LAPO Microfinance Bank; Let’s talk about the trending pro-poor financial institution committed to the social and economic empowerment of low-income households through provision of access to responsive financial services on a sustainable basis.
The Institution was established in the late 1980s as a Non-Governmental Organization (NGO) by Godwin Ehigiamusoe in response to the effects of the implementation of the Structural Adjustment Programme (SAP) in 1986.
In 2010, LAPO MfB obtained the approval of the Central Bank of Nigeria (CBN) to operate as a state microfinance bank and in 2012, it got approval as a national microfinance bank. Over the years, LAPO MfB has emerged as a leading institution delivering a range of financial services to over a million people in Nigeria.
LAPO Microfinance Bank has embraced the challenge of serving the Micro, Small and Medium Enterprises (MSMEs) with our responsive, pacesetting and innovative financial products. Our services enable low-income households to enhance their productive capacity, build and consolidate their economic base and manage risk.
We constantly aim at improving the lives of the underprivileged through our pioneering services. Our clients are also socially empowered through our services as they gain self-respect and self-confidence by not only successfully utilizing the loans for the benefit of their businesses and family life but also ensuring the prompt repayment of such loans along with the interest.
Here are The Principles of Engagement
1.The purpose of LAPO MfB is to serve its clients
We listen to them, reason with them and serve them in an atmosphere of trust and respect
2.We leverage on technology to serve our clients faster and better:
Our investment is cost-effective, tailored solutions enhance institutional efficiency and client convenience
3.Our business is where our clients are:
If it is done right there, it is right with the microfinance bank. We go out there to support them.
4.We can achieve more as a team, we support each other:
We shake hands with individual performers but hug outstanding team players.
Board of Directors
Mr. Osayande Ede holds a Bachelor of Science degree from the University of Benin (1979) and a Master in Business Administration from the University of Lagos (1989). He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). An alumnus of several international training institutions including International Institute for Management Development, Lausanne, Switzerland, American Express Bank, New York and New York Institute of Finance, New York.
He has over thirty year’s cognate experience in Banking and Finance which covers various aspect of banking including financial analysis; risk management; banking operations; people’s management and regulatory compliance. He has been the Managing Director / Chief Executive officer of Co-operative Development Bank Plc and Equitorial Trust Bank Ltd. During his tenor as Chief Executive Officer, he also served on the Boards of Financial Institutions Training Centre, (FITC), Lagos and Consolidated Discount House Ltd. At various times of his career, he has been Bank Treasurer and Chief Accountant and Auditor/Consultant in Price Waterhouse Coopers (PWC).
He is a Capital Market Specialist with reputation for organizational restructuring and turn-around.
Mr. Osayande joined the Board of LAPO Microfinance Bank Limited on 12th July, 2011.
Cynthia Iranmwinran Ikponmwosa is a consummate business professional with over eighteen years of experience in Business Management, Programme Management, Corporate Governance, Legal and Regulatory Compliance.
Prior to her appointment as MD-Designate of LAPO Microfinance Bank Limited (subject to the approval of the Central Bank of Nigeria), she was Executive Director, Corporate Services of the bank with responsibility for people, facility and procurement management. She joined Lift Above Poverty Organization (LAPO NGO), the precursor of LAPO Microfinance Bank Limited, in 2001 as a Senior Programme Officer. She anchored the corporate transformation process of Lift Above Poverty Organisation (LAPO) from an NGO to a regulated entity – LAPO Microfinance Bank Limited from 2008 – 2010.
Cynthia holds a Bachelor of Arts degree in English from the Ambrose Alli University (previously known as Edo State University) and a Master of Laws in Corporate Governance and Law from the University of Portsmouth, United Kingdom. She is a member of the Institute of Chartered Secretaries and Administration (ICSA) London; a Certified Microfinance Banker (MCIB) of the Chartered Institute of Bankers of Nigeria; and a member of the Compliance Institute, Nigeria. She has attended several management programmes in leading educational institutions including the Advanced Management Program of the Lagos Business School and the Chief Executive Programme (Global Edition) at the IESE Business School, Spain.
Mrs. Osaretin Demuren holds a Diploma in Russian Language & Preliminary Studies from the Kiev University (1970); a Master of Science degree in Economics and Statistics from the Moscow Institute of Economics and Statistics, Moscow (1975). She has attended several executive management programmes at leading global institutions including Harvard Business School, Columbia Business School, IMD Business School (Switzerland), INSEAD (France) and Kellogg School of Management.
Mrs. Demuren has a successful career spanning over thirty years at the Central Bank of Nigeria (CBN) and retired as Director of Human Resource in December, 2009. She has served on the boards of several public institutions including the National Social Insurance Trust Fund (NSITF), Nigerian Investment Promotion Commission (NIPC and Nigeria Export Processing Zone Authority (NEPZA).
She is a member of the Society for Human Resource Management (SHRM) of America, an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN) and a fellow of the Nigerian Statistical Association (NSA).
Mrs. Demuren joined the Board of LAPO Microfinance Bank Limited on 18th January, 2013.
Mr. Rene Azokly holds a Bachelor of Science degree in Economics and Development Planning from the National University of Benin Republic (1986); Masters of Science degree in Finance and Project Management from the Universite` SENGHOR, Alexandria, Egypt (1992). He is an alumnus of several international training institutions.
He is a renowned Microfinance Practitioner and was for years the CEO of PADME, a very successful microfinance institution in the Republic of Benin. He was the first Chair, Board of Directors of the African Microfinance Network (AFMIN) and a member of Women’s World Banking, New York.
Mr. Azokly joined the Board of LAPO Microfinance Bank Limited on 12th July, 2011.
Mrs. Yaro Ahmed Hannatu holds a Bachelor of Arts degree in English from the Ahmadu Bello University, Zaria (1986); a Master of Art degree in Gender and Development from the University of East Anglia, United Kingdom (1997) and a post Graduate Certificate in Information Technology for Development from the University of East Anglia, United Kingdom (1997).
She is a renowned consultant, social worker and researcher with over twenty years’ experience in supporting Women with microcredit and Financial Empowerment, Social Protection, Education and Community Development and Management. She has worked with various national and international non-governmental and intergovernmental organisations including the Development Exchange Centre (DEC); Department for International Development (DFID); Canadian International Development Agency/Canadian University Services Overseas (CIDA/CUSO); European Union (EU) and United Nations (UN).
She was staff and Chairman of the Board of Directors of Development Exchange Centre (DEC) and also, an independent consultants in Social Protection, Gender and Rural Development.
Mrs. Yaro joined the Board of LAPO Microfinance Bank Limited as an Independent Non-Executive Director (INED) on 20th May, 2016.
Mr. Olotu Aigbe holds a Bachelor of Science degree in Geology from the University of Calabar (1982). He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Institute of Taxation of Nigeria (CITN).
He has over thirty years’ cognate experience which cut across Accounting, Auditing, Taxation and Financial Advisory. He’s currently the Chief Finance Officer (CFO) of Sahara Power Group Limited, Nigeria.
Mr. Olotu joined the Board of LAPO Microfinance Bank Limited as an Independent Non-Executive Director (INED) on 24th October, 2019.
Mrs. Osazuwa–Ojo Faith holds a Nigerian Certificate in Education (NCE) from the College of Education, Ekiadolor (1996); a Bachelor of Laws degree from the University of Benin (2005); Barrister at Law from the Nigerian Law School (2006). She has attended several international trainings including the Programme for Leadership Development Training by Harvard Business School.
She has over twenty years of experience in the microfinance sector with rich pedigree in risk management. She is an astute lawyer and a certified microfinance practitioner.
She joined LAPO NGO in February, 1997 and rose through various ranks to become a Director, a position she held until her appointment as Executive Director in December 2014.
Mrs. Osazuwa–Ojo currently the Head, Operations Division of the Microfinance Bank.
Mrs. Gloria Bako holds a Bachelor’s degree in Economics from the University of Uyo (1994) and a Master’s degree from the University of Benin (2000). She has attended several national and international training including the Back to Boulder by Boulder Institute of Microfinance, Washington DC, USA, Risk Governance & Basel Accords organized by A. Adedipe Associates Limited and CRC Credit Bureau Limited, held in Dubai.
She has over twenty years’ experience in the microfinance sector with a rich pedigree in Business Management. She is a member of the Chartered Institute of Bankers of Nigeria (CIBN).
She joined the Bank in November, 1996 and rose through various ranks to become Head, Risk Management, a position she held until her appointment as Executive Director in July 2020.
Mrs. Gloria Bako is Currently the Head, Corporate Services of the Bank.
Mr. Israel Aibuedefe holds a Bachelor Degree in Computer Science from the Lagos State University, Nigeria (2010). He has attended several international trainings and taken various courses in Microsoft, Espoo. Finland, Gorden Institute of Business Science, South Africa including the prestigious Back to Boulder by Boulder Institute of Microfinance, Washington DC, USA.
He has over twenty years of work experience from reputable organization which spans through Business intelligence, Technology solutions, Sales Operations, Retail Analytics, Planning, and Forecasting.
He joined LAPO Microfinance Limited in 2015 as Head IT Solutions and Innovation, a position he held until his appointment as Executive Director in July 2020.
Mr. Israel Aibuedefe is currently the Head, Business Support of the Microfinance Bank.
Useful Links for more information.