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Below is a list of accounts at Lapo Microfinance Bank and how to open an account:
—-Savings Plan account
At some point in time, every individual has projects to execute. LAPO MfB has designed Savings Plan Account for individuals and groups to save funds towards their specific projects for a specified period.
The savings account will generate interest on your fund, while you plan your project.
Features
- Minimum opening and operating balance is just N200
- Savings Plan Account can be opened at any LAPO MfB branch nationwide
- Very low entry balance
- Easy access to your account
- Payments can be made anywhere nationwide with our Pocket Money banking service
- You are able to secure and grow savings
- Available to individuals and groups
- Expert financial advice
Documents Required
- Duly completed application form
- 2 recent passport-size photographs
- Current utility bill
- A valid means of ID (national ID, driver’s license, voter’s card or international passport)
RATES
Savings Plan interest rate
Earn interest on your entire account balance with a Savings Plan Account. That’s cash you earn simply for placing your money in an interest-bearing savings account.
| Daily Collected Balance | APY+ | Interest Rate |
| All balances | 1.25% | 0.10% |
Rates current as of January 1, 2021, and subject to change.
+Annual Percentage Yield. Rate is variable and subject to change. Fees could reduce the earnings on the account. Call or visit a branch for more enquiry.
—-MY Pikin Savings account
Saving money for your child’s future is as important as raising them well. My Pikin is a savings account designed to provide clients with the opportunity to save towards the welfare of their children/dependents. With an opening balance of as little as N200, the savings account allows you to secure a child’s future until he/she attains adulthood.
Features
- Account opening with N200 (minimum)
- 1.25% Per Annum interest rate on savings
- A chance for your child to win the LAPO MfB Scholarship
- Convenient and easy withdrawal anytime, anywhere nationwide
- Payments can be made anywhere nationwide with our Pocket Money banking service.
- Very low entry balance.
- Easy access to your account.
- Secured future for your child.
- Available to Groups and Individuals.
- Expert financial advice .
Documents Required
- Duly completed application form
- 2 recent passport-size photographs
- Current utility bill
- A valid means of ID (national ID, driver’s license, voter’s card or international passport)
RATES
My Pikin Savings interest rate
Earn interest on your entire account balance with a My-Pikin Savings Account. That’s cash you earn simply for placing your money in an interest-bearing savings account.
| Daily Collected Balance | APY+ | Interest Rate |
| All balances | 1.25% | 0.10% |
Rates current as of January 1, 2021, and subject to change.
+Annual Percentage Yield. Rate is variable and subject to change. Fees could reduce the earnings on the account. Call or visit a branch for more enquiry.
—-Xpress Savings account
With a minimum opening deposit of NGN 1, 000 you can start taking important steps to secure your financial future.
Features
- Account minimum operating balance of N1, 000
- Payments can be made anywhere nationwide with our Pocket Money banking service
- Easy access to your account
- Expert financial advice available
Documents Required
- Duly completed application form
- 2 recent passport-size photographs
- Current utility bill
- A valid means of ID (national ID, driver’s license, voter’s card or international passport)
RATES
Xpress Savings interest rate
Earn interest on your entire account balance with an Xpress Savings Account. That’s cash you earn simply for placing your money in an interest-bearing Xpress savings account.
| Daily Collected Balance | APY+ | Interest Rate |
| All balances | 1.25% | 0.10% |
Rates current as of January 1, 2021, and subject to change.
+Annual Percentage Yield. Rate is variable and subject to change. Fees could reduce the earnings on the account. Call or visit a branch for more enquiry.
—–TD Account features
This is a savings product available to individuals, unions, clubs, and registered business organizations. It allows clients to save funds that they do not immediately have need for and generate interest on it.
Features
- Minimum operating balance is N50,000
- Highly competitive interest rate
- Easy access to your account
- Available to Individuals, Groups and Associations
- You are able to secure and grow funds that are not for immediate use
- Expert financial advice available
Documents Required
- Duly completed application form
- 2 recent passport-size photographs
- Current utility bill
- A valid means of ID (national ID, driver’s license, voter’s card or international passport)
RATES
TD Account interest rate
Earn High-yield interest on your investment account. That’s cash you earn simply for placing your money in an interest-bearing savings account.
| Daily Collected Balance | APY+ | Interest Rate |
| All balances | 1.25% | 0.10% |
—-Individual Savings Account
Savings account features
With a minimum opening deposit of NGN 1, 000 you can start taking important steps to secure your financial future.
Features
- Account minimum operating balance of N1, 000
- Low entry balance
- Easy access to your account
- Payments can be made anywhere nationwide
- Expert financial advice available
- Available to all individuals
Documents Required
- Duly completed application form
- 2 recent passport-size photographs
- Current utility bill
- A valid means of ID (national ID, driver’s license, voter’s card or international passport)
RATES
Individual Savings interest rate
Earn interest on your entire account balance with a Individual Savings Account. That’s cash you earn simply for placing your money in an interest-bearing savings account.
| Daily Collected Balance | APY+ | Interest Rate |
| All balances | 1.25% | 0.10% |
—-Social Impact Deposit (SID)
SID Account features
The Social Impact Deposit (SID) Account is a deposit product designed to empower the vulnerable and the economically active poor in the society. The SID Account is an innovative deposit and investment platform that provides individuals with the opportunity to make deposits with LAPO Microfinance Bank that can be used to improve on the social needs of low-income individuals.
The SID Account will be targeted specifically at economically active poor individuals in Nigeria. With a minimum deposit of N200,000 and a minimum tenor of 6 months, savers in return are rewarded with attractive interest that comes with the account. Besides the attractive interest on deposits, the depositor is also entitled to nominate a child from a low-income household for the LAPO Scholarship award.
To open an SID Account today, kindly contact us on: 0700-LAPOMFB (07005276643), 08176027495, 09053806173, 08113695819.
Features
- Account Opening Minimum of N200,000
- Payments can be made anywhere nationwide
- Expert financial advice available.
Documents Required
- Duly completed application form
- 2 recent passport-size photographs
- Current utility bill
- A valid means of ID (national ID, driver’s license, voter’s card or international passport)
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