LAPO Microfinance Bank has been awarded a $200,000 grant from Water.org to expand its initiatives related to water, sanitation, and hygiene (WASH) across Nigeria. The funding is aimed at enhancing access to clean water, sanitation facilities, and hygiene solutions, with a particular focus on underserved communities, ultimately promoting healthier and more sustainable living conditions.
Building on the success of its WASH loan program in Kano and Jigawa states, LAPO MfB intends to extend this initiative to all six geopolitical zones in Nigeria. This expansion is in line with the bank’s broader social impact objectives, integrating financial solutions to support the well-being of local communities.
“We are excited to receive this generous grant from Water.org, which marks a pivotal moment in our ongoing efforts to provide sustainable water, sanitation, and hygiene solutions to underserved communities across Nigeria,” commented Oluremi Akande, Director of Marketing and Corporate Communications at LAPO Microfinance Bank. “This partnership aligns perfectly with our mission to improve lives and foster socio-economic growth through innovative financial services.”
The WASH program is crucial for public health and is a vital part of the United Nations Sustainable Development Goals (SDGs). Poor sanitation and the lack of clean water lead to disease outbreaks, economic difficulties, and high mortality rates, particularly in impoverished communities. By addressing these issues, LAPO MfB hopes to enhance living standards and promote long-term socio-economic development.
LAPO MfB’s WaterCredit program will take a comprehensive approach, focusing on micro, small, and medium enterprises (MSMEs) as well as individual households. The program will offer accessible financing for water and sanitation projects, ensuring that communities can invest in sustainable solutions.
LAPO MfB, guided by market research, will also develop specialized financial products tailored to meet the needs of various demographic groups. These financial solutions will be made available through the bank’s extensive network of branches and digital platforms, improving both access and efficiency. The goal is to finance 12,000 households and 500 MSMEs by December 2027, empowering communities to build and maintain their own water and sanitation infrastructure.
Water.org, a global nonprofit organization, has been instrumental in providing access to clean water and sanitation for over 73 million people globally. Its innovative approach to financial inclusion in the water sector has transformed communities in various developing countries. The partnership between Water.org and LAPO MfB is expected to strengthen the effectiveness of the WASH program by utilizing Water.org’s technical expertise in sustainable water solutions. By combining LAPO MfB’s financial capabilities with Water.org’s knowledge, the program aims to create a lasting impact, ensuring more Nigerians gain reliable access to clean water and improved sanitation.
Improved access to clean water and sanitation can have significant economic benefits in addition to immediate health improvements. Households with safe water sources and sanitation facilities spend less on medical expenses and experience higher productivity. MSMEs, especially those in agriculture and food production, can benefit from better water infrastructure, leading to lower operational costs and greater efficiency.
This initiative also has a positive impact on women and children, who are often most affected by inadequate sanitation. In many rural communities, women and girls bear the responsibility of fetching water, often traveling long distances every day. By improving water access, the program will reduce this burden, enabling women to participate more in economic activities and allowing children to concentrate on their education.
As the WaterCredit program begins its rollout across Nigeria, LAPO MfB and Water.org are optimistic about the long-term effects of their collaboration. The initiative not only addresses immediate health concerns but also sets the stage for economic growth and poverty alleviation through financial solutions focused on water and sanitation.
As the program advances, it is expected to attract increased investment in Nigeria’s WASH sector and encourage further partnerships between financial institutions, development agencies, and government bodies. The collaboration between LAPO MfB and Water.org marks an important step toward achieving universal access to clean water and sanitation in Nigeria, aligning with both national and global development goals.