LAPO Microfinance Bank (MFB), a financial institution long associated with small-scale lending, is set to reposition itself in Nigeria’s evolving banking landscape. But can it compete with digital-first fintechs? Here’s what you need to know.
LAPO MFB is launching a new banking app to attract younger Nigerians.
Following a ₦237 billion loan disbursement in 2024, the bank has unveiled plans to launch a mobile app aimed at attracting a younger, tech-savvy audience. Traditionally known for financing petty traders and low-income earners, LAPO is looking beyond its conventional customer base.
The upcoming app scheduled for release in the first quarter of 2025 will enable users to access loans starting at ₦20,000, settle bills, track expenses, conduct everyday transactions, and open fixed deposit accounts at competitive interest rates. This move aligns LAPO with wealth management platforms like Piggyvest and Cowrywise.
“We’re creating a product that resonates with the evolving needs of our customers,” said Amechi Koldsweat, head of digital banking at LAPO. “When you think of LAPO, you imagine a woman selling pepper. But that same woman has children in university, children she took loans to support.”
With a customer base exceeding six million, LAPO is stepping into Nigeria’s highly competitive digital banking sector, where established fintechs such as OPay, PalmPay, and Moniepoint dominate. However, its extensive network of physical branches across 34 states, a strong legacy in credit issuance, and cashback reward programs give it a unique advantage. The bank plans to maintain a hybrid approach, integrating digital banking with its in-person financial services.
