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LAPO Microfinance Bank Concludes Xpress Save and Win Season 2 Promo

LAPO Microfinance Bank Limited has announced the conclusion of its Xpress Save and Win Season 2 promo. The raffle draw event slated for February 12, 2024 will unveil the N1 million star prize winner along with other rewards for savers.

As stated by LAPO MFB’s Communications & Branding Director, Oluremi Akande, the promo generated enthusiasm similar to its inaugural season while advancing financial inclusion. By incentivizing savings, the campaign aligns with LAPO MFB’s vision of economically empowering Nigerians through sustainable financial services.

Launched in 2021, the Xpress Save and Win promo motivates customers to open new accounts and increase deposits through attractive rewards. The first season witnessed widespread participation with Mrs Sherifat Haruna from Adamawa State clinching the N500,000 star prize.

Promo Highlights Institutions’s Citizen Focus

With its customer-focused innovation and social upliftment agenda, LAPO MFB has emerged as Nigeria’s leading microfinance institution. The Xpress Save and Win promo underscores its commitment to positive societal change through financial access and literacy.

By catalyzing savings across income strata, the campaign champions financial prudence and self-reliance nationwise. The luck and skill-based rewards structure adds to the appeal while conveying LAPO MFB’s transformative vision. Winners get to fulfill dreams be it entrepreneurship, education, home ownership or travel.

Product Evolution Aligns With Inclusion Mission

The promo’s savings product itself intends to drive progress via digital adoption and innovative systems. Xpress Account simplifies processes for Nigerians lacking formal bank accounts with flexible documentation needs. By enabling remote digital access minus paperwork, it makes savings easier alongside micro loans, transfers and more.

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Allowing deposits starting from N100, the hassle-free account targets financially excluded groups like informal workers and rural communities. Yet, its automated ledger, internet banking and debit card grant sophisticated tracking and payment options on par with regular accounts.

Promo Impact – Savings, Adoption and Empowerment

As a profit-for-purpose entity, LAPO MFB deploys programs like Xpress Save and Win to realize nationwide inclusion. The promo’s inaugural season provided proof-of-concept, eliciting excitement and savings from diverse demographics. On average, customers doubled account balances during the campaign period.

Several young Nigerians opened or upgraded to online Xpress Accounts for the first time. By experiencing digital finance benefits, they gained trust in branching out to microloans, e-commerce and investments. Elderly citizens were equally keen to learn and refer family.

Overall, the promo enabled underbanked groups to build financial literacy and discipline. By rewarding higher deposits with more raffle entries, it coaxed participants to cut back on wants for solid savings. Many shared aspirations of launching businesses or purchasing farmland with winnings.

Ongoing Innovation to Widen Access

Buoyed by early success, LAPO MFB added more prizes and duration for Season 2 running over 8 months. This allowed customers in recently opened branches to participate while giving prior entrants more chances to win. Monthly draws for N20,000 kept engagement high alongside mega draws each quarter.

Concurrently, LAPO MFB expanded Xpress Account features to elevate user experience. Integration with bill payments andchetcode funds transfer improved everyday utility and personal finance management. The dedicated mobile app enabled self-service for deposits and tracking on-the-go with additional security.

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Promo Conclusion and Path Ahead

As Season 2 concludes on a high note, the promo contributed immensely to financial inclusion and literacy among Nigerians. Overall savings mobilized during the campaign period topped N3.2 billion indicating the large unbanked population awaiting access.

Participants gave overwhelmingly positive feedback about impact on their finance habits and outlook. Many doubled or tripled balances over baseline by curtailing unnecessary expenditure. This promises sustained outcomes aligned with LAPO MFB empowerment objectives.

Moving forward, promo learnings will feed into enhancing Xpress Account and adjacent offerings. More Nigerians now recognize the benefits of formal financial access and digital banking for income smoothing and resilience. By putting insights into improving onboarding, risk models and personalization, LAPO MFB can drive greater adoption.

The promo also highlighted the appetite for social collaboration in inspiring community progress. This warrants exploring group savings and lending models with shared goals around business, agriculture and women empowerment.

As LAPO MFB’S Managing Director, Godwin Ehigiamusoe noted, actualizing Nigeria’s socioeconomic potential necessitates elevating more households into the formal economy. The Xpress Save and Win promo advanced this purpose while exemplifying the institutions’s customer-centric culture.

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