LAPO Boss: Microfinance Industry Needs Intellectual Leadership
Monday, March 18, 2013
LIFT Above Poverty Organisation (LAPO) operated as a pro-poor non-government organisation (NGO) more than two decades before it was licensed a microfinance institution in 2010. The same year it was recognised by the Central Bank of Nigeria (CBN) as a micro lender, it paid out N21.9 billion loans.
In 2011, its total yearly loan stood at N31.58 billion while it rose to N46.42 billion in 2012. While it was still operating as unlicensed micro lender, its 2009’s loan portfolio was N13 billion.
The bank has similarly grown its customer base. In 2009, it had 243,056, while the figure grew to 355, 502 the following year. It rose to 518,187 in 2011 and jumped to 756,904 at the end of last year. It also expanded operations to 27 states just as its branch network hit 303 as at last December.