LAPO Microfinance Bank: Empowering Humanity, Rebranding Africa & Global Recognition Award in North America
*By Dr. George Elijah Otumu
OVER a period of six months ago, in far-away Texas, North America, the Board of Directors and American Editors of NAIJA STANDARD NEWSAPER Inc USA, being Africa’s most read, credible, international online news medium discussed the possibility of visiting Nigeria’s economic hub, Lagos State to identify, celebrate and partner the best business enterprise in the country that caters for the masses and empower low-income earners.
Interestingly, our directorate received a long list of companies in Africa’s most populous black nation in the world. After careful perusal, in terms of unparallel successes, positive improvement in the lives of the masses, LAPO Microfinance Bank stood out from the pack.
Coincidentally, that was the same period, a fierce, international, investigative media competition in the United States was concluded which had 45,000 entries from journalists representing 100 countries around the world. And yours truly won the prestigious 2025 Global Recognition World Class Investigative Journalist of the Year Award; a feat no other African media practitioner had ever attained in history, on American soil. By this achievement, yours truly had been able to break the glass ceiling and place Nigeria, by extension, Africa in the World’s Hall of Media Fame.
Thereafter, it was unanimously agreed by our Board of Directors that a team comprising of me, our Press Secretary & Administrative Director (Mrs. Mary Otumu), Group Managing Editor (Samson Shoaga) and some of our American Editors travel to Nigeria.
We embarked on a 22 hours 50 minutes flight from Dallas Forth Worth, DFW, Texas on Turkish airline in less than two months ago, had a brief stop-over in Istanbul, Turkey, and eventually arrived the Murtala Muhammed International Airport, Ikeja, Lagos State.
The flight was long, exhaustive and tiring at the same time. We only enjoyed a brief menu served by the air hostesses on DFW flight to Turkey. But the meal served on our connecting flight from Istanbul to Lagos State left a sour taste in our mouth, since almost everyone in the plane complained about the taste of the meal served.
As fate would have it ordained, I was invited a few weeks ago to attend an economic seminar organized by Rainbow Magazine in Lagos State, and to eventually receive a leadership award of excellence at the close of the ceremony.
At the ceremony, I met one of the invitees, Oluremi Olatunji Akande, director of Marketing and Communications at LAPO Microfinance Bank, a silent achiever named among Nigeria’s Top 50 PR Professionals in the 2025 Public Relations Power List, released by GLG Communications.
Akande and I exchanged pleasantries, had the opportunity to explain to him how the historic award I won as first African journalist in history with a global recognition on American soil is interrelated to LAPO outstanding accomplishments as the most caring, empowering Microfinance bank in Nigeria for the masses.
It was a huge delight to have seen our Board of Directors been received in audience in a celebratory, courtesy visit at the high-rising LAPO Microfinance Bank Headquarters Office, located on Ikorodu Road, Ikeja. A magnificent building built and owned by the LAPO Microfinance Bank, while the main contractor is Construction Kaiser Limited.
The 8-floor development was completed in Q4:2023. It has a main banking hall, a restaurant, a gym, an auditorium, a crèche, training rooms, as well as several offices. Other facilities in the building include: Two 700 Kva Generators, Elevators, CCTV system, and others.
At the conference hall of LAPO, in attendance were Akande, other top directors of the company who applaud the remarkable achievements yours truly had made on the global front which stands Africa out in the world.
Highpoint of the visit was when we were received by Cynthia Ikponmwosa, LAPO Microfinance Bank, Chief Executive Officer, where we had a group picture.
Cynthia was appointed to the position in November 2019, succeeding Godwin Ehigiamusoe. She holds a leadership role as Managing Director/CEO, bringing extensive experience in microfinance and corporate governance to the role. She leads the bank’s operations and growth, with a focus on financial inclusion and serving underserved communities, particularly women.
This highly intelligent, cerebral, soft-spoken woman is a leading financial services provider across the country. Cynthia holds a Bachelor of Arts degree in English from the Edo State University (Ambrose Alli University), Ekpoma (1996) and a Master of Law degree in Corporate Governance and Law from the University of Portsmouth, United Kingdom (2014). She has attended several national and international training courses including the Blueprint Certified (ICSA) training by the University of Portsmouth.
She has over twenty-three years’ experience in the microfinance sector with rich pedigree in good Corporate Governance practice. She anchored the transformation process of Lift Above Poverty Organisation (LAPO) from an NGO to a regulated entity (LAPO MfB). She is a member of the Institute of Chartered Secretaries and Administration (ICSA) London and Chartered Institute of Bankers of Nigeria (CIBN).
She joined the Bank in September 2001 and rose through various ranks to become Executive Director, Corporate Services until her appointment as Managing Director/Chief Executive Officer of the Bank in 2020.
For the records, LAPO is the major and most leading financial institution in Nigeria empowering individuals, businesses, and communities with tailored financial solutions for over 30 years. Their service is zero waiting time, and there is instant access to your business on LAPO.
Once you open your personal or business account in minutes, you take control of your finances -fast, secure, and hassle-free. For over three decades, LAPO Microfinance Bank has empowered communities through financial inclusion. LAPO is available for Loan Products that meet all your life goals from your personal to business to education and property. This is the only firm where you can access your funds anytime, anywhere: Say goodbye to the limitations of cash and long queues at the Bank. With a LAPO MfB Debit Card, your money is always at your fingertips.
It is incontrovertible and undeniable that LAPO Microfinance Bank is a major national microfinance bank in Nigeria. The Microfinance bank has pride over the years itself as a friend of the low-income earners with loans and other financial products targeted at the low-income earners. They started as a Non-Governmental Organization (NGO) in the 1980s and became a full-blown National Microfinance bank in 2012 with the Central Bank of Nigeria (CBN) approval. It was set up 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 one of the leading microfinance banks in Nigeria, with presence in 27 states and a client base of over one million.
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.
Adding further value to the financial institution, the management announced the appointment of Dr. Godwin Ehigiamusoe as the new Chairman of its Board of Directors.
The appointment, which was disclosed recently reportedly marked a leadership transition as he succeeds Mrs. Osaretin Demuren, who has been credited with strengthening the institution’s position in Nigeria’s microfinance sector.
According to the statement, the bank expressed confidence in Dr. Ehigiamusoe’s ability to build on past achievements and further drive financial inclusion efforts in the country.
Other directors appointed to the board include Angela Omeiza, an independent non-executive director appointed in July 2024, and Joshua James Etopidiok, appointed as a non-executive director in September 2024. Josephine Nwachukwu, Member Board of Directors, Rev. Jonathan Cambell, Member Board of Directors, Dorcas Thorpe, Member Board of Directors, Pastor Augustine Bangura, Member Board of Directors.
LAPO’S leadership and management team includes Oluwasegun Balogun (Head of Compliance), Oluremi Olatunji Akande, Director Marketing Corporate Communications, LAPO Microfinance Director, Marketing & Corporate Communications, LAPO Microfinance Bank, Marketing & Communications enthusiast with many years of hands-on work experience, and others.
Due to LAPO’S exceptional performance, the Microfinance Bank was honoured with multiple national awards for Impact in MSME Growth, Women Empowerment, Agricultural Finance, and Human Capital Development.
LAPO Microfinance Bank has received multiple high-profile awards from key national institutions in recognition of its significant contributions to enterprise development, agricultural finance, gender empowerment, and workforce advancement.
In an award ceremony hosted by the Development Bank of Nigeria (DBN), LAPO Microfinance Bank was named: Microfinance Bank with the Highest Impact on MSMEs in Nigeria, Microfinance Bank with the Highest Impact on Women-Owned MSMEs, Participating Financial Institution (PFI) with the Highest Impact in the South-South Region of Nigeria.
These accolades acknowledge LAPO’s leading role in expanding access to finance for micro, small, and medium enterprises across the country, particularly those owned by women. With a client base largely composed of underserved populations, LAPO has championed financial inclusion through innovative credit solutions and business support systems tailored to women entrepreneurs and regional economies.
In a separate recognition, the HortiNigeria programme presented LAPO Microfinance Bank with its Recognition Award for outstanding contributions to the development of Nigeria’s horticulture sector. The award commends the bank’s commitment to improving access to finance for horticultural actors and its strategic efforts to promote a sustainable, inclusive agricultural economy. LAPO’s support for smallholder farmers, agri-SMEs, and rural communities continues to strengthen value chains and contribute to food security nationwide.
Further solidifying its reputation as a people-focused institution, LAPO Microfinance Bank was awarded the title of Best Human Resources for the Year 2023 by the Industrial Training Fund (ITF). This recognition highlights the bank’s sustained investment in employee training, upskilling, and welfare-critical factors that have enhanced productivity and organizational effectiveness.
With over 30 years of service in Nigeria’s financial ecosystem, LAPO Microfinance Bank continues to stand at the forefront of community transformation and sustainable development.
It is pertinent to let you know that LAPO Microfinance has diverse kinds of accounts that customers can open with them:
The LAPO Microfinance Savings Plan Account is meant to help individuals or groups save money towards a particular project. The goal is to help the customer generate interest on the account while they save towards their project over a period of time.
The LAPO Microfinance Bank My Pikin Savings Account is meant to help parents/guardians save towards the welfare of their children/dependents. The goal is to help parents save to secure the future of their children till adulthood. The LAPO Microfinance is a regular savings account that you can make savings on a regular basis. The LAPO Microfinance Bank Festival Savings Account enables individuals to save money in anticipation of a price boom during festive periods such as Christmas.
The LAPO Microfinance Bank Social Impact Deposit (SID) account is an innovative deposit and investment platform that provides individuals with the opportunity to make deposits with LAPO Microfinance Bank that can be used to improve the social needs of low-income individuals. With a minimum deposit of N200,000 and a minimum tenor of 6 months, savers in return are rewarded with attractive interest that comes with the account. Other than the attractive interest in deposits, depositors are also entitled to nominate a child from a low-income household for the LAPO Scholarship award.
The LAPO Microfinance Term Deposit Savings Account enables customers to save money that they do not have immediate need for and generate huge interest in it. Individuals, clubs, unions and businesses can open this account.
The LAPO Microfinance Individual Savings Account enables customers to save money to meet future needs, emergencies and also encourages savings habits. This account attracts interest in it overtime.
The LAPO Voluntary Savings Account is an additional savings account for clients who are already operating a Regular Savings Account. It gives clients the opportunity to save even if they pay back their loans.
LAPO Microfinance Bank offers many loan options to Nigerians. Here are the different kinds of loans offered by LAPO:
The LAPO Microfinance Bank SME Loan is targeted to support small and Medium Scale Enterprises (SMEs) in Nigeria. Irrespective of the sector or the focus of your business, you can apply for the loan. The loan amount is up to ₦5,000,000.
The LAPO Microfinance Small Business Loan (SBL) is targeted at meeting the capital needs of small and medium scale entrepreneurs who require more funds for expansion.
The Agric loan is designed to finance the farming activities of individuals, groups or corporate organisations. LAPO has won a CBN award for its contribution to the agric sector. A very good part of the agric loan is that the repayment is designated to conform to the seasonal nature of farming.
The LAPO Microfinance Education Loan is designed to help in the payment of children’s school (Primary and Secondary) related expenses in Nigeria.
The LAPO Microfinance Asset Loan is designed to help customers of LAPO to purchase assets such as generators, fridges and every other item that will help them grow their business.
LAPO Microfinance Bank Overdraft is a loan product that is targeted to help customers meet household and business emergencies at low interest rates.
The LAPO Microfinance festive loan is designated to help its customers finance their business during festive period. It is particularly targeted at businesses with high sales rates during the festive period.
The LAPO Microfinance Mid-Term Loan is designed to reduce the waiting period of clients to zero and increase their cash flow. Mid-term loans can be accessed by members of a group as more funds to finance their businesses while still repaying their previous loans.
The LAPO Microfinance Regular Loan was created to help meet the working capital needs of clients that run small businesses. The loan operates on a group (union) methodology.
The LAPO Microfinance Bank Special loan is meant to meet the credit needs of clients who desire bigger loan sizes to strengthen their businesses.
*LAPO Microfinance Bank Loan requirement:
Here are the general loan requirements to get a loan from LAPO: Application letter,
Completed application form, A valid ID, Current utility bill; Passport-size photographs and Guarantors (Depending on type of loan. Not all loans require guarantor).
Riding on these waves of success, Agusto & Co. assigns a ‘Bbb+’s rating to LLAPO Microfinance Bank Limited (“LAPO MFB” or “the MFB”). The rating assigned to LAPO MFB is supported by adequate liquidity, funding profile, good capitalisation; the MFB’s dominant market position and experienced management team.
Without a shred of doubt, the management of NAIJA STANDARD Newspaper Inc USA is proud to associate, share and present our World Class Global Recognition Award in North America to LAPO Micro finance bank since the institution represents a global financial establishment for the masses and we both rebrand Africa positively.
*Dr. George Elijah Otumu is the Executive Editor & Group Managing Director, NAIJA STANDARD Newspaper Inc USA…Africa’s No. 1 International, award-winning online news medium in North America
*Winner: 2025 Global Recognition Investigative Journalist Award, USA
*Winner: Most Consistent Nigerian Editor in the Diaspora, NMNA 2021
*Winner: MBE Outstanding African Editor in the World, Manchester 2016
*Certified: Global Human Rights Coordinator, The United States Institue of Diplomacy & Human Rights in Washington DC
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