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LAPO Microfinance Bank has disclaimed a newspaper report that it settled over N1.88 billion in a period of five years, saying it remains focused on its core mandate of empowering low-income earners.
The company, in a statement, affirmed that the assertion of settling insurance claims was a misrepresentation of the risk benefits that accrued to its customers from their insurance companies.
The statement adds: “The insurance claims referred to in the publication were aggregation of claims settlement by different insurance companies that LAPO MfB worked with during the period under reference and from which our customers benefited. LAPO MFB is a microfinance Bank and not purported to play the role of insurance company. Given the above, we kindly inform members of the public and other stakeholders to disregard the said publication. LAPO Microfinance bank remains committed to its over 30 year-old (first as a non-profit) mandate of social and economic empowerment of low-income households in Nigeria and beyond.”
