According to a statement released by the bank’s Head of Marketing and Communications, Oluremi Akande, LAPO MFB remains dedicated to its primary goal of providing easy access to credit for micro, small, and medium enterprises (MSMEs), as well as individuals from low-income households who face financial exclusion from the formal financial sector.

Akande emphasized the bank’s strong commitment to promoting economic activities and making significant contributions to economic growth, stating, “This underscores our firm resolve to continue to promote economic activities and contribute meaningfully to economic growth.”

Furthermore, Akande highlighted LAPO MfB’s track record, stating, “In the last decade, LAPO MfB has disbursed over N1 trillion to MSME owners in Nigeria. Our strategic objective for 2023 is to disburse over N200 billion by the end of the financial year.”

LAPO Microfinance Bank has maintained a steadfast commitment to empowering individuals from low-income households and MSME owners for over 30 years, aiming to achieve social and economic empowerment sustainably.

In response to the current economic realities, which have seen recent increases in fuel, electricity, and other prices, LAPO Microfinance Bank Limited a few weeks ago announced a 25% salary raise for its junior workers and a 12.5% salary raise for its senior workers nationwide.

With a workforce of 7,000 employees, the bank seeks to support its staff amidst these challenging circumstances

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