To prove that it intermediary role goes beyond giving loans and taking deposits, LAPO Microfinance Bank says it had settled insurance claims worth over N1.88billion in a spate of five years.
A statement from the organisation explains that it provides insurance cover for all its clients. “In 2019, clients received claims worth N483, 163,562.20. For the period 2014-2019, the claims paid to clients was N1, 881,522,440.59,” it states.
Giving reason for going into underwriting business, it explains:
“The importance of safeguarding the properties, assets, lives and investments of our clients cannot be over-emphasized. Small business owners are most vulnerable to disruptions in cash flow and business operations that can arise due to theft, fire outbreaks or poor health conditions of the owners. Therefore, it is important to create a mechanism to compensate clients when unfortunate events occur.
We have developed insurance policies that are cost efficient and cover various incidents such as burglary, fire and disability”.
LAPO MfB has been in the business of expanding the operations of Small and Medium Scale Enterprises in the country.
According to the bank, “we have helped our clients achieve their business goals by giving them affordable credit facilities (micro-credit loans) to help them run profitable businesses and savings account packages to help them manage their financial resources efficiently.
Most importantly, we provide insurance policies to protect their investments, businesses and savings from damages, financial loss or any unfortunate situation beyond their control”, it adds.
The proficiency we have attained in rendering micro-financial services; our strong branch network spanning different regions of the country and our loyal customer base have properly positioned us to render insurance services to low and middle income earners.
Shedding more light on its credit facility, it states that all its loan products and savings account packages are insured by the Nigeria Deposit Insurance Corporation (NDIC).