E-Financial
LAPO MFB’s Confirmation as one of Nigeria’s Top Employers
LAPO Microfinance Bank (MFB), the country’s largest microfinance bank is an ubiquitous presence across the country especially consistently accounting for over 20 percent of the MFB sector while serving over five million customers through over 535 locations nationwide.
The value of the institution not only to the small business sector but also to the overall economy was further confirmed recently when it emerged as one of Nigeria’s highest employers in a report by Statisense, a data consulting firm with expertise in analytics and research.
The research study focused on the country’s top 15 largest employers. The ranking depicts LAPO MFB as a hugely impactful organization that is also contributing immensely to job creation.
In the Statisence analysis, LAPO MFB came in at number five with 7,320 employees, ahead of cement giant, Dangote Cement PLC (seventh with 6,176 employees), as well as popular commercial banks like Access Bank and Guaranty Trust Bank and some companies from the country’s labor-intensive private security industry.
LAPO, Nigeria’s first publicly traded MFB was in good company with other strong corporate brands in the top five. The first to fourth positions were taken by Julius Berger Nigeria Plc, Chinese construction firm CCECC, Zenith Bank Plc and Halogen Security Ltd.
Furthermore, LAPO was the only microfinance bank on the list, which reflects its clear lead within the sector as well as the growing impact of the SME sector in job creation.
The research study is significant because unemployment in Nigeria has been a perennial challenge that has now compounded by the effects of the widely disruptive Covid-19 pandemic. The country’s unemployment rate rose to 33 percent in the fourth quarter of 2021, the second highest in the world. It means that one third of Nigeria’s 69.7 million-strong labor force did nothing or worked for under 20 hours a week. The unemployment rate for women was 35.2 compared with 31.8 for men.
It is also significant that LAPO prides itself as a female-centric bank with numerous services tailored to women and 58 percent of its staff being women as well. Women make up roughly half of the country’s working population outside their disproportionate role at the domestic level. LAPO’s gender policies which are in line with international development goals are also reflected in its board which is 50 percent female and its appointment of a female Managing Director, Cynthia Ikponmwosa.
Speaking on the organization’s gender-friendly focus, Ikponmwosa says: “It’s just natural that as a pro women institution, our staff would consist of more women than men,” says Ikponmwosa. “We try as much as possible to create a balance and although we have many women-friendly policies, we also incorporate policies that support men. For example, the board approved a policy on paternity leave of five working days for males.”
She adds: “We have great staff who are committed to the vision and mission of this bank. We can’t emphasize that enough because we have seen that demonstrated in the littlest of things in the bank and I think to a very large extent that has been the main oiler of the wheel of this bank.”
LAPO’s impact on employment goes far beyond its workforce. Not only is it a large and socially conscious employer, it also provides sustainable finance to millions of medium and small-scale businesses (MSMEs) which has a significant multiplier effect on job creation in the country. In Nigeria, SMEs account for 96 percent of businesses and 84 percent of employment according to a survey by PricewaterhouseCoopers.
LAPO helps to address a major challenge encountered by such businesses: limited access to funds due to the category of funding they qualify for. The bank also organizes training and other capacity building initiatives for MSMEs as part of its offerings.
A good number of its tailor-made financial products and services are tailored to agriculture which is the dominant sector for many households in Nigeria, particularly in rural areas where it employs almost 84% of households and accounts for 56 percent of rural net income.
As a result of its keen support for farmers, in March, 2021, LAPO was awarded ‘The Most Supportive Bank’ national category in the Central Bank of Nigeria (CBN) Agricultural Credit Scheme Funds (ACGSF). The institution was also commended by the CBN for financing and producing the best farmer in 2020 under the ACGSF.
Considering the high rate of unemployment which is projected to rise as population growth continues to outpace output expansion, LAPO’s role as a major contributor to job creation is commendable and worth emulating.
E-Financial
First Securities Brokers Empowers Nigerians to Trade in the Stock Market with the Launch of FirstInvest App
First Securities Brokers, one of Nigeria’s leading stockbroking firms and a subsidiary of FirstHoldCo Plc, is pleased to announce the official launch of the FirstInvest App, an innovative mobile investment platform designed to make stock market investing simpler, faster, and more accessible for Nigerians.
The FirstInvest App offers investors a seamless digital experience, enabling them to open and manage their investment accounts, monitor their portfolios, and trade equities listed on the Nigerian Exchange (NGX) directly from their mobile devices.
Designed with both new and experienced investors in mind, the platform combines convenience, security, and ease of use to help users make informed investment decisions anytime and anywhere.
As Nigeria continues to embrace digital financial services, the FirstInvest App reinforces First Securities Brokers’ commitment to driving financial inclusion and expanding access to wealth creation opportunities through technology.
Speaking on the launch, Fiona Ahmed Ahimie, Managing Director of First Securities Brokers, said: “The launch of the FirstInvest App represents another significant milestone in our digital transformation journey and our commitment to delivering innovative investment solutions to our clients.
“We understand that today’s investors value convenience, speed, and accessibility. FirstInvest has been developed to provide exactly that: a secure and intuitive platform that empowers individuals to participate confidently in the capital market from wherever they are.”
She added: “Our goal is to remove the traditional barriers associated with investing by placing the power of timely investment and decision making in the stock market directly in the hands of Nigerians. Whether you are taking your first investment step, actively managing your portfolio or just evaluating your investment, FirstInvest provides the tools and flexibility needed to support your financial aspirations.”
The app delivers a range of features designed to enhance your investing experience, including: Secure digital account opening and onboarding, Real-time access to investment portfolios, Buy and sell Nigerian equities with ease, User-friendly trading interface, Secure transaction processing, Convenient access to market information and investment opportunities.
The launch of FirstInvest aligns with First Securities Brokers’ broader strategy of leveraging technology to improve customer experience while supporting the growth of retail participation in Nigeria’s capital market.
First Securities Brokers remains committed to providing trusted investment advisory services, innovative financial solutions, and exceptional customer service, helping clients build and preserve wealth across generations. The FirstInvest App is now available for download on the Google Play Store and the Apple App Store.
The next currency crisis could accelerate the shift of the roughly $315 billion global stablecoin market into a digital-dollar alternative for citizens in emerging economies, notably in regions like sub-Saharan Africa and Latin America.
As local fiat currencies face devaluation and high inflation, citizens and businesses are increasingly utilizing smartphone-based stablecoins (such as USDT and USDC) as hedges and primary mediums of exchange.
According to the International Monetary Fund (IMF), the rapid adoption of dollar-linked digital assets—particularly in countries heavily affected by inflation like Nigeria—poses significant risks to monetary sovereignty.
With up to 95% of surveyed individuals in some African markets preferring to receive payments in stablecoins over local fiat, the rising volume of these decentralized, cross-border channels weakens domestic currency demand and dilutes the effectiveness of local monetary policy.
IMF observed in a report titled “Stablecoins in Nigeria: A Growing Cross-Border Channel” noted that the widespread use of stablecoins poses risks to monetary sovereignty, particularly as more individuals and businesses turn to digital dollar-linked assets for savings and transactions.
Nodding in agreement is Future Investment Initiative Institute (FII Institute), a non-profit organisation run by the Public Investment Fund, Saudi Arabia’s main sovereign wealth fund.
FII Institute said that central banks face structural challenges.
And according to the institute, when citizens move savings out of national banks and into private digital wallets, conventional capital controls lose their grip.
Institutions like the Bank for International Settlements warn that interest-bearing stablecoins compete directly with domestic-currency deposits, complicating financial oversight and making smartphone-based transfers incredibly difficult for authorities to monitor.
In Nigeria, Naira depreciation has pushed users toward dollar-stablecoins, according to report by Gino Matos in cryptoslate.com.
A stablecoin is a type of cryptocurrency designed to maintain a steady value by pegging its price to a reserve asset, such as a fiat currency (e.g., the U.S. dollar) or a commodity (e.g., gold).
They act as a bridge between traditional money and the digital asset world, providing the speed of crypto without the extreme price swings of assets like Bitcoin.
Federal government has reopened three federal government of Nigeria (FGN) bond issues valued at N1.2 trillion for subscription as part of efforts to raise long-term funds from the domestic debt market.
The Debt Management Office (DMO), which announced the offer on Tuesday, said the three reopened bond issues are each valued at N400 billion.
According to the DMO, the first offer is the January 2035 FGN Bond, a 10-year reopening, carrying an interest rate of 22.60 per cent per annum.
The second is the May 2028 FGN Bond, a 15-year reopening, with a coupon rate of 15.45 per cent per annum, while the third is the June 2037 FGN Bond, a 20-year reopening, also valued at N400 billion.
The office said the bond auction is scheduled for July 20, while successful subscriptions will be settled on July 22.
It explained that the bonds are offered at N1,000 per unit, with a minimum subscription of N50 million and additional investments in multiples of N1,000.
For the reopened bonds, the DMO said successful bidders would pay a price based on the yield-to-maturity that clears the auction, in addition to any accrued interest on the instruments.
Interest on the bonds will be paid every six months, while the principal will be repaid in full on the respective maturity dates.
The DMO reaffirmed that FGN bonds are backed by the full faith and credit of the Federal Government and constitute obligations chargeable on the general assets of the federation.
It added that the bonds qualify as trustee investment securities under the Trustee Investment Act and enjoy tax exemptions for eligible investors, including pension funds, under the Company Income Tax Act and Personal Income Tax Act.
The bonds are listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange and also qualify as liquid assets for banks in computing their liquidity ratios.
FGN bonds are long-term debt instruments through which investors lend money to the Federal Government in exchange for periodic interest payments and repayment of the principal at maturity.
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