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LAPO Not Doing Insurance Biz, Denies News Report

Coy Says It Remains Focused On Empowering Low-Income Earners



LAPO Microfinance Bank has disclaimed a newspaper report to the effect that it settled over N1.88 billion in a period of five years saying it remains focused on its core mandate of empowering low-income earners.

The company in a statement affirmed that the assertion of settling insurance claims was a misrepresentation of the risk benefits that accrued to its customers from their insurance companies.

The company thus asserted:  

●            The insurance claims referred to in the publication were aggregation of claims settlement by different insurance companies that LAPO MFB work with during the period under reference and from which our customers benefited.

●            LAPO MFB is a microfinance Bank and not purported to play the role of insurance company.

●            The  report was not authorised by LAPO MFB as the headline does not reflect our narratives

Given the above, we kindly inform members of the public and other stakeholders to disregard the said publication.

LAPO Microfinance bank remains committed to its over thirty 30 years (first as a non-profit) old mandate of social and economic empowerment of low-income households in Nigeria and beyond.

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