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Business Nigeria's Largest Microfinance Bank LAPO Increases Access to Finance Following AfDB's $12m Credit


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Following being granted a $12 million (N1, 980,000,000) African Development Bank’s (AfDB) Line of Credit (LoC), Nigeria's Largest Microfinance Bank LAPO has increased access to finance for small business owners especially women, Vanguard reports.

The bank in a statement also said that the LoC will support its proposed expansion project to achieve a goal to serve five million clients by 2017 in the country with a focus on low-income individuals, predominantly women and micro/small enterprises by providing affordable access to finance, saving, credit and insurance in urban and rural areas as well as by expanding its geographic coverage and number of branches.

Other rationales behind the fund include: to increase the proportion of poor households and small businesses with access to financial services in Nigeria; deepen its financial sector infrastructure, as it plans to expand their branch network across the country; promote an inclusive microfinance model that works for the poor; stimulate product development aimed at meeting diverse needs of low-income households and local enterprises; enhance financial inclusion of women and female entrepreneurs and support increased revenue of poor households involved in profitable micro enterprises and also generate more jobs across states in Nigeria.

Given its history of a group-lending model based on a community-based approach, the bank focuses on low-income households and women (with females comprising over 90 percent of its total client base) by providing an average loan size of $190.

#Nigeria #LAPO #AfDB #Africa
 

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