Cynthia Ikponmwosa: Collaboration among women can lead to collective progress

Cynthia Ikponmwosa is the Managing Director of LAPO Microfinance Bank Limited. She holds a Bachelor of Arts degree in English from Edo State University (Ambrose Alli University) Ekpoma, and a Master’s degree in Corporate Governance and Law from the University of Portsmouth, United Kingdom. She is a member of the Institute of Chartered Secretaries and Administration (ICSA) London, a Certified Microfinance Banker (MCIB) of the Chartered Institute of Bankers of Nigeria and a member of the Compliance Institute, Nigeria. With over 20 years of service to the bank, Ikponmwosa has provided strategic managerial and executive leadership in her capacities as Company Secretary, Legal Adviser and Executive Director, Corporate Services and now Managing Director. In this interview she speaks on her activities running a microfinance bank with women as its core beneficiaries.

What endeared you to the microfinance sector? Share with us your career journey.
The microfinance sector offers a unique opportunity to make a tangible impact on lives, especially for those in underserved communities. My career began with a focus on law and corporate governance, which gave me a strong foundation in leadership, strategy, and compliance. Over time, I was drawn to organisations that prioritise social impact, and joining LAPO Microfinance Bank allowed me to merge my passion for empowerment with my professional expertise. Microfinance is not just about providing financial services—it is about fostering economic independence, particularly for women and small business owners. I have always believed that financial inclusion is key to economic growth, and microfinance provides that bridge to financial access for those who would otherwise be left out of traditional banking systems. My career has been a journey of aligning technical expertise with purpose-driven work, and I am grateful for the opportunity to lead a bank that champions financial empowerment.

With a background in Law and Corporate Governance, how have you applied your expertise in running a foremost microfinance organization?
My legal and corporate governance background enables me to ensure that LAPO operates within a framework of transparency, accountability, and sustainability. This expertise has helped us maintain regulatory compliance, strengthen internal controls, and build trust with stakeholders. It has also been instrumental in driving strategic initiatives that align with our mission to improve lives. One of the critical aspects of corporate governance is risk management, and we have implemented robust policies to safeguard both the institution and our clients. Additionally, having a legal perspective has enabled us to create products that are not only innovative but also compliant with regulatory frameworks, ensuring sustainability and long-term growth.

Share with us some of the successes of your organisation.
LAPO Microfinance Bank has, since its inception, disbursed over N1.7 trillion in microloans, empowering over six million customers, particularly female owners of micro, small, and medium enterprises, who constitute over 60 percent of our total customer base. In 2021, the bank issued a bond of N6 billion, which was oversubscribed by N200 million. Additionally, we provide support to smallholder farmers and players in the agro-value chain across Nigeria. We are deeply committed to implementing Environmental, Social, and Governance (ESG) programmes, which include partnering with the International Institute of Tropical Agriculture (IITA) to plant trees in the Oyo and Ogun as part of our climate change mitigation efforts. Furthermore, we have provided over 3,000 scholarships and 1,000 vocational skills acquisition opportunities to the children of our clients. In 2022, LAPO was adjudged by Statisens as the 5th largest employer of labor in Nigeria and has consistently won the “Microfinance Bank of the Year” award at the BusinessDay and Other Financial Institutions (BAFI) Awards. These achievements are a testament to our commitment to social impact and financial inclusion.

Since you assumed office, what are some of the changes you are bringing to the forefront?
Since my appointment, I have focused on digitising our operations to enhance efficiency and accessibility for our clients. Currently, we have deployed over 200,000 debit cards, launched our mobile app, and deployed Point-of-Sale (POS) terminals to deepen financial inclusion and improve our customers’ experience. Furthermore, I have prioritised staff development to ensure we have a motivated and skilled workforce driving our mission. We are also working on strategic partnerships with fintech firms to create more seamless banking solutions for our customers. Another critical focus is customer service enhancement. We are adopting data-driven approaches to better understand and serve our clients, ensuring that their financial needs are met with tailor-made solutions.

With the core mandate to lift the masses above poverty through access to loans, how would you assess your impact?
The impact of LAPO can be seen in the lives of the people we serve. Many of our clients have moved from subsistence living to running thriving businesses, which in turn creates jobs and contributes to community development. Through our loans, financial literacy programmes, and capacity-building initiatives, we have successfully empowered individuals to break out of the cycle of poverty. We also track success through impact assessments and customer feedback. The stories of our beneficiaries are inspiring, and they reinforce our commitment to expanding our reach and deepening our interventions.

What is your take on women empowerment, and how is your organization championing this cause through your activities?
Women empowerment is central to sustainable development. At LAPO MfB, we prioritise women through targeted loan products, training programs, and mentorship initiatives. Women constitute over 70 percent of our client base, meaning they accessed over 70 percent of the N1.7 trillion we have disbursed. In addition, over 60 percent of our scholarship and skills acquisition interventions are targeted at female beneficiaries. We believe that empowering women leads to stronger families and communities, and we remain committed to fostering their economic independence.

Have you experienced challenges in your career, and how have you overcome them?
Challenges are inevitable in any career, but I view them as opportunities to grow. Some of my toughest moments have taught me resilience and adaptability. In leadership, especially in a male-dominated industry, there are moments of self-doubt, but I have learned to stay focused on long-term goals. My ability to remain solution-driven, coupled with a strong support network, has helped me navigate difficulties and emerge stronger.

What should women do differently to rise to the top and sit at the same table as you do?
Women need to be confident in their abilities and actively seek opportunities for growth. Building networks, finding mentors, and continuously upgrading skills are crucial steps. It is also important to have a clear vision and remain committed to achieving it, regardless of obstacles. Women must also advocate for themselves and not shy away from taking on leadership roles. The more women we see in leadership, the more we can inspire the next generation.

What would you like to see Nigerian women do differently in their career paths?
I would encourage Nigerian women to embrace leadership roles and not shy away from challenges. They should aim to break stereotypes and pursue careers in male-dominated industries, knowing that their contributions are invaluable. Collaboration, rather than competition, among women can also lead to collective progress. Additionally, women should invest in self-development and not be afraid to negotiate for better opportunities and remuneration.

What is your leadership style, and how has it helped you in your career?
My leadership style is a blend of transformational and servant leadership. I believe in empowering my team, encouraging innovation, and fostering a culture of excellence. A good leader should not only guide but also inspire and motivate others to achieve their full potential. I also value inclusivity and open communication, ensuring that every team member feels heard and valued. This has helped build a strong organizational culture where everyone is committed to our shared vision.

What is your life mantra?
My life mantra is “Empowerment through service.” I believe that true fulfillment comes from using your skills and resources to uplift others, creating a ripple effect of positive change. Every opportunity I have had has been a stepping stone to impact more lives, and I remain committed to driving social change through financial inclusion.