LAPO Microfinance Bank, a subsidiary of Lift Above Poverty Organization (LAPO), recently in Benin gave out various sums of money amounting to N5,999,174,750 as loans to its 380,934 clients across the 235 branches of the organization in the country.

The loan was meant for January to March, 2011 being the first quarter of the year.

General Manager of LAPO, Moses Ehigiamusoe who is also the Head, Risk Management of the organization made this known in Benin City, Edo State capital in an interactive section with journalists.

He told newsmen that the organization was offering lowest interest rate of 2.5% and added that organization’s recovery rate of loans was 99.8% due to what he described as excellent process the organization has in place to manage its client’s relationship.

He however lamented that a few cases where the organization has not been able to recover its loans were due to loan diversion by such beneficiaries and urged clients to be committed to the purposes for obtaining the