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Micro finance bank disburses N20.5bn in six months

Published by Guardian on Mon, 13 Aug 2012

LAPO Microfinance Bank Limited, has disbursed N20.5 billion to its customers withn six months, 'to make meaningful contributions to poverty alleviation and national development.'This was disclosed by the institution's Managing Director, Godwin Ehigiamusoe, while reviewing the performance of the bank in the first half of this year.The disbursement profile showed that owners of micro and small enterprises received N20.2 billion, while N339 million was disbursed exclusively to food crop farmers.Specifically, he said clients in South-West got the highest loan amount of N11.1 billion followed by South-South with N5.1 billion.Similarly, LAPO clients in North-Central received N2.1 billion, South-East, N1.2 billion while North-West and FCT trailed with N699 and N374 million respectively.Ehigiamusoe said the microfinance bank, in addition to economic support, also provided free micro-business management training, social and health empowerment services as well as awarded scholarships to needy children of clients.He attributed the performance of the bank during the period to the commitment of staff and support from local and international partners adding that management has formulated a strategy, which is expected to increase its loan volume to fund agriculture and allied rural economic activities.
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