Grameen Foundation : Resource Center : Print Newsletter : Spring 2006 : Nigeria Partner Gives Hope
Nigeria Partner Gives Hope to More than 40,000
LAPO’s transformation and expanded capacity puts it on a solid trajectory to meet a goal of reaching 225,560 clients by 2008.
Mrs. Eje Okpu lives in Umunede, Nigeria and once struggled to feed her family. Her husband’s business was faltering, and their hard times were compounded by the country’s hyperinflation and economic recession in the 1980s. The few local moneylenders willing to help revitalize their business demanded exorbitant interest rates. Eje was losing hope until a friend introduced her to one of GFUSA’s microfinance institution partners, Lift Above Poverty Organization (LAPO). Eje received a collateral-free loan from LAPO and now earns 5,000 Naira per day selling palm oil. Her market includes not just Umunede, but neighboring Igbodo, Oyoko, and Ogwashi-uku. She hopes to buy oil-milling machines to continue expanding her success.
LAPO was serving 43,747 borrowers like Eje as of December 2005. One of Nigeria’s largest microfinance institutions, its growth and success are due in part to a 3-year, $1.3 million grant from USAID managed by GFUSA. The grant began in 2003 with the aim of strengthening LAPO’s operations and increasing outreach. After three years, GFUSA’s technical assistance has helped improve LAPO’s financial controls, reduce delinquencies, implement automated MIS at all of its branches, and foster timely and accurate reporting. LAPO’s transformation and expanded capacity puts it on a solid trajectory to meet a goal of reaching 225,560 clients by 2008. Learn more about our work in Nigeria with LAPO at www.gfusa.org/nigeria
Grameen Foundation : Resource Center : Print Newsletter : Spring 2006 : Nigeria Partner Gives Hope
Grameen Foundation uses microfinance and innovative technology to fight global poverty and bring opportunities to the world's poorest people. With tiny loans and financial services, we help the poor, mostly women, start businesses and escape poverty. Our global network of 55 microfinance institution (MFI) partners including our Growth Guarantee partners has touched more than 34 million people in 24 countries. In addition, we introduced and now sustain technology initiatives (Mifos and Village Phone) in Cameroon, Kenya, Rwanda, and Uganda, bringing our total country outreach to 28.
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