The management of LAPO Microfinance Bank Limited has signed a Memorandum of Understanding with Mercy Corps, an international non-governmental organisation, to support vulnerable farmers in Nigeria.
A statement said the MoU was aimed at providing support to over 540,000 smallholder farmers to promote economic activities and recovery in some conflict-affected areas in the north-eastern states of Nigeria, through a market-led intervention.
The Managing Director, LAPO Microfinance Bank Limited, Cynthia Ikponmwosa, was quoted as saying, “This partnership fosters an alignment of purpose by both organisations, which re-emphasises rural engagement, empowerment, resilience and sustainability, our mandate of over 30 years commitment to social and economic empowerment of members of low-income households who are most vulnerable.
“Our collaborative interventions such as access to financial and business advisory services to smallholder farmers and other micro, small and medium enterprises in the target locations will further contribute to the current efforts at enhancing financial inclusion and rural economic resilience.”
She added, “While we recognise that our footprint in rural agriculture support in Nigeria as well as our branch network has made LAPO Microfinance Bank a preferred financial institution for this partnership, beyond this, it is our commitment to invest in the real economy. We look forward to fruitful collaboration.”