LAPO Microfinance Bank Responds to Economic Realities with Salary Increase for Staff

In light of the prevailing economic conditions marked by recent increases in fuel, electricity, and other commodity prices, LAPO Microfinance Bank Limited, Nigeria’s leading microfinance bank, has announced a salary increment for its extensive workforce of over 7,000 employees. The bank will implement a 25% salary increase for junior staff and a 12.5% raise for senior staff nationwide.

Addressing this development, Oluremi Akande, Head of Marketing & Communications at LAPO Microfinance Bank, stated, “The adoption of the new salary structure is one of the several measures undertaken by the bank to assist our staff in coping with the challenges arising from the sudden surge in the cost of living and other economic hardships. While we maintain an optimistic outlook for improved economic conditions, the bank’s management will continue to implement effective strategies to ensure business continuity and the sustainability of the bank for the benefit of all stakeholders.”

LAPO Microfinance Bank maintains a culture that recognizes and rewards excellence and service. In the years 2021-2022, over 900 staff members received promotions across the institution, and our annual LAPO Staff Meritorious and Long Service Awards highlight our unwavering commitment to acknowledging and rewarding exceptional and loyal employees. We will persistently prioritize staff welfare, among other initiatives, and remain dedicated to implementing our strategies accordingly.

StatiSense ranked LAPO Microfinance Bank Limited as the fifth largest employer in Nigeria in 2021, employing over seven thousand individuals.

LAPO Microfinance Bank continues to uphold its three-decade-long mission of empowering individuals from low-income households and supporting micro, small, and medium-sized enterprises to achieve socio-economic progress.