World Bank Supports LAPO On Expansion Of Microfinance Services

The World Bank, through its member, the World Bank Supports LAPO On Expansion Of Microfinance Services, is providing advisory support to Lift Above Poverty Organisation(LAPO) in order to help it expand its microfinance business beyond Nigeria and Sierra Leone, where it currently operates with more than 495 branches, serving over 800,000 customers.

LAPO’s planned microfinance expansion will help boost financial inclusion and increase lending to individuals and micro and small businesses in the region, stimulating economic activity. The expansion will specifically target women borrowers, low-income earners, and those in rural areas.

The founder and chief executive officer, LAPO, Dr Godwin Ehigiamusoe said, “Through IFC’s advisory support, we will expand our capacity to build greater financial inclusion among a rural, low-income client base in sub-Saharan Africa. IFC’s advisory will also help us deepen our efforts to reach more women-owned micro enterprises, which currently represent about 70 per cent of clients in our existing microfinance operations.”

According to IFC’s regional director, Southern Africa and Nigeria, Kevin Njirani, “IFC’s support to LAPO is part of our commitment to strengthen economic development in sub-Saharan Africa, support micro enterprises, and reduce poverty. This project marks a significant milestone in the development of microfinance in Africa, particularly as countries continue to suffer severe effects of the COVID-19 pandemic.”

“LAPO’s existing microfinance businesses target women and the financially excluded. IFC’s support to LAPO will extend to more women in the region and contribute to the development of economic opportunities,” said IFC’s director for Transaction Advisory Services.

Supporting financial inclusion is an important part of IFC’s strategy in Africa to boost private sector growth and job creation. Individuals and businesses, in fragile and conflict-affected situations especially, struggle to access loans and other banking services because of underdeveloped domestic financial sectors.