LAPO Pays N1.8bn Insurance Claims to Customers in Five Years

The Managing Director, LAPO Microfinance Bank, Dr. Godwin Ehigiamusoe has revealed that the company paid about N1.882 billion to its customers within a period of five years.

He made this revelation through a statement made available to THISDAY yesterday, while also revealing that the bank provides insurance cover for all its clients

“Beyond loans and deposits, we provide insurance cover for all our clients to protect their investments, businesses and savings from damages, financial loss or any unfortunate situation beyond their control.

“In 2019, our clients received claims worth N483, 163,562.20. For the period 2014 to 2019, the claims paid to our clients was N1, 881,522,440.59.

“At LAPO MFB, all our loan products and savings account packages are insured with the NDIC (National Deposit Insurance Corporation).

“The importance of safeguarding the properties, assets, lives and investments of our clients cannot be overemphasized. Small business owners are most vulnerable to disruptions in cash flow and business operations that can arise due to theft, fire outbreaks or poor health conditions of the owners.

“Therefore, it is important to create a mechanism to compensate clients when unfortunate events occur. We have developed insurance policies that are cost efficient and cover various incidents such as burglary, fire and disability.

“The bank ensures that insurance claims are paid in time and policy holders receive adequate compensation to cover losses incurred during any unfortunate incident covered in the insurance policy.”