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LAPO Partners IFC On Economic Development In Sub-Saharan Africa

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LAPO Partners IFC On Economic Development In Sub-Saharan Africa

Lift Above Poverty Organization (LAPO), has entered into a strategic partnership with the International Finance Corporation (IFC) towards expanding banking services to low-income populations in sub-Saharan Africa. IFC is a member of the World Bank Group.

Under the partnership, IFC will conduct a market analysis of several African countries, including fragile states, and provide advisory support to LAPO to help it expand its microfinance business beyond Nigeria and Sierra Leone, where it currently operates with more than 495 branches, serving over 800,000 customers.

LAPO‘s planned microfinance expansion will help boost financial inclusion and increase lending to individuals and micro and small businesses in the region, stimulating economic activity. The expansion will specifically target women borrowers, low-income earners, and those in rural areas.

Founder and Chief Executive Officer LAPO, Dr. Godwin Ehigiamusoe said, with IFC’s advisory support, the organization will expand its capacity to build greater financial inclusion among a rural, low-income client base in sub-Saharan Africa and help deepen its efforts to reach more women-owned micro-enterprises, which currently represent about 70 percent of clients in our existing microfinance operations.

Also speaking, the IFC’s Regional Director, Southern Africa and Nigeria, Kevin Njiraini who noted that the project marks a significant milestone in the development of microfinance in Africa, said the support to LAPO is part of IFC’s commitment to strengthen economic development in sub-Saharan Africa, support micro-enterprises, and reduce poverty especially as countries continue to suffer the severe effects of the COVID-19 pandemic.


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