Lapo Microfinance Bank offers a convenient Lapo USSD code (*371#) that allows customers to perform various financial transactions instantly, including loan applications, repayments, savings account openings, and more. This mobile banking solution ensures quick access to banking services, even without the need for a smartphone or internet connection.
What is Lapo USSD Code?
An Unstructured Supplementary Service Data (USSD) code is a communication protocol that enables instant financial transactions through mobile phones or SIM cards. Lapo USSD code makes it easier for customers of Lapo Microfinance Bank to conduct transactions anywhere, at any time, without relying on an internet connection. To learn more about USSD technology, visit Wikipedia’s USSD page.
Lapo USSD Code for Transactions
By dialing *371#, customers can access a wide range of services such as loan procurement, repayments, and other financial transactions offered by Lapo Microfinance Bank. The bank charges a N6 fee for each transaction, as set by Nigerian regulators and telecommunications companies.
Lapo Microfinance Bank Loan Types
Lapo Microfinance Bank provides different types of loans with affordable interest rates, designed to meet the needs of individuals and businesses across Nigeria. The loan amounts range from N10,000 to N5 million, catering to both ordinary consumption and Small and Medium Enterprises (SMEs).
1. SME Loan
Lapo offers loans to small and medium businesses, with loan amounts up to N5 million. This loan is aimed at helping businesses expand and thrive in Nigeria.
- Loan Amount: Up to N5,000,000
- Duration: 12 months
- Features:
- No collateral required
- Access to flexible repayment options
- Expert financial advice and training
- Documentation:
- Loan application letter
- Completed application form
- 2 guarantors
- Valid means of ID (National ID, driver’s license, voter’s card, or international passport)
- Current utility bill
- Passport-size photos
2. Agricultural Loan
This loan is designed for farmers in Nigeria to access funds for farming activities. Loan amounts range from N50,000 to N500,000.
- Loan Amount: N50,000 to N500,000
- Duration: 1-12 months
- Grace Period: 30-60 days
- Benefits:
- No collateral required
- Flexible repayment options
- Low interest rate
- Documentation:
- Completed application form
- 2 guarantors
- Passport-size photos
- Valid means of ID
- Proof of farm investment
3. Regular Loan
The Regular Loan product operates on a group methodology, where loans are accessed individually but with group guarantees. This loan is ideal for small business owners needing working capital.
- Loan Amount: N30,000 to N150,000
- Duration: 8 months
- Grace Period: 2 weeks
- Repayment: Weekly
- Benefits:
- No collateral required
- Access to business expansion funds
- Flexible repayment options
- Documentation:
- Completed application form
- 2 guarantors
- Passport-size photos
- Valid means of ID
- Current electricity bill
How to Use Lapo USSD Code
To perform transactions such as applying for a loan or making repayments, simply dial Lapo USSD code *371# and follow the instructions. The process is straightforward, and you can complete your banking needs without needing internet access or a smartphone.
Microfinance in Nigeria: Overview
Microfinance is a key tool for fostering financial inclusion in many developing countries, including Nigeria. For more information on the role of microfinance in supporting small businesses, visit Investopedia’s Microfinance article and Investors King.
Conclusion
Lapo Microfinance Bank offers a range of banking services through the Lapo USSD code, providing customers with a convenient and accessible way to manage their finances. Whether you are applying for a loan, repaying a debt, or simply checking your account, the Lapo USSD code makes banking easy and hassle-free.
For more information on Lapo Microfinance Bank’s services, visit their official website.
