In 2008, the NGO LAPO Nigeria launched the MFI LAPO SL in Sierra Leone. True to the mission of the NGO, the MFI essentially provides micro-loans to women in disadvantaged areas.
100% of the borrowers are women, and 48% live in rural areas, with an average disbursed loan of EUR 368. The MFI supports more than 40,000 clients across 24 branches. It is one of the most important MFIs of the country with a coverage of 80% of the national territory. Most outstanding’s are concentrated in the services and trade activity sectors.
The procedures of LAPO SL are characterised by a powerful and motivating system of supervision and withdrawal. The LAPO SL methodology allows a very good control of credit risk and customer relationship.
The organisation also has a team in charge of non-profit activities, whose mission is to lead mandatory awareness training on health, education, and gender issues for all client groups at least once a year. It also organises campaigns to raise awareness of the fight against malaria. Sierra Leone is one of the countries with higher infant mortality rate in the world (105 deaths/1,000 live births).
The flagship product of LAPO SL is the group loan to women in disadvantaged areas. It represents 94% of customers and 41% of the total outstanding. The MFI has also developed a range of individual products for micro-premium customers, SMEs, and employees