LAPO MICROFINANCE BANK LTD
Status: Completed investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
LAPO Microfinance Bank Ltd (LAPO MfB) was set up as a non-profit microfinance institution, in the late 1980s to provide financial and social empowerment services to members of low income households. LAPO MfB transformed into a licensed Microfinance Bank in 2010 and currently is one of the leading microfinance banks in Nigeria, with presence in 27 states and a client base of over one million.
What is our funding objective?
FMO has decided to provide a local currency debt facility of EUR 7.5 million to LAPO MfB, a leading pro-poor financial institution in Nigeria. The loan will have a tenor of five years and will be used for providing funds to micro and small enterprise clients, in order to stimulate financial inclusion.
Why do we fund this investment?
LAPO MfB is committed to the empowerment of low-income Nigerians by providing them access to responsible financial services on a sustainable basis. With almost half the Nigerian population still excluded from financial services, microfinance in Nigeria is still at the developing stage. This credit facility from FMO, apart from helping LAPO MfB promote the implementation of the Client Protection Principles (CPP) with the aim of becoming CPP certified, will also contribute to further enhance financial inclusion and stimulate the development of sound financial services in Nigeria.
- Region
- Africa
- Country
- Nigeria
- Sector
- Financial Institutions
- Effective date
- 7/24/2014
- End date
- 10/21/2019
- Total FMO financing
- EUR 7.50 MLN
- Funding
- MASSIF
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - C