Friday, October 09, 2009

A profile of Lift Micro-Finance

A microcredit concern that operates in Nigeria received a write up in the Vanguard. Lift Micro-Finance works in Nigeria to help the poor move out of poverty. Most of Lift's loans go to women.

From All Africa, Moses Nosike interviews Lift's managing director.

A Benin-based Micro-Finance bank, Lift Micro-Finance, a subsidiary of Lift Above Poverty (LAPO) has vowed to tackle poverty and give hope to many especially women who are the bread winners of families, through its credit delivery, recovery strategies and customer relations.

According to the Managing Director of LAPO, Mr. Ehigiamusoe "We are fighting poverty in the land by consistently providing credit facilities to small, and medium enterprises.

"We also help in reducing unemployment among youths by providing soft loans that can help them establish themselves since government alone cannot provide all the jobs needed by thecitizens."

He said that the bank in its pursuit to elevate more families in Nigeria has disbursed a total of N339,367.00 (Three hundred and thirty-nine million, three hundred and sixty seven thousand) naira before now. "It has also rolled out attractive customer-focused products in its three new credit centres with increased staff strength from 28 to 38."

Mr. Ehigiamusoe also said the micro-finance bank renders financial advisory services, consumer loans/overdrafts, savings and investments among others.

"In the same vein, LAPO agricultural and rural development initiative also provides affordable credit and extension services to rural farmers in Nigeria towards meeting their financial and technical needs."

On the development initiative outreach of the company, he said it has expanded from 176 in 2007 to 1,239 in 2008, representing 95% while annual disbursement rose from N15 million in 2007 to N124 million in 2008 with portfolio risk remaining below 0.5%.

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