LAPO Microfinance Bank received two awards at this year’s Industry Awards ceremony, taking home “Microfinance Bank of the Year” and “Best Microfinance Bank in Support of MSMEs”.
The awards come as the institution continues its focus on financial inclusion initiatives targeting small businesses throughout Nigeria.
According to the bank’s statements, it has expanded its SME-focused financial products and support services over the past year. The extent of this expansion and its measurable impact, however, has not been independently verified by industry regulators.
Mr Oluremi Akande, Director of Marketing and Corporate Communications at LAPO Microfinance Bank, said: “These recognitions are a testament to our deep-rooted commitment to serving the underserved. At LAPO, we believe in the transformative power of microfinance to uplift individuals, businesses, and communities.”
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The bank offers various loan products and capacity-building programmes, with particular attention to women-led businesses and rural entrepreneurs.
LAPO reports operational figures including a client base of 6.4 million customers, 7,024 employees, and 536 branches across 34 states, including the Federal Capital Territory. According to the bank’s self-reported figures, it maintains a loan portfolio of ₦106.2 billion, deposit balances of ₦59.2 billion, cumulative loan disbursement exceeding ₦1 trillion, and assets valued at over ₦124 billion.
The Industry Awards, now in their fifth year, are organised by a consortium of financial sector stakeholders, though critics have noted the lack of transparent selection criteria for winners.
Financial inclusion remains a significant challenge in Nigeria, with the Central Bank estimating that approximately 36% of adults remain without access to formal financial services as of last year.
