Social Issue

Sierra Leone is a low income country as defined by the World Bank and has more than half of its inhabitants living below the national poverty line. After a decade-long civil war which ended in 2002, the economy grew substantially before experiencing a downturn due to the Ebola epidemic in 2014-2016. The level of financial inclusion is very low with an estimate of only 12% of adults holding bank accounts. The majority of the unbanked include women, low income households.

Our Response

The Netri Foundation is supporting Lapo SL  as it addresses this critical funding gap by providing low-income households with credit and services they need to run their businesses and households.

LAPO SL is an MFI that was created in 2007 as an affiliate of LAPO NGO, a Nigerian organization dedicated to promoting self-employment and running the largest microfinance bank in Nigeria. Initially, LAPO SL’s main activity was providing group loans targeting women with no access to formal financing, but over time expanded into individual loans as their client needs changed. The majority of clients are micro-entrepreneurs running small businesses in the food and trading sectors.

Expected Social Impact

With this investment of the Netri Foundation, it is estimated that Lapo Sierra Leone will be able to provide over 4,800 microloans, with the aim of enhancing business opportunities, income generation, and the wellbeing of their clients.