Nigerian Microlender LAPO Secures USD 8 Mn Debt Funding

Nigerian microfinance company, LAPO, has secured a three-year senior secured loan of USD 8 Mn from the International Finance Corporation (IFC), the private-sector investment arm of the World Bank. The financing will go into helping micro, small, and medium-sized businesses (MSMEs) affected by the coronavirus pandemic.

LAPO’s operations are strategically focused on MSMEs, especially women microbusiness owners served in groups. In addition to its call center, it has employed 1,500 agents and 200 thrift collection officers, and it provides mobile banking and other digital banking services.