LAPO Microfinance Bank Limited has recently announced a salary increase for its staff in response to the current economic realities in Nigeria.
Approximately 7,000 employees will benefit from this initiative, with junior staff receiving a 25 percent salary increase and senior staff receiving a 12.5 percent increase.
The bank aims to enhance productivity and help its staff cope with the challenges posed by rising fuel, electricity, and other prices.
According to Oluremi Akande, the Head of Marketing and Communications at LAPO Microfinance Bank, the salary increase is one of several measures implemented by the bank to support its staff during these difficult economic times.
The bank remains optimistic about the improvement of the current economic conditions and is committed to employing superior strategies to ensure business continuity and sustainability for the benefit of all stakeholders.
LAPO Microfinance Bank has a strong institutional culture that values excellence and service. In the previous year (2021-2022), over 900 staff members were promoted to different ranks within the institution.
The bank also holds the annual LAPO Staff Meritorious and Long Service Awards to recognize and reward outstanding and loyal employees.
Staff welfare remains a top priority, and the bank is committed to implementing strategies that support this objective.
In 2021, LAPO Microfinance Bank was ranked as the fifth largest employer of labor in Nigeria by StatiSense.
The bank has been dedicated to its mandate of socio-economic empowerment for over 30 years, focusing on assisting low-income households and micro, small, and medium enterprises in Nigeria
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