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LAPO MfB disburses N42.4bn in Q1

By PROVIDENCE OBUH

LAPO Microfinance Bank Limited has disbursed about N42, 390,247,207 to micro-entrepreneurs and rural farmers in first quarter of 2014.

The Managing Director of the bank, Mr. Godwin Ehigiamusoe made this known, while reviewing its performance for the half year. He said that financial empowerment of micro-entrepreneurs is crucial for Nigeria’s sustainable economic growth and development, stressing that creating access to affordable credit and savings opportunities for the poor is a veritable poverty reduction strategy.  Also, Ehigiamusoe said that the mid-year performance represents 61.87 percent growth over the sum of N26, 183, 236, 002 disbursed to clients during the same period in 2013.

Analysis shows that owners of micro enterprises received N42. 1 billion while rural agriculture was boosted with N287.5 million.
Regional disbursement analysis indicates that South-West clients got the highest loan value of N21.9 billion followed by South-South with N10.2 billion while North-Central region received N4.9 billion. Similarly, South-Eastern clients got N3.8 billion while North-West trailed with a disbursement of N1.5 billion.

In addition to financial support, he noted that clients of LAPO also benefited from enterprise development training, health and social empowerment services, adding that the bank has extended scholarship scheme to university students.


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