The Management of LAPO MFB has recently reviewed the salary structure of its staff. While efforts to improve on the staff welfare package is underway.
‘LIVE ABOVE POVERTY ORGANISATION’: Microfinance Bank ” popularly referred to as LAPO, the acronym, is the Largest Microfinance Bank in Nigeria and has today become a household name when making reference to MFB’s, business growth, support and Loans.
This development was announced by the Head, of Marketing & Communications, Oluremi Akande.
In his statement Mr. Akande said that the new salary structure is one of the many palliative measures the bank has designed to help staff cope with the challenges posed by the sudden high cost of living and other tough economic realities.
Mr. Remi Akande stated that the Management of LAPO is very hopeful and remains optimistic that the current economic challenges will soon improve.
Remi Akande went on to reiterate that as long as the economic crunch persist, LAPO Management has resolved do everything at its disposal to ensure superior strategies are deployed to aid business continuity and sustainability of the MFB to the benefit of all stakeholders.
The structural review by LAPO is in response to the current economic realities, which include the recent spikes in fuel, electricity, and other prices.
The MFB with a workforce of over 7,000 and in line with its objectives to ensure Citizens live above poverty, has thus risen to the occasion again with the announcement of a 25% and 12.5% increment in the salaries for both junior and senior staff respectively across the country.
LAPO Microfinance Bank Limited was ranked in 2021 by StatiSense, as the fifth (5th) largest employer of labour in Nigeria.
Mr. Akande added that the institutional culture of the MFB was one that rewards excellence and service”
Adding that in the year 2021 – 2022, over 900 staff were promoted to different ranks across the institution.
The Head of Marketing and Corporate Communications went on to stress that the Annual LAPO Staff Meritorious and Long Service Awards platform underscores it’s unwavering commitment to recognising and rewarding distinguished and loyal staff”
Emphasizing that LAPO shall continue to prioritise staff welfare among other things and are committed to implementing its strategies accordingly.
LAPO Microfinance Bank remains committed to its over 30 years mandate of socio-economic empowerment of members of low-income households and owners of Micro, Small and Medium Scale Industry.