Benefits
SID Account features
The Social Impact Deposit (SID) Account is a deposit product designed to empower the vulnerable and the economically active poor in the society. The SID Account is an innovative deposit and investment platform that provides individuals with the opportunity to make deposits with LAPO Microfinance Bank that can be used to improve on the social needs of low-income individuals.
The SID Account will be targeted specifically at economically active poor individuals in Nigeria. With a minimum deposit of N200,000 and a minimum tenor of 6 months, savers in return are rewarded with attractive interest that comes with the account. Besides the attractive interest on deposits, the depositor is also entitled to nominate a child from a low-income household for the LAPO Scholarship award.
To open an SID Account today, kindly contact us on: 0700-LAPOMFB (07005276643), 08176027495, 09053806173, 08113695819.
Features
- Account Opening Minimum of N200,000
- Payments can be made anywhere nationwide
- Expert financial advice available.
Documents Required
- Duly completed application form
- 2 recent passport-size photographs
- Current utility bill
- A valid means of ID (national ID, driver's license, voter's card or international passport)
RATES
Savings account interest rate
Earn interest on your entire account balance with a Social Impact investment Account. That’s cash you earn simply for placing your money in an interest-bearing savings account.
| Daily Collected Balance | APY+ | Interest Rate |
|---|---|---|
|
All balances |
1.25% |
0.10% |
Rates current as of January 1, 2021, and subject to change.
+Annual Percentage Yield. Rate is variable and subject to change. Fees could reduce the earnings on the account. Call or visit a branch for more enquiry.
Frequently Asked Questions
| Question | Answer |
|---|---|
|
How do I open Regular SID Account? |
To open a SID account, you need to fill out the account opening form, bring 2 recent passport photographs, utility bill and a means of identification along to LAPO branch closest to you. |
|
Where can I open SID Account? |
You can open SID Account at any LAPO Microfinance Bank branch nationwide. Our Client Support Officers (CSO) will be glad to open one for you. |
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Details you need to make a smart decision
NGN 1, 000 minimum opening deposit required for savings account. Please refer to each product and service for additional details. Additional terms and miscellaneous fees may apply. Products, features and benefits offered with accounts are subject to change at any time. You may vsit our branch for additional details.