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Fuel Subsidy Removal: Lapo MFB Increases Staff Salaries

In response to the current economic realities which have witnessed recent spikes in fuel, electricity, and other prices, Nigeria’s largest microfinance bank, LAPO Microfinance Bank with over 7,000 staff has announced a 25% and 12.5% increment in the salaries for junior and senior staff respectively across the country.

In a statement announcing the development, Oluremi Akande, Head, of Marketing & Communications, at LAPO Microfinance Bank, stated “The implementation of the new salary structure is one of the many palliative measures the bank has designed to help staff cope better with the challenges posed by the sudden high cost of living and other tough economic realities. Whilst we remain optimistic that the current economic conditions will improve, the Management of the bank will continue to deploy strategies to ensure business continuity and sustainability of the bank to the benefit of all stakeholders

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LAPO Microfinance Bank’s business operations have hugely been impacted by multiple shocks in a rapid succession of unprecedented events in the country. In spite of the lingering impact of these shocks on our business operations, the Management of the Bank has prioritized our staff welfare before any other financial decisions, especially at this time.

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LAPO Microfinance Bank was ranked in 2021 by StatiSense, as the 5th largest employer of labour in Nigeria with over seven thousand staff.

LAPO Microfinance Bank remains committed to its over 30-year mandate of socio-economic empowerment of members of low-income households and owners of micro small and medium enterprises.


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