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LAPO Microfinance Bank Limited, Nigeria’s largest microfinance bank, has announced a salary increase of 25% for junior staff and 12.5% for senior staff across the country.
This decision was made in response to the recent spikes in fuel, electricity, and other prices, which have made it difficult for staff to cope with the high cost of living.
Oluremi Akande, Head of Marketing & Communications at LAPO MFB, confirmed this in a statement on Friday, emphasizing the bank’s commitment to staff welfare and business continuity.
LAPO Microfinance Bank Limited has also been recognized as the 5th largest employer of labor in Nigeria, with over 7,000 staff, and remains committed to its mandate of socio-economic empowerment of low-income households and micro, small, and medium enterprises.
The bank’s institutional culture rewards excellence and service, with over 900 staff promoted to different ranks in 2021-2022 and annual staff awards for meritorious and long service.
