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LAPO targets one million clients, disburses N4.8 billion
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Lift Above Poverty Organisation (LAPO), the largest micro finance institution in West Africa, disbursed a total sum of N4.9 billion to 135,974 micro finance enterprise owners during the 2007 financial year. The figure represents more than 100 percent increase over the previous year’s, which stood at N2.3 billion.
This was disclosed recently by the executive director of the organisation, Godwin Ehigiamusoe, while addressing its senior managers at a two-day business development retreat in Benin City, the capital of Edo State. He made it clear that the funds were disbursed to enable them establish and consolidate self-sustaining income generating business activities. Ehigiamusoe had in 2007 projected a total disbursement of N4.6 billion to represent 100 percent increase in disbursement by 2008.
He added that LAPO had attained very high standards in terms of financial self-sufficiency and management, stressing that its repayment performance during the year was on average 99.84 percent, with a proportion of portfolio risk at 1.07 percent.
He attributed the outstanding achievements of the organisation during the past year to the hard work and commitment of staff and support being received from developing partners such as Grammen Foundation, UNDP, USAID, NAPEP, Oxfam, Novib and Cordaid.
In addition, Ehigiamusoe revealed LAPO’s plan to effectively provide microfinancial services to one million clients by 2011 beyond the current 140,000 figure, stressing that in the next five years, the institution’s key performance indicator will be the number of beneficiaries.
With an existing network of more than 105 branches, he said that LAPO has over the years developed strong systems and responsible structures to implement significant growth plan, emphasizing that making meaningful impact on poverty involves reaching a larger number of people and doing so rapidly and efficiently
This was disclosed recently by the executive director of the organisation, Godwin Ehigiamusoe, while addressing its senior managers at a two-day business development retreat in Benin City, the capital of Edo State. He made it clear that the funds were disbursed to enable them establish and consolidate self-sustaining income generating business activities. Ehigiamusoe had in 2007 projected a total disbursement of N4.6 billion to represent 100 percent increase in disbursement by 2008.
He added that LAPO had attained very high standards in terms of financial self-sufficiency and management, stressing that its repayment performance during the year was on average 99.84 percent, with a proportion of portfolio risk at 1.07 percent.
He attributed the outstanding achievements of the organisation during the past year to the hard work and commitment of staff and support being received from developing partners such as Grammen Foundation, UNDP, USAID, NAPEP, Oxfam, Novib and Cordaid.
In addition, Ehigiamusoe revealed LAPO’s plan to effectively provide microfinancial services to one million clients by 2011 beyond the current 140,000 figure, stressing that in the next five years, the institution’s key performance indicator will be the number of beneficiaries.
With an existing network of more than 105 branches, he said that LAPO has over the years developed strong systems and responsible structures to implement significant growth plan, emphasizing that making meaningful impact on poverty involves reaching a larger number of people and doing so rapidly and efficiently
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