The management of LAPO Microfinance Bank has put a lie to an online report that microfinance agencies, including LAPO, are busy chasing debtors across the country as Coronavirus lockdown cripples businesses. According to the bank, the story is a creation of the imagination of its authors as it has already closed down its operations, credit operations inclusive, across the country a month before the publication.
In a statement made available to the press,LAPO explained that , contrary to the report, it has been distributing food items to its clients across the country, to alleviate the obvious hardship caused by the crisis. “Also, LAPO Microfinance Bank has also made cash contributions to two states to complement their ongoing efforts to provide palliatives to low-income Nigerians, a segment to which our clients belong,” it added.
The statement read in part: “Our attention has been drawn to a malicious news carried by an online publication of April 25 about LAPO Microfinance Bank and other ‘microfinance agencies’ captioned“Nigeria Microfinance Banks Chase Debtors as COVID Lockdown Cripples Businesses”.
The simple facts are:
•LAPO Microfinance Bank closed down its operations, credit operations inclusive, across Nigeria on Wednesdays, March 25, 2020 few days before the Lockdown directive for Lagos, Ogun and the Federal Capital Territory and a full month before the said publication;
•For the notice of our clients and the public, the decision was widely publicised with a press statement in some national Newspapers; radio jingles were deployed in pidgin, Hausa and Yoruba. In addition, information banner was displayed on all our Social Media handles while bulk SMS were sent to our clients;
•LAPO Microfinance Bank has been distributing food items, mainly rice aNd tomatoes paste to its Clients across the country, to alleviate the obvious hardship caused by the crisis. Also, LAPO Microfinance Bank has also made cash contributions to two states to complement their ongoing efforts to provide palliatives to low-income Nigerians, a segment to which our clients belong.
•All senior manager of LAPO Microfinance Bank and key field managers have been making thousands of telephone calls weekly, to our Clients checking on their well-being and educating them on COVID-19 precautions.