LAPO Microfinance Bank (SME Loan) — review & details
Nigeria's largest microfinance bank by reach, operating a national CBN microfinance licence with branches across most states. Its SME Loan targets established small enterprises, alongside the group-lending micro loans LAPO is best known for.
Widest branch reach
LAPO Microfinance Bank (SME Loan)
★★★★☆
SME loan plus micro/group business loans, agric and asset finance
Loan Type
Structured instalments — set per product at the branch
Tenor
National microfinance bank licence from the CBN (per independent records)
Licence
Branch-based assessment — days, not minutes
Speed
Informal and small traders outside big cities who need a lender that is physically present
Best For
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Type
Pros
- Presence across 30+ states including rural and peri-urban areas most lenders ignore
- Track record measured in trillions of naira disbursed across SME, agric and consumer lending
- Serves informal businesses that banks and most digital lenders decline
Cons
- Applications run through branches with guarantor requirements — much slower than digital lenders
- Microfinance rates are significantly higher than commercial-bank SME products
- Its website publishes little product detail, so you must visit a branch to get concrete terms
Fees, eligibility & documents
Fees
InterestMicrofinance-level pricing — expect materially more than a commercial bank; insist on the full repayment schedule in writing at the branch before signing
Eligibility
- Operating small or medium enterprise (SME Loan); micro loans serve informal traders, often via groups
- Valid ID and BVN
- Guarantors and/or savings history with LAPO commonly required
Documents needed
- Valid ID and BVN
- Evidence of business operation
- Guarantor details; product-specific requirements set at the branch
How LAPO Microfinance Bank (SME Loan) compares in business loans
| LAPO Microfinance Bank (SME Loan) | Bank of Industry (BOI) | Development Bank of Nigeria (DBN) | |
|---|---|---|---|
| Loan Type | SME loan plus micro/group business loans, agric and asset finance | — | — |
| Tenor | Structured instalments — set per product at the branch | — | — |
| Licence | National microfinance bank licence from the CBN (per independent records) | — | — |
| Speed | Branch-based assessment — days, not minutes | — | — |
| Best For | Informal and small traders outside big cities who need a lender that is physically present | Registered SMEs with a solid plan | Longer-term MSME finance |
| Visit LAPO MfB → | Visit BOI → | Visit DBN → |
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