LAPO Microfinance Review
VerifiedCBN LicensedNigeria's leading microfinance bank for group loans
₦10,000 - ₦2,000,000
Loan Amount
2.5-5%
Monthly Interest
30-365 days
Repayment Term
2-5 days
Approval Time
Pros & Cons
Pros
- ✓Very low interest rates (2.5-5%)
- ✓Over 35 years of operation
- ✓Large loan amounts available
- ✓Supports women entrepreneurs
- ✓Has physical branches nationwide
- ✓Flexible repayment options
Cons
- ✗Requires physical branch visit
- ✗Slower approval than digital apps
- ✗May need collateral for large loans
- ✗Group loans require finding group members
How to Apply for LAPO Microfinance Loan
- 1
Visit nearest LAPO branch
- 2
Complete loan application form
- 3
Submit required documents
- 4
Attend group training (for group loans)
- 5
Wait for loan approval
- 6
Receive funds in your account
User Reviews
Ngozi U.Verified
Benin City
January 2025
LAPO helped me start my poultry business with ₦200,000 at only 3% interest. Been with them for 5 years now.
Kehinde T.Verified
Ibadan
December 2024
Good for established small businesses. Process is longer but rates are the best I've found.
Fatima B.
Abuja
November 2024
Great rates but you need to visit their office several times. Not as convenient as mobile apps.
Frequently Asked Questions
What is LAPO group loan?
LAPO group loans are given to groups of 5-15 people who guarantee each other. Members take turns receiving loans while others continue repaying.
Does LAPO offer individual loans?
Yes, LAPO offers individual loans but these typically require more documentation and collateral than group loans.
How long does LAPO loan approval take?
LAPO loans typically take 2-5 working days for approval after submitting all required documents.
Quick Info
- Founded
- 1987
- Headquarters
- Benin City, Nigeria
- CBN Licensed
- Yes
- Disbursement
- Same day after approval
- Last Updated
- 2025-01-19
Requirements
- •Valid ID (NIN, Voter's Card, Passport)
- •BVN
- •Proof of business or income
- •Group membership (for group loans)
- •Two guarantors
- •Passport photographs