AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
LAPO Microfinance Bank does not publish fixed deposit terms on any page we could find in October 2026, so the minimum, tenor and rate must come from a branch in writing. As a microfinance bank, deposits there are insured by the NDIC up to ₦2,000,000 per depositor, less than half the ₦5,000,000 limit at commercial banks.
What is known about LAPO MFB
LAPO Microfinance Bank began in the late 1980s as a non-governmental organisation founded by Godwin Ehigiamusoe, and is best known for small loans to traders and groups. A nairaCompare profile, read in October 2026, says it received CBN approval as a state microfinance bank in 2010 and as a national microfinance bank in 2012, with its head office at Irorun Plaza, Kudirat Abiola Way, Oregun, Ikeja, and contact lines +234 813 984 0230 and info@lapo-nigeria.org.
What we could not find is a published fixed deposit. Searches for LAPO fixed deposit terms return its loan products, such as regular, special, asset and SME loans, but no term deposit page with a minimum, tenor or rate. The bank may well take term deposits at its branches; you have to ask.
When you do ask, write down the name of the person you spoke to, the branch, the date and the figures quoted, and ask for the quote by email or on letterhead. A microfinance bank's terms can differ from branch to branch in practice, and a written quote is what lets you hold the bank to what you were told. It also gives you something concrete to compare with offers from other banks before you decide.
How to ask for, and book, a LAPO fixed deposit
- Visit a LAPO branch or call the head office line, and ask whether it books fixed deposits for individuals.
- Ask for the minimum amount, the tenors available and the rate for each, per year.
- Ask how interest is paid: at maturity, monthly or upfront.
- Ask the early-liquidation rule and whether a charge applies.
- Insist on a written booking advice or certificate with the bank's name, your name, the amount, rate and dates.
Why the MFB insurance limit matters
Microfinance banks often offer higher deposit rates than commercial banks, partly because they lend to riskier borrowers at higher prices. The trade-off is in deposit insurance. The NDIC's FAQ sets cover for microfinance banks at ₦2,000,000 per depositor "in the same right and capacity", against ₦5,000,000 at deposit money banks. All your balances at the one bank, including fixed deposits and the interest accrued on them, count towards that single limit.
Example only. You hold ₦3,500,000 at one microfinance bank across a savings account and a fixed deposit. If the bank failed, NDIC cover would pay up to ₦2,000,000; the remaining ₦1,500,000 would depend on what the liquidator recovers from the bank's assets, paid as liquidation dividends over time.
This is not a remote scenario. Legit.ng reported that the CBN revoked the licences of 46 microfinance banks on 1 July 2026, with the NDIC then verifying depositors at the closed banks. That says nothing about LAPO in particular, but it shows why size matters at any MFB. See microfinance bank fixed deposits: rates and safety and NDIC deposit insurance limits.
Offers that use the LAPO name
Well-known microfinance names attract imitators. Be wary of any "LAPO investment plan" promoted through social media, WhatsApp groups or individual agents, especially one that promises a fixed monthly return far above bank deposit rates or asks you to pay into a personal account. A bank fixed deposit is booked into an account in your name at the bank, and you receive written confirmation from the bank itself.
- Pay only into an account in your own name at LAPO Microfinance Bank, never into an individual's account.
- Confirm any offer by calling the bank on a number you found yourself, not one supplied by the person making the offer.
- Be suspicious of returns described as guaranteed and far above what banks quote.
- Keep every receipt and the booking advice.
If you suspect a fake offer, report it to the bank and, if money has moved, to your own bank straight away so it can try to stop the transfer.
Weighing a higher rate
Example only, with an assumed rate. ₦1,500,000 for 180 days at 18% a year earns ₦133,150.68 gross. The question is whether the extra over a commercial bank's quote is enough to compensate for the lower insurance cover and any doubt about the bank. Keeping your total at any single MFB within ₦2,000,000 removes most of that doubt; above it, you are lending to the bank on its own credit.
What to check first
- That the institution is licensed: check the CBN and NDIC directories for LAPO Microfinance Bank, not a similarly named lender.
- That you are dealing with a branch or official line, not an agent asking for cash in hand.
- The rate per year, tenor, interest timing and early-exit rule, in writing.
- Your total at LAPO against the ₦2,000,000 NDIC limit.
- That the booking is in your own name and BVN-linked, which helps any NDIC payout reach you.
Where Pryme fits
Pryme's naira deposits are held by Solid Allianze Microfinance Bank Ltd, which is also a microfinance bank, licensed by the CBN and insured by the NDIC up to the applicable limit. The same rule applies there: know your total against the MFB cover. A Fixed Savings Box shows its rate in the app before you commit.
Questions people ask
Does LAPO Microfinance Bank have fixed deposit?
We could not find published fixed deposit terms for LAPO in October 2026. Ask a branch or the head office line, +234 813 984 0230, and get any terms in writing.
Is LAPO Microfinance Bank insured by NDIC?
Licensed microfinance banks are covered by the NDIC up to ₦2,000,000 per depositor. Check the NDIC insured-institutions list for LAPO Microfinance Bank by name.
Is my money safe in a microfinance bank fixed deposit?
Up to ₦2,000,000 per depositor per MFB is insured. Above that, recovery depends on the bank's assets if it fails.
What is LAPO fixed deposit interest rate?
LAPO does not publish one online. Ask for the rate per year for your amount and tenor, in writing.
Sources
- nairaCompare: LAPO Microfinance Bank Special Loan (bank profile) · accessed Oct 2026
- NDIC: Frequently Asked Questions (deposit insurance cover) · accessed Oct 2026
- Legit.ng: NDIC begins verification of depositors of 46 failed microfinance banks (10 Jul 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.