Environmental, Social & Governance (ESG)
LAPO Microfinance Bank's intention is to impact the enviroment, as well as promote social and economic empowerment whilst meeting the expectations of current stakeholders and protecting the interest of future generations and thereby achieving the tripple bottom-line of people, planet and profit.
LAPO MfB commenced the implementation of Enviromental, Social and Governance (ESG) initiative in 2012. The core elements of this initiative are Enviromental protection, Social protection and support and Institutional strengthening. The institutional intensification focuses on the establishment of a Board committee that drives the ESG process and ensure that a well developed long-term strategy which encompasses all ESG issues are developed. Also, a new LAPO Sustainability Policy has been developed and approved for usage.
In addition, LAPO MfB has deepened its Social performance approach by engaging in activities that enhance our client protection principles and support; such as Transparency Responsible pricing, Prevention of over indebtedness and Appriopriate product design, Privacy of clients data and a feedback methods which gives LAPO MfB ways to address clients complaints so that they can be served more effectively. Furthermore, LAPO MfB deems it imperative that our clients become viable social citizens by enabling them to be home owners through our Affordable Housing Programme; which partners Lafarge and Nigerite. This programme gives free technical building advise to all interested clients who are either building or renovating their existing properties.
LAPO MfB has also implemented various initiative towards protection and preservation of our enviroment through the "Clean Energy Lending Programme (CELP)" in line with the Nigerian Sustainable Banking Principles (NSBP). The clean energy programme includes enviromentally friendly products such as clean cooking gas and Solar Light Lending. Enviromentally friendly products are also referred to as "green products" because they take into consideration the enviroment in which we and our clients operates today.
To this effect, LAPO MfB has teamed up with Oando to distribute and market O-Gas, a liquefied natural cooking gas cylinder of 3kg which enables our clients to reduce and eventually eliminate their reliance on firewood; of which charcoal is a byproduct. This byproduct produces bad emissions into the enviroment which ultimately is harmful to our enviroment and the air that we breath. Furthermore, LAPO MfB has associated itself with a major distributor of solar lamps in Nigeria because of inadequate power supply which affects our clients business and health. This Solar light serves as an alternative solution for clients because kerosene pollutes the enviroment and is hazardous to the health of our clients, as well as to encourage a more enviromentally safe, less emission and energy consumption alternatives.
LAPO MfB realises that a coducive and safe enviroment is not just for our clients but as well as our staff. To this effect, LAPO MfB's initiated and is implementing the installation of first aid boxes and fire safety equipments in all branches around the country, our staff are being trained periodically on fire safety, surveillance and emergency first aid in the work place; inverters are being installed in order to reduce energy consumption as well as energy saving bulbs; all annex offices have industrial printers to reduce paper usage.