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”.