LAPO Microfinance Bank partners with WSBI to empower women farmers in Nigeria
LAPO Microfinance Bank
Nike Popoola
LAPO Microfinance Bank, a premium financial institution in partnership with the World Savings and Retail Banking Institute (WSBI) recently launched a new pilot initiative aimed at empowering women smallholder farmers and women-led businesses in rural Nigeria. Supported by grants from the Visa Foundation and “la Caixa” Foundation, the initiative will expand access to climate-smart financing, promote sustainable agricultural practices, and strengthen rural resilience.
The pilot will enable 20,000 smallholder farmers, including at least 6,600 women, and 5,000 small and medium-sized enterprises, including over 2,200 women-led businesses, to access climate-adaptive financing. It will also provide local financial institutions with innovative tools such as the United Nations Environment Programme UNEP, Microfinance for Ecosystem-based Adaptation (MEBA) toolkit and the Food and Agriculture Organization (FAO), Adaptation, Biodiversity, and Carbon (ABC) mapping tool, while strengthening impact measurement frameworks and positioning LAPO Microfinance Bank a pro-women financial institution as a national reference under the Women Entrepreneurs (WE) Finance Code.
The initiative aligns with Nigeria’s climate and financial inclusion strategies outlined in the Nationally Determined Contribution (NDC 3.0) and the National Financial Inclusion Strategy (NFIS 3.0), as well as LAPO Microfinance Bank’s financial inclusion and rural resilience strategy, WSBI’s global partnerships under the Women Entrepreneurs Finance Code, housed by the World Bank and supported by the FAO. The WSBI Development Finance Unit, established in 2023, will lead the pilot, bringing over 30 years combined experience in scaling initiatives at the intersection of finance, gender, and climate.
Isidro Fainé, Chairman of la Caixa Foundation, said, “We are delighted to see the social involvement of savings and retail banking grow worldwide, especially through projects that contribute to poverty reduction, youth empowerment, female entrepreneurship, and environmental sustainability. Local financial support is key, and it is a pleasure for la Caixa Foundation to contribute in collaboration with the Visa Foundation.”
Peter Simon, CEO of WSBI, added, “This pilot embodies WSBI’s belief that inclusive finance and climate resilience must go hand in hand. By empowering women farmers and entrepreneurs with the tools and financing they need, we are building stronger rural economies and more sustainable communities. We are proud to work with LAPO Microfinance Bank and our global partners to turn this ambition into measurable impact.”
Najada Kumbuli, President of Visa Foundation, stated, “Financial inclusion is a powerful lever for ensuring the digital economy is accessible to all. This initiative demonstrates that empowering small business owners with the right resources is one of the most effective ways to enable sustainable growth for local communities.”
Cynthia Ikponmwosa, MD/CEO of LAPO Microfinance Bank, said, “This initiative positions LAPO Microfinance Bank to provide climate-smart financial solutions for the first time to women farmers and entrepreneurs, who are vital to rural resilience. We are pleased to collaborate with WSBI and global partners to deliver inclusive and sustainable impact across Nigeria.”
LAPO Microfinance Bank remains committed to its over 30 years’ mandate of providing social and economic empowerment to members of low-income households, especially to women owned enterprises in the most sustainable manner.
