The Management of LAPO Microfinance Bank Limited, a premium microfinance institution in sub-saharan Africa has signed a Memorandum of Understanding (MoU) with Mercy Corps, an international non-governmental organization, with an aim to aprovide support for over 540,000 smallholder farmers in the North Eastern states of Nigeria.

In a statement yesterday, signed by LAPO’s Managing Director, Cynthia Ikponmwosa, it was stated that the partnership is also targeted at promoting economic activities and recovery in some conflict-affected areas in the North Eastern states of Nigeria, through a market led intervention.

“This partnership fosters an alignment of purpose by both organizations, which re-emphasizes ‘rural engagement, empowerment, resilience and sustainability.’ This is in line with our mandate of over 30 years commitment to social and economic empowerment of members of low-income households who are most vulnerable.

“Our collaborative interventions such as access to financial and business advisory services to smallholder farmers and other micro, small and medium enterprises in the target locations will further contribute to the current efforts at enhancing financial inclusion and rural economic resilience.

“While we recognize that our footprint in rural agriculture support in Nigeria as well as our branch network has made LAPO Microfinance Bank a preferred financial institution for this partnership, beyond this, it is our commitment to invest in the real economy. We look forward to fruitful collaboration,” she noted.