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IFC lends LAPO N800m to expand capacity

By PROVIDENCE OBUH

International Finance Corporation (IFC) has invested N800 million in Lift Above Microfinance Bank (LAPO) for onlending to low income earners.

Country Manager, Solomon Adegbie-Quaynor disclosed this saying that the Corporation is committed to  supporting  Nigerian Microfinance Banks.

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries.

Adegbie-Quaynor said, “IFC is a leading investor in microfinance in Sub-Saharan Africa, with a fast-growing, well-performing portfolio of equity, debt and advisory projects. IFC’s portfolio includes 24 microfinance clients across 12 countries in sub-Saharan Africa, which have reached over 1.5 million microenterprises and low-income households”. Adegbie-Quaynor added, “

He said the investment in LAPO  is IFC’s first financing of a national microfinance a result, IFC agreed to provide N800 million ($5 million) loan. “LAPO provides a platform to distribute other tailored services at the base-of-the-pyramid, including micro-health insurance and environmentally-friendly energy products, such as solar lanterns and cooking gas,” he said.

Godwin Ehigiamusoe, Managing Director, LAPO, said,“Through this partnership IFC is helping LAPO expand our capacity to reach a wider group of clients. Our relationship will help build greater financial inclusion among a rural low-income client base in Nigeria”.


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