioned to solidify its status as Nigeria’s premier microfinance institution. In a world where financial accessibility is a key determinant of economic progress, LAPO continues to shine as a transformative force. From a small venture in the 1980s to a nationally recognized financial powerhouse, its journey is a testament to the power of vision, resilience, and unwavering dedication to social impact. As it moves forward, LAPO remains committed to lifting individuals and businesses above poverty, one loan at a time.
