|Approval Date||01 Oct 2014|
|Signature Date||17 Nov 2015|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
The project provides a 4 year medium-term corporate loan up to USD 12 million (equivalent in NGN) funding to support LAPO Microfinance Bank (LAPO) to implement its 5 year business expansion plan. LAPO stands for “Lift Above Poverty Organization” was originally established as a Nigerian NGO in 1987 with a determined mission to help local Nigerians to move out of poverty. It was expanded as an MFI in 1990, and was registered as a microfinance bank in 2007. LAPO is an indigenous microfinance bank with a strong commitment to help the poor in Nigeria. The proposed facility will mitigate LAPO’s currency risk while enabling LAPO to increase its loan tenor and the coverage of unbanked individuals as well as micro and small enterprises. The proposed project complements existing PSOs in the financial sector as this project will focus on rural areas and poor households at the base of the pyramid.
The project targets to reach 5 million low-income households, women and micro/small scale enterprises by the end of 2017, as well as to expand coverage to 2-3 additional states in Nigeria.
The project will support expansion of LAPO Microfinance Bank (LAPO) in Nigeria focusing on low income individuals (predominantly women) and micro/small enterprises by providing affordable access to finance, saving, credit and insurance in urban and rural areas as well as to expand its geographic coverage from 26 to more than 28 states of Nigeria by 2017.
African Development Bank
|Last Update||25 Mar 2023|
|Name||Emmanuel Ibituase AKINWUMI|