The Lift Above Poverty Organisation (LAPO), one of Nigeria’s licensed national microfinance banks (MfBs) on Friday reported that it disbursed N19.97 billion loans to 183,000 Micro Small and Medium Scale Enterprises (MSMEs), through the LAPO Rural Development Initiative (LARDI) in 2021.
The MfB’s Executive Director, Dr Ayobami Obadiora, disclosed this during the 2022 Annual Media Forum held in Benin, Edo State.
According to him, the disbursements to the MSMEs during the year under review represented 64 per cent growth when compared with the sum of N12.2 billion credit facility disbursed to them in the preceding year.
The banking expert attributed the increase in disbursement to increased business activities, which picked up after the COVID-19 lockdown in 2020.
He explained: “LARDI is an Initiative of LAPO, a Non-Governmental Organisation (NGO). It empowers active clients with a range of loan products including farming and enterprise development services.
“Our Loan Portfolio increased from N7.14 billion recorded in 2020 to N9.64 billion in the year 2021, representing 35 per cent increment.
“Total number of branches increased from 253 to 283, while saving mobilisation increased from N2.42 billion to N3.59 billion in the period under review. The organisation recorded improved performance in the year 2021 when compared to year 2020”, the banker added.
According to him, the MFB currently has 226,858 customers in its 283 branches spread across 21 states of the country.
