The Grameen Credit Agricole (GCA) Foundation has announced it lent approximately USD 700,000 to Lift Above Poverty Organization (LAPO) Microfinance Company SL, which is located in Sierra Leone, mainly serving women in rural areas. Its product lineup includes savings accounts as well as loans for consumption, energy, and small and medium-sized business. LAPO SL is controlled by the Nigerian NGO LAPO, which also is affiliated with Nigeria’s LAPO Microfinance Bank. As of 2021, LAPO SL serves 23,000 clients with a loan portfolio of EUR 1.4 million (USD 1.6 million).
Founded in 1987, the nonprofit LAPO works to empower poor people via: (1) health education and services; (2) loans and non-financial assistance to farmers to increase agricultural productivity; and (3) advocacy to influence policymakers and resource holders regarding the needs of poor people. As of December 2020, LAPO reports total assets of NGN 13.1 billion (USD 31.6 million)
Credit Agricole, a French retail bank, in partnership with Muhammad Yunus, the founder of Grameen Bank, established GCA Foundation in 2008. The organization seeks to reduce poverty by providing funding and technical assistance to microfinance institutions and other social businesses. As of December 2021, GCA Foundation has a portfolio of EUR 78 million (USD 88 million) outstanding to 81 partners in 37 countries in Africa and Eurasia. Approximately 81 percent of its investees’ clients live in rural areas, and 90 percent are women.
By Vighnesh Avadhanam, Research Associate
Sources and Additional Resources
GCA Foundation press release
https://www.gca-foundation.org/en/media-room/#the-foundation-grants-7-new-financings-in-subsaharan-africa
LAPO SL homepage
https://lapo-sl.org
GCA Foundation profile on LAPO SL
https://www.gca-foundation.org/en/organisation/lapo-2/
LAPO (NGO) homepage
https://lapo-ngo.org/
LAPO Microfinance Bank (Nigeria) homepage
https://www.lapo-nigeria.org/
MICROCAPITAL BRIEF: Grameen Credit Agricole Foundation Lends Local Currency Worth $1.5m to Yehu of Kenya, ASA Microfinance Rwanda
https://www.microcapital.org/microcapital-brief-grameen-credit-agricole-foundation-lends-local-currency-worth-1-5m-to-yehu-of-kenya-asa-microfinance-rwanda/
Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
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