Wednesday, April 24, 2024

LAPO Supports Farmers, Addresses Lack of Access to Credit

The Lift Above Poverty Organization (LAPO), a microfinance bank dedicated to self-employment through the empowerment of the poor and the vulnerable, disclosed that it has improved the livelihood of rural farmers, as well as supported micro businesses with credit facilities.

The Lift Above Poverty Organization (LAPO), a microfinance bank dedicated to self-employment through the empowerment of the poor and the vulnerable, disclosed that it has improved the livelihood of rural farmers, as well as supported micro businesses with credit facilities.

The Executive Director of the organization, Dr. Honestus Ayobami Obadiora, while addressing journalist disclosed that LAPO disbursed N23.5b between January and December 2022, under the LAPO Rural Development Initiative (LARDI), to support farmers and business owners.

LAPO microfinance bank was established as a rural development organization in the late 1980s to address challenges of poor health, lack of access to credit and social exclusion faced by low-income people and their micro enterprises.

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LARDI was an initiative of LAPO in 2007 that was designed to organize rural dwellers into credit groups for the purpose of financial service delivery, to alleviate poverty and promote household livelihood of low-income earners in rural communities.

Obadiora noted that the credit facilities have helped in helping subsistence farmers and small-scale business owners to extend their farmlands and upgrade their businesses with improved income for family upkeep and savings for the future.

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He made it known that the facility has enabled the microfinance bank to address challenges, such as non-availability of inputs for improved farm productivity and limited access to finance for business expansion.

The LAPO boss pointed out that the organization through his various activities has built the capacity of rural farmers and business owners through on-farm demonstration, workshop and training programs.

“Since inception in 2007, LARDI has disbursed N70tr to 262,977 clients in 303 branches across 22 states. The mandate of the organisation is to improve the income, food security and general living conditions of rural households, particularly women-headed households and youths,” he said.

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