LAPO MFB grows deposit base with ‘My Pikin’

LAPO Microfinance Bank Limited has increased its client base with registration of 200,000 new customers through its flagship product ‘My Pikin’, a savings account designed to provide clients with the opportunity to save towards the welfare of their children/dependents.

Dorcas Thorpe, head, corporate planning department at LAPO, disclosed this in Lagos during a raffle draw where 50 winners were rewarded with various items, including a tricycle, refrigerators, generators, blending machines, among others.

Speaking on My Pikin product, Thorpe explained that saving money for a child’s future is as important as raising them well.

“With an opening balance of as little as N200, the savings account allows you to secure a child’s future until he/she attains adulthood,” she said.

She noted that the bank has given 170 full scholarships so far to the children of customers who participated and passed the scholarship exam.

Responding to a question on the harsh economy and the ability of the customers to save, Thorpe said they were worried with the deteriorating economy, with impact of Covid-19 and all of that, and so the data that about N14 billion has been saved by small savers of N200, N500 and N1,000 daily over a three-year period was pleasantly surprising.

“People have to save but I think the challenge is convenience of going to the bank to save and that already reduces their interest. What we did was to have our staff go to them to collect their daily savings. We have people who are saving N10,000 daily. A lot of people want to save. We are trying to teach people to have that savings culture,” she said.

Thorpe noted that the product has helped the bank grow its deposit.

“For the N14 billion over a couple of years, we have a deposit balance of N1.3 billion. It has helped to grow our client base. About 200,000 new people have come on board and it has helped to grow the brand LAPO,” she said.

My Pikin account product features include account opening with N200 (minimum), 1.25 percent per annum interest rate on savings, a chance for your child to win the LAPO MfB Scholarship, convenient and easy withdrawal anytime, anywhere nationwide, and payments can be made anywhere nationwide with the bank’s pocket money banking service.

Other features are very low entry balance, easy access to your account, secured future for your child, available to Groups and Individuals, and expert financial advice.