FMO, (the Netherlands Development Finance Company) has decided to provide a local currency debt facility of EUR 7.5 million to LAPO Microfinance Bank, 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.
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.
Mr. Godwin Ehigiamusoe, CEO, LAPO Microfinance Bank, expressed optimism that the facility will enhance LAPO MfB capacity to reach a wider group of clients, especially women and rural clients, ensuring greater financial inclusion.
About FMO
FMO (Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes that a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 6.6 billion, FMO is one of the largest European bilateral private sector development banks. For more information, please visit: www.fmo.nl
About LAPO Microfinance Bank Limited
LAPO Microfinance Bank Ltd was set up by Godwin Ehigiamusoe 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.
For more information, please visit: http://www.lapo-nigeria.org/lapomfb/
