Simba, LAPO MFB Partner On Asset Financing For Entrepreneurs

Simba Group has entered into a partnership with LAPO Microfinance Bank to unlock wider access to asset-backed financing for Nigerians who depend on tricycles and motorcycles for their livelihoods.

Simba Group said it is partnering with LAPO to make vehicle ownership more attainable for individuals, micro-entrepreneurs, and small businesses nationwide.

According to the statement, the partnership will drive financial inclusion and empower more Nigerians to own the tools they need to earn, grow, and thrive.

Speaking at the signing ceremony, Laveen Gupta, from Simba Group, highlighted the company’s deep-rooted commitment to Nigeria and its impact on everyday mobility.

“Simba Group has been in Nigeria for over four decades, and every day, more than 30 million Nigerians interact with Simba mobility products,” he said.

“This partnership with LAPO Microfinance Bank reinforces our mission to empower more Nigerians by making reliable mobility solutions more accessible for sustainability and daily livelihoods.”

Under the MoU, LAPO MFB will provide asset-backed financing solutions to Riders seeking TVS Tricycles for income generation and to Individuals seeking TVS Motorcycles for personal mobility.

The initiative is designed to lower entry barriers for operators by offering structured financing that enables beneficiaries to acquire productive assets while earning sustainable incomes.

Also speaking at the signing ceremony, managing director/ chief executive Officer of LAPO MFB, Cynthia Ikponmwosa, said the partnership aligns with the bank’s longstanding focus on supporting micro-entrepreneurs and economically active Nigerians.

“LAPO Microfinance Bank is committed to supporting entrepreneurs who depend on TVS Tricycles and motorcycles as a means of livelihood,” she stated.

“Through asset-backed facilities, we are enabling them to acquire these assets in a structured way, so they can earn, grow, and improve their quality of life.”

Beyond access to finance, the partnership is expected to deepen financial inclusion by offering affordable financing options, competitive interest rates, and repayment tenors tailored to the realities of mobility-based businesses.

Special attention is also being given to expanding opportunities for women entrepreneurs through the “Simba TVS Queen Riders’ initiative” across the country. The partnership represents a significant step toward strengthening Nigeria’s informal transport sector, which employs millions and plays a critical role in last-mile mobility.