The Netherlands development finance company, FMO will provide a local currency debt facility of €7.5m ($9.47m) 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.

Godwin Ehigiamusoe, CEO of 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.”