Lagos — Lift Above Poverty (LAPO), has said it has disbursed over N150 million ($1million) and hit a client base of one million.
The firm also said it has received international backing for its activities from the African Management Services Company (AMSCO).
Speaking on the development of the organization, Executive Director of LAPO Mr. Godwin Ehigiamusoe, said the company sought AMSCO support in view of the need to strengthen its financial management processes and capacity building.
He said LAPO as a microfinance institution is committed to raising the socio-economic status of low-income people particularly women in Nigeria.
According to him, the support from AMSCO resulted in having Dr. Kamakhya Singh, as the second to join LAPO's administrative board as the Chief Finance Officer.
This trend he noted has better positioned the firm for the transformation into a licensed Micro Finance Bank and also assist with subsequent expansions.
The strategic input of the manager he said has positively impacted the organization reach a wider group of clients within the last few years.
He said, "Since the strategic partnership with AMSCO, we have been able to touch more lives in the last years and provide more solutions to women entrepreneurs than ever before. AMSCO's input has had a tremendous impact on our operations."
Ehigiamusoe noted that LAPO has enjoyed robust growth with more than 500,000 microenterprise borrowers, 90 percent of whom are women on its database.