LAPO Microfinance Bank, SIMBA TVS sign MoU to strengthen support for SME, transport entrepreneurs

Nike Popoola

LAPO Microfinance Bank (LAPO MfB), Nigeria’s premium financial institution, has signed a Memorandum of Understanding (MoU) with SIMBA TVS, Nigeria’s leading brand of three-wheelers and one of the fastest-growing two-wheeler brands in the country, to deepen support for transport entrepreneurs and small business owners nationwide.

A statement from the bank today said the MoU signing ceremony took place at LAPO Place, the Bank’s headquarters in Lagos, and marked the formalisation of a strategic partnership designed to expand access to mobility assets, business growth support and sustainable livelihood opportunities for micro, small and medium enterprises (MSMEs) operating within Nigeria’s transport ecosystem.

The partnership reflects both organisations’ shared commitment to empowering transport operators, traders and small business owners who play a critical role in driving local commerce, employment and economic growth.

Under the agreement, LAPO MfB and SIMBA TVS will collaborate on initiatives aimed at enabling transport entrepreneurs to access reliable motorcycles and tricycles, benefit from business development programmes, and scale their operations sustainably.

Speaking at the MoU signing, the Managing Director of LAPO Microfinance Bank, Cynthia Ikponmwosa, said:“At LAPO MfB, our mission is to empower Nigerians to build sustainable livelihoods and grow their businesses. Transport entrepreneurs, especially those using motorcycles and tricycles, play a vital role in the economy. By partnering with industry leaders like SIMBA TVS, we are creating practical pathways for these business owners to access reliable assets, grow their operations, create jobs and contribute meaningfully to national development.”

SIMBA TVS, manufactured by TVS Motor Company — one of the world’s largest motorcycle and tricycle manufacturers — provides mobility solutions that support millions of transport operators and small business owners across Nigeria.

Speaking on behalf of SIMBA TVS, Laveen Gupta, Chief Business Officer, SIMBA Group said, “With close to forty years of presence in Nigeria, SIMBA TVS is a major part of the country’s mobility ecosystem. We have over 30 million Nigerians who use our products. Partnering with LAPO Microfinance Bank, an institution with a proven track record in empowering small businesses, will enable transport entrepreneurs gain access to reliable vehicles, expand their businesses and improve their livelihoods. This collaboration represents a significant step toward strengthening Nigeria’s transport sector.”

Both organisations agreed to immediately commence implementation of joint programmes focused on asset access, business growth, training and entrepreneurship development for transport sector MSMEs.

The MoU signing concludes a strategic engagement between both institutions and sets the framework for long-term collaboration aimed at strengthening the transport ecosystem, creating employment and promoting inclusive economic growth across Nigeria.