LAPO MFB Raises Staff Salaries

Award-winning microfinance bank, LAPO Microfinance Bank Limited has announced a sweeping increase in the salaries of all categories of staff in response to what it cited as the current economic realities that have seen recent spikes in fuel, electricity and other living conditions.

In a statement announcing the increase, LAPO Microfinance Bank Limited said that the increases would see salaries of junior staff raised by 25% while that of senior staff would be hiked by 12.5%.

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 superior strategies to ensure business continuity and sustainability of the bank to the benefit of all stakeholders.

“Our institutional culture rewards excellence and service. In 2021 – 2022, over 900 staff were promoted to different ranks across the institution and our annual LAPO Staff Meritorious and Long Service Awards platform underscore our unwavering commitment to recognising and rewarding distinguished and loyal staff. We shall continue to prioritise staff welfare among other things and are committed to implementing our strategies accordingly.

Continuing, the statement averred:

“LAPO Microfinance Bank Limited 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 years mandate of socio-economic empowerment of members of low-income households and owners of micro small and medium enterprises.”

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