LAPO Microfinance Bank Limited said it has raised the salaries of its junior and senior workers by 25 per cent and 12.5 per cent respectively across the country.
With a 7,000 workforce, the microfinance bank said this was in response to the current economic realities, which had witnessed recent spikes in fuel, electricity, and other prices.
In a statement, the Head of Marketing & Communications, at LAPO Microfinance Bank, Oluremi Akande, stated that “The implementation of the new salary structure is one of the many palliative measures the bank has designed to help staff cope better with the challenges posed by the sudden high cost of living and other tough economic realities.
“While we remain optimistic that the current economic conditions will improve, the management of the bank will continue to deploy superior strategies to ensure business continuity and sustainability of the bank to the benefit of all stakeholders.”
He added, “Our institutional culture rewards excellence and service. In 2021 – 2022, over 900 members of staff were promoted to different ranks across the institution and our annual LAPO staff meritorious and long service awards platform underscores our unwavering commitment to recognising and rewarding distinguished and loyal staff.”
According to him, the lender would continue to prioritise staff welfare among other things.
He also restated its commitment to implementing its strategies accordingly.
LAPO Microfinance Bank Limited was ranked in 2021 by StatiSense, as the 5th largest employer of labour in Nigeria with over 7,000 staff, it stated.
“LAPO Microfinance Bank remains committed to its over 30 years’ mandate of socio-economic empowerment of members of low-income households and owners of micro small and medium enterprises,” it said.