LAPO mobilizes N14bn with savings product

 By Providence Ayanfeoluwa



LAPO MicroFinance Bank has generated about N14 billion with its special savings product, “My Pikin n I” savings account, in the last three years. The product is designed for parents and guardian to save for their children.

Head, Corporate Planning Department of the bank, Mrs. Dorcas Thorpe, gave the figure during a raffle draw to mark the end of a three months ‘save N5,000 per month and win’ promo, where 50 winners emerged and were rewarded with various items, including a Tricycle, Freezers, Generators, Blenders, among others.

She said that the promo was geared at inculcating the culture of savings among small business owners, adding that saving for the future of a child was very important.

She stated: “This product targeted at low income and small business owners has become a flagship savings product for us, before now, we had normal savings product which most financial institutions have. 

The difference here is that we are pushing two agenda, to build savings culture and encourage insurance.

“We were surprised by the data, over a three year period we have had about N14 billion saved by the small money we collect in form of thrift to we encourage them to safe. The challenge is the convenience for saving, if they have to go to the bank, that already reduced their interest, so what we did was have our staff go to them as thrift collection daily. Some, as low as N200, some N10 thousand daily. We are doing all of these to teach people to improve on their savings culture, people who can save can invest and get more returns.

“Of the N14 billion, we have a balance of N1.3billion as deposit balance. That has grown our deposit balance as well. People save for a goal, so they save and withdraw and start again. It has been transaction in and out”.


Comments

Post a Comment

Popular posts from this blog

Muslim-Muslim Ticket: We’re Talking With PDP, Says Lawal - Politics - Nairaland

Image
  A former Secretary to the Government of the Federation, Mr Babachir Lawal, and ex-Speaker, House of Representatives, Yakubu Dogara, may be on their way out of the ruling All Progressives Congress. Lawal disclosed this in an exclusive interview with The PUNCH on Tuesday. Lawal and Dogara have been critical of the decision of the APC to settle for a Muslim-Muslim presidential ticket in the 2023 elections and recently vowed to mobilise Northern Christians to reject the Tinubu/Shettima joint ticket In a telephone interview with our correspondent, the ex-SGF said the agitation against the Muslim-Muslim ticket was nothing personal but a representation of the wish of a people who are part of the Nigerian nation “demanding for fair and equitable representation.” According to him, no decision has yet been made on whether or not to quit the ruling party. He added, however, that  “what we are doing is for the sake of Nigeria. Of the 18 political parties in the country, we are talking t...
Read more

PDP dismisses bribery allegations as NWC members return millions

Image
  The Peoples Democratic Party (PDP) has debunked   bribery allegations   against the National Working Committee (NWC) members. At least six of 19 members of the NWC have returned funds paid into their accounts after alleged approval by the national chairman, Iyorchia Ayu. The amounts range from N28.8million to N36million, depending on the recipient’s position. Letters of the refund are in the public domain. Those who have refunded include Taofeek Arapaja, Deputy National Chairman South; Stella Effah-Attoe, National Woman Leader; Dan Orbih, National Vice Chairman, South-South. Others are Alli Odefa, National Vice Chairman, South-East, Olasoji Adagunobi-Oluwatukesi, National Vice Chairman, South-West; Setonji Koshoedo, Deputy National Secretary. In a statement Thursday night, PDP National Publicity Secretary, Debo Ologunagba said the funds were not inducements. The spokesman alleged there were “strange and unfounded motives to the Housing Allowance duly approved and paid t...
Read more

We Will Dialogue With IPOB, Others, Tinubu Assures

Image
  All Progressives Congress (APC) presidential candidate Asiwaju  Bola Ahmed Tinubu has said his government will discuss with all agitating groups to address their grievances in search of a peaceful resolution if elected. We’ll dialogue with IPOB, others, Tinubu assures All Progressives Congress (APC) presidential candidate Asiwaju Bola Ahmed Tinubu has said his government will discuss with all agitating groups to address their grievances in search of a peaceful resolution if elected. Tinubu, who was in Owerri the Imo State capital on Thursday to dialogue with trade associations and the private sector, said his government will also establish industrial hubs across the nation as well as modernise existing ones to put the country on path of industrial growth. He said that only peace can guarantee a return of investment, adding that his government would comprise of people from every section that would discuss the grievances with all groups with a view to finding peaceful resoluti...
Read more