LAPO MFB Reviews Staff Salaries Upward

LAPO Microfinance Bank Limited has announced a 25 per cent and 12.5 per cent increment in the salaries of its junior and senior staff respectively across the country.

The MFB, with over 7,000 staff strength, announced the new salary structure in response to the current economic realities in the country occasioned by recent spikes in fuel pump price, electricity tarrif, among other essentials of life.

In a statement sent to LEADERSHIP on Friday, the Head of Marketing & Communications at LAPO Microfinance Bank, Oluremi Akande, stated: “the implementation of the new salary structure is one of the many palliative measures the bank has designed to help staff cope better with the challenges posed by the sudden high cost of living and other tough economic realities.

“Whilst we remain optimistic that the current economic conditions will improve, the Management of the bank will continue to deploy superior strategies to ensure business continuity and sustainability of the bank to the benefit of all stakeholders.”

Akande further stated that, “our institutional culture rewards excellence and service. In 2021 – 2022, over 900 staff were promoted to different ranks across the institution and our annual LAPO Staff Meritorious and Long Service Awards platform underscore our unwavering commitment to recognising and rewarding distinguished and loyal staff. We shall continue to prioritise staff welfare among other things and are committed to implementing our strategies accordingly.”

LAPO Microfinance Bank Limited was ranked in 2021 by StatiSense, as the fifth largest employer of labour in Nigeria with over 7,000 staff.

LAPO Microfinance Bank remains committed to its over 30 years mandate of socio-economic empowerment of members of low-income households and owners of micro small and medium enterprises.