By Gabriel Enogholase
BENIN —  LIVE Above Poverty Organsation, LAPO, a microfinance organisation based in Edo and Delta States, has disbursed a total of N4.3 billion from  May  this year to 11,273,631 beneficiaries spread across the federation.

The loan, given to its clients in the 236 branches of the company in 23  states,  is to enable beneficiaries, who own micro-enterprises in agriculture and urban informal sector expand their businesses. LAPO Executive Director, Corporate Affairs and Risk Management, Mr. Moses Ehigiamusoe, who disclosed this to newsmen shortly after a media tour of LAPO establishments in Edo/Delta States, said the figure represents an increase of 43.85 percent disbursed during the same period in 2009.

Describing the loan as revolving, he said that customers were at liberty to obtain more credit facilities once the previous loan had been paid, adding that the re-payment of loans by its clients was above 98 percent.

To ensure that more clients are giving the opportunity to benefit from the facilities,  Ehigiamusoe said that LAPO had reduced its interest rate from three percent to two and half percent while application and registration fees had been abolished.

During the media tours, beneficiaries of LAPO credit facilities expressed gratitude to the institution and appealed to it to increase its loan facilities by N20,000 after repayment of previous loans.