It provides insurance cover for all our clients. In 2019, its clients received claims worth N483, 163,562.20. For the period 2014-2019, the claims paid to its clients was N1, 881,522,440.59.
LAPO MfB has been in the business of expanding the operations of Small and Medium Scale Enterprises in the country. We have helped our clients achieve their business goals by giving them affordable credit facilities (micro-credit loans) to help them run profitable businesses and savings account packages to help them manage their financial resources efficiently.
Most importantly, we provide insurance policies to protect their investments, businesses and savings from damages, financial loss or any unfortunate situation beyond their control. At LAPO MfB, all our loan products and savings account packages are insured with the NDIC (National Deposit Insurance Corporation).
The importance of safeguarding the properties, assets, lives and investments of our clients cannot be over-emphasized. Small business owners are most vulnerable to disruptions in cash flow and business operations that can arise due to theft, fire outbreaks or poor health conditions of the owners. Therefore, it is important to create a mechanism to compensate clients when unfortunate events occur.
We have developed insurance policies that are cost efficient and cover various incidents such as burglary, fire and disability.
The bank ensures that insurance claims are paid in time and policy holders receive adequate compensation to cover losses incurred during any unfortunate incident covered in the insurance policy.
To substantiate this point, we have processed insurance claims to our clients worth =N=1,881,552,440.59 from 2014 – 2019.
The proficiency we have attained in rendering micro-financial services; our strong branch network spanning different regions of the country and our loyal customer base have properly positioned us to render insurance services to low and middle-income earners.