LAPO Microfinance Bank Secures N2.4billion AfDB Loan
The African Development Bank Group, AfDB, has granted a N2.364 billion ($12 million) credit facility to Nigeria’s LAPO Microfinance Bank Ltd.
The bank, in a statement,on Wednesday, November 25, said the loan agreement was to support inclusive growth in the country.
It noted that the facility would equally enhance local Small and Medium Enterprises (SMEs).
LAPO MfB 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.
“The corporate AfDB loan will support a proposed expansion project of LAPO MfB to achieve its goal to serve five million clients by 2017.
“It is focusing on low-income individuals (predominantly women) and micro/small enterprises by providing affordable access to finance, savings, credit and insurance in urban and rural areas.
“The MfB will also expand its geographic coverage and number of branches,’’ the statement explained.
According to the bank, with the loan, multi-faceted development outcomes are expected for LAPO MfB.
