LAPO Microfinance Bank (All You Need To Know About It In 2022)

LAPO Microfinance Bank also known as Lift Above Poverty Organization (LAPO) is a Non-Governmental Organization with a microfinance bank that is determined to employ and empower the poor masses and vulnerable that are interested in going into one business or the other.

 

LAPO Microfinance 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.  and has succeeded in moving thousands of families out of poverty.

 

LAPO predominantly focuses on low-income households and women (with females comprising over 90% of its total client base) by providing an average loan size of NGN500,000.

 

Who Founded Lapo Microfinance Bank?

LAPO Microfinance Bank was founded by Dr. Godwin Ehigiamusoe in the late 1980s while working as a rural cooperative officer in Ogwashi-Uku, Delta state, Nigeria.

 

Dr. Godwin Ehigiamusoe established LAPO Microfinance Bank to address the challenge of lack of access to credit for low-income people and their micro-enterprises as well as to tackle the poor health and social exclusion of the people.


Mrs. Cynthia Ikponmwosa
is the (CEO) of LAPO Microfinance Bank. She joined LAPO Microfinance Bank Limited in 2001 as a Senior Programme Officer and anchored the transformation process of Lift Above Poverty Organisation (LAPO) from an NGO to a regulated entity – LAPO Microfinance Bank Limited between 2008 and 2010.

Lapo Loan

 

Applying for a loan from LAPO Microfinance Bank is absolutely free and there are no hidden charges attached to the loans as the process is as transparent as it can be. LAPO Microfinance Bank will never ask loan applicants to make any form of payment to receive their loans.

 

Types Of Lapo Loan

LAPO Microfinance Bank loans are categorized into seven different categories namely:

  • SME Loans
  • Agricultural Loans
  • Regular Loans
  • Asset Loans
  • Education Loans
  • Special Loans
  • Public Sector Loans

Also Read: Zenka Loan App

1. SME LOAN

This is a loan designed specially to support small and medium scale Enterprises (SMEs) owners in Nigeria. It does not matter the sector in which your enterprise is operating, LAPO Microfinance Bank will support you with a loan of up to N5,000,000 (5 million naira).

 

LAPO Microfinance Bank grants these loans to SMEs to help expand and improve their businesses to them maximize their potential.

 

Features Of The SME Loan

  • Borrowers are given up to N5,000,000 (5 million naira)

  • The SME loan is only given to an Individual

  • The duration of the loan is 12 months

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Benefits Of The SME Loan

  • No collateral

  • Access to funds for business expansion

  • Flexible repayment structure

  • Training on essential financial management, business planning, and customer relations

  • Expert financial advice is available

Requirements For The SME Loan

  • Loan application letter

  • Duly completed application form

  • 2 guarantors

  • A valid means of ID (national ID, driver’s license, voter’s card or international passport)

  • Current utility bill

  • 4 recent passport-size photographs


2. AGRICULTURAL LOAN

The Agricultural loan is a loan that is meant to help farmers improve their productivity and achieve better results. The Agricultural loan is meant for farmers only and not for any other group of people in society.

 

Farmers can use this loan to purchase seedlings, farming equipment, manure, and fertilizers, etc.

 

Features Of The Agricultural Loan

  • Borrowers are given up to N50,000 (minimum) to N500,000 (maximum)

  • This loan is given to Individual, group, and corporate bodies.

  • The duration of the loan is 1-12 months

  • A grace period of 30-60 days is given after the expiration of the agreed time

  • Prospective clients must be practicing farmers with verifiable evidence of existing farm investments.

Benefits Of The Agricultural Loan

  • No collateral required

  • The loan provides capital for farming activities

  • It has a flexible repayment structure

  • Low-interest rate

  • Expert financial advice is available

Requirements Of The Agricultural Loan

  • A duly completed application form

  • 2 guarantors

  • 2 recent passport-size photographs

  • Current utility bill

  • A valid means of ID (national ID, driver’s license, voter’s card or international passport)

3. REGULAR LOAN

The Regular loan is meant for small business owners that need capital to improve their businesses
. LAPO Microfinance Bank provides this loan to members of a union in the organization.

 

There are several unions in the organization and belonging to one gives you access to a regular loan.

 

Features Of The Regular Loan

  • Borrowers are given up to N30,000 (minimum) to N150,000 (maximum)

  • The regular loan is for Individual lending but group liability

  • The duration of the loan is 8 months

  • Charitable Trusts

  • It has a grace period of 2 weeks

  • Repayment frequency: every Weekly

  • Clients must belong to a union in the organization.

Benefits Of The Regular Loan

  • No collateral is required

  • Access to funds for business expansion

  • Access to other business loan products to strengthen the client’s enterprise, e.g. Mid-term and Asset loan

  • A very flexible repayment structure

  • Training in essential financial management, business planning, and customer relations

  • Low-interest rate

  • Expert financial advice is available

Requirements Of The Regular Loan

  • A duly completed application form

  • 2 guarantors

  • 2 recent passport-size photographs

  • Current electricity bill

  • A valid means of ID (national ID, driver’s license, voter’s card, or international passport)

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 Also Read: Migo Loan App

 

4. ASSET LOAN


The Asset loan is a loan targeted to help existing clients of LAPO Microfinance Bank purchase assets such as generators, refrigerators, grinding machines, etc. that will further enhance the productivity of their business.

 

Features Of The Asset Loan

  • Borrowers are given up to N20,000 (minimum) to N400,000 (maximum)

  • This loan is for Individual and group

  • The duration of this loan is 11 months

  • Grace period is 1 month

Benefits Of The Asset Loan

  • No collateral is required

  • Quick access to funds for the purchase of business assets

  • Flexible repayment structure

  • Flexible repayment structure

  • Low-interest rate

  • Expert financial advice is available

Requirements Of The Asset Loan

  • Must have a savings account with LAPO Microfinance Bank

  • A duly completed application form

  • 2 guarantors

  • 2 recent passport-size photographs

  • Current utility bill

  • A valid means of ID (national ID, driver’s license, voter’s card, or international passport)


Also Read:
 LAPO Microfinance Bank

5. EDUCATION LOAN

 

Education loans are provided to enhance the quality of education of the members of the unions in LAPO Microfinance Bank. It supports parents to meet education expenses for the children and owners of educational institutions to enhance their facilities.

 

The Education Loan is categorized into two namely:

  • School Fees Loan

  • School Improvement Loan

     

School Fees Loan:

School Fees loan is meant for parents/guardians who have the willingness to educate their children in private schools but are not financially able to do so

.

This product is tailored to close the gap between the need of the child and what the parent can offer in regard to school fees/levies, uniforms, books, and school bus fees.

 

Features Of The School Fees Loan

  • Borrowers are given up to N20,000 to N200,000 (maximum)

  • The Grace period is 1 month after disbursement

  • Repayment mode is 8 months

  • Grace period: 1 month

School Improvement Loan:

School Improvement Loan is for school proprietors (low or medium-income private schools, from Nursery to Secondary level), to improve their schools in terms of Increased learners enrolment & quality education.

 

The loan is structured around the classification of school needs such as working capital, buildings improvement/renovation, and procurement of fixed assets that enhance learning.

 

Features Of The School Improvement Loan

  • Borrowers are given up to N250,000 to N10,000,000 (maximum)

  • The Grace period is 3 to 18 months after disbursement

  • Repayment mode is termly

  • The interest rate is 4% and 48% per annum.

Benefits Of The Education Loan

  • No collateral is required

  • Access to funds for the prompt payment of children’s school-related expenses.

  • Flexible repayment structure

  • Low-interest rate

Requirements For The Education Loan

  • Loan application letter

  • Duly completed application form

  • 2 guarantors

  • A valid means of ID (national ID, driver’s license, voter’s card, or international passport)

  • Current utility bill

  • 4 recent passport-size photographs

Also Read: Auto Loans In Nigeria

6. SPECIAL LOAN

 

The Special loan is a loan meant to meet the needs of existing loan clients who require bigger loan sizes to strengthen their businesses. This loan was necessary as a result of the client’s businesses growing past the regular loan.

 

Features Of The Special Loan

  • Borrowers are given up to N50,000 (minimum) to N250,000 (maximum)

  • Methodology: Group

  • The duration of the loan is 6 months

  • The grace period of the loan is 1 month

Benefits Of The Special Loan

  • No collateral is required

  • Access to a higher loan to fund your business enterprises

  • Training in essential financial management, business planning, and customer relations

  • Flexible repayment structure

  • Low-interest rate

  • Expert financial advice is available

Requirements For The Special Loan

  • You must have had an excellent repayment performance while accessing Regular Loan

  • A duly completed application form

  • 2 guarantors

  • 2 recent passport-size photographs

  • Current utility bill

  • A valid means of ID (national ID, driver’s license, voter’s card, or international passport)

Also Read: Get a Loan without BVN 

 

7. PUBLIC SECTOR LOAN

 

The Public Sector Loan is a loan that offers personal loans through Payroll Lending to Civil Servants at the State and Federal levels. The public sector loan is deduction-based, as repayments due to LAPO MfB are deducted at the source before salary payments are made to obligors.

 

Features Of The Public Sector Loan

  • Borrowers are given up to NGN 20,000 – 3,000,000

  • Methodology: Individual

  • The duration of the loan is 1- 12 Months after disbursement

  • No personal Guarantor is required for this loan

  • The client must be a Civil Servant under State or Federal Government establishment

Benefits Of The Public Sector Loan

  • No collateral is required

  • No Bank Account opening is required. It is a Payroll Lending.

  • Training in essential financial management, business planning, and customer relations

  • Flexible repayment structure

  • The interest rate is 2.95% Flat Monthly

  • Quick loan in 6 hours

Requirements For The Public Sector Loan

  • Duly completed application form

  • The client must have at least two years left in public service.

  • 2 recent passport-size photographs

  • Last three months’ pay slip

  • Last three months’ bank statement

  • A valid means of ID (national ID, driver’s license, voter’s card, or international passport)

How To Contact LAPO Microfinance Bank Customer Support

For any inquiry or problem you encounter, you can contact LAPO Customer Support with the following details below:

Physical Address Of LAPO Microfinance Bank

1st Floor, 65 Kudirat Abiola Way, Oregun 100281, Lagos

(No money in the office, everything is digital)

Customer Support Mail:

https://www.lapo-nigeria.org/customer-services

Whatsapp Number Of LAPO Microfinance Bank

+(234) 815 055 3264

Phone Number Of LAPO Microfinance Bank

+(234) 813 984 0230

Website

https://www.lapo-nigeria.org/

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