LAPO Win DBN Awards

Sunday Ehigiator

Over the weekend, LAPO Microfinance Bank Limited (LAPO MfB), a premium microfinance institution, won five awards categories, which it was nominated for during the Development Bank of Nigeria (DBN) 5th-anniversary event, held in Lagos.

At the event, LAPO won the awards of ‘MfB with the Highest Impact on Women  MSMES’, ‘MfB with the Highest Impact on MSMEs in Nigeria’, ‘MFI with the Highest Impact on the South-West Zone’, ‘MFI with The Highest Impact in the South-South Zone and the ‘DBN Platinum Service Ambassador- Bank Category. 2021’ awards respectively.

Briefing the media, the LAPO Head of Communications and Branding, Oluremi Akande, said “The Management of LAPO MfB appreciates the Development Bank of Nigeria for these awards; it is an explicit recognition of the bank’s immense contributions to the growth and development of MSMEs and impact made on members of low-income households through the provision of easy access to credit and other social interventions in a sustainable manner.

“As a pro-women development-focused institution, we are deliberate about financial and social empowerment for female entrepreneurs who actively participate and contribute to the economy primarily through entrepreneurial business activities.

“We remain committed to our over 30 years mandate of social and economic empowerment of members of low-income households and owners of micro small and medium enterprises.”

Firstbank Boosts Customers’ Business with Bouquet of Retail Products

First Bank of Nigeria Limited has announced its variety of retail products specifically designed to enhance the operations and sustenance of various businesses in the country.

“The products: Petroleum Dealership Finance (PDF), Operational Vehicle Finance (OVF) and Commercial Mortgage will strengthen the capacity of businesses to meet their immediate and long-term needs which are required to continually impact the socio-economic development of the country. 

“Commercial Mortgage (CM) is designed to meet the funding needs of established small and medium-scale enterprises in viable businesses to acquire Business/Office Premises. This product is structured to part finance the acquisition of business /office premises and warehouses as the building itself is collateral. With its competitive pricing entailing a tenor of 60 months, flexible repayment period as well as flexible collateral structure, the product is designed for SMEs across different sectors of the country including accounting, tech, legal and other specialised disciplines. To access the product, customers must have been in business for at least 5years and must have maintained an active account with either FirstBank or any reputable bank for a minimum of 6 months, “the bank said in a statement.

It added, “Operational Vehicle Finance (OVF)is intended to provide part finance to ease the acquisition of brand-new vehicle(s) essential for the day-to-day running of business activities. Its flexible tenure is in 2 variants, comprising 1 – 24 months and 2 – 36 months which is dependent on the brand of the vehicle.  The product is also designed for SMEs as well as traders in all sectors of the economy with verifiable cash flow as they will be at an advantage in sustaining the distribution of goods from one location to another.

“To be eligible for the service, the customer must have been in business for at least 12 months and should have maintained a healthy and active bank account with either FirstBank for a minimum of 6 months or 12 months with other banks. 

Petroleum Dealership Finance (PDF) is created to offer working capital finance to filling stations with a DPR licence for the purchase of kerosene (DPK), petrol (PMS), and diesel (AGO).

“This product facilitates access to financing opportunities to purchase products at competitive rates. A 12months facility tenor with a cash flow lending option up to N20M is also available. The product is packed with lots of exciting benefits including access to up to N20million without providing tangible collateral as it bridges the customers’ liquidity gap while also aiding the continuous replenishment of stock. The product also provides the opportunity to increase the volume of business as well as margins through consistent growth in turnover through credit financing.”

Group Head, Marketing & Corporate Communications, FirstBank, Folake Ani-Mumuney, said: “as a bank woven into the fabric of society, we are delighted with the indelible mark and role we have played in boosting businesses in the country, irrespective of the economic sector. Our Commercial Mortgage (CM), Operational Vehicle Finance (OVF) and Petroleum Dealership Finance (PDF)are integral to sustainably enhancing business operations while ensuring that our customers remain at an advantage in meeting their immediate and long-term business goals.”