Microfinance Banks dwell to alleviate the subjective hardship placed on acquiring loans. Therefore, one might begin to wonder how Microfinance banks work and which ones offer suitable products to suit the need of customers. In response, Microfinance Banks are the final hope of the subjected lots in the social construct.
Microfinance Banks offer affordable products for customers and set interest rates that individuals can handle easily. In essence, they are banks that provide special services for individuals who cannot get loans from regular banks on the basis of several unachievable requirements.Â
Basically, there are a number of Microfinance banks that offer products that meet your needs and one of them is the Lapo Microfinance Bank.
About Lapo Microfinance Bank
The Lapo Microfinance Bank is one of the most recognised and used Microfinance Banks in Nigeria and in 2012 was licensed to operate as a national Microfinance bank by CBN. Also, the Microfinance Bank offers loan and credit facilities to suit individuals and small-scale businesses without considering their credit scores.
What products does Lapo Microfinance Bank offer?
Basically, Lapo Microfinance Bank offers a number of products and they include:
1. SME plan
The Microfinance bank ‘SME loan’ is a credit product specifically designed to support Small and Medium Scale enterprise (SMEs) operators in Nigeria. Lapo MFB willingly supports individuals with credit facilities up to 5 million naira for enterprise expansion.
They offer loan options as Regular loans where individuals form a group to access the funds. This is especially targeted at small business owners. They also offer education loans where funds strictly are for school fees payment of primary and secondary schools alone.
2. Savings Plan
As a matter of fact, several individuals have projects to execute and the Lapo Microfinance Bank has designed Savings plan Account for customers, individuals, and groups to save funds where they can save funds towards their specific projects for a specified period of time. Their savings account will generate interest in customer funds.
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What are the advantages of Lapo Microfinance Bank?
- No collateral is required on loan requests.
- Also, there’s easy access to funds for business expansion.
- It upholds a flexible repayment structure.
- Lastly, they operate with a low interest rate.
What are the disadvantages of Lapo Microfinance Bank?
- The bank limits individual loan services as they generally operate group loans instead.
- There is the need for guarantors.
- Loan products last for maximum of a year.
What are Lapo Microfinance bank loan requirements?
- Loan application letter.
- Duly completed application form.
- 2 guarantors.
- Also, a valid identification which could be the national ID, driver’s license, voter’s card or international passport.
- Current utility bill.
- Lastly, 4 recent passport-size photographs.
Interesting Read: Lapo Personal Loan – Everything You Need To Know
How can I contact Lapo Microfinance Bank?
You can contact them by reaching out to:
Phone: 08139840230, 09053955992, 09056539824, 08150894171 or 09053955965.
Address: Their Lagos office is located at Irorun Plaza, 2nd Floor, Kudirat Abiola Way, Oregun. P.M.B. 1729, Ikeja, Lagos State.
Email: You can also reach them at info@lapo-nigeria.org
Conclusion
Basically, Lapo Microfinance banks offer loans at affordable interest rates, where customers can access services that suit their personal needs.
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