Social Issue

Nigeria has a population of approximately 184 million people. According to World Bank data, 53% live on less than $1.90 a day. A study carried out by EFInA (Access to Financial Services in Nigeria) reveals that more than 40% of the population does not have access to financing.

Nigeria has a very young population, among which there is great economic inequality. Initiatives that can generate employment and equality are essential, especially in a difficult macroeconomic environment.

Our Response

Microloans are a powerful tool to promote self-employment.

LAPO Microfinance Bank was founded in 2007 as part of an initiative by Lift Out of Poverty Organization, an NGO that has the mission of empowering the poorest and most vulnerable. In 2012, LAPO obtained the license from the Central Bank of Nigeria to operate as a national microfinance bank, and today it is the largest in the country with 495 branches in 30 states.

LAPO’s mission is to provide low-income communities and micro-businesses, especially women, with access to finance. Historically, its work methodology consisted of granting loans to groups of people, but since 2015 the organization began to expand its portfolio of individual loans. Group loans now represent 76% of LAPO’s portfolio.

Expected Social Impact

With this investment of the Netri Foundation, it is estimated that LAPO will be able to provide 25,400 microloans to people who live, mostly, in rural areas so that they can maintain their businesses and the poverty caused by the lack of economic opportunities is reduced.