Information available on CBN website shows that there are about 916 licensed microfinance banks in Nigeria. These banks provide basic financial services (such as savings, lending, domestic transfers, etc.) to low-income earners, the unbanked, and underserved groups such as market women and unemployed youth.
For a very populous country like Nigeria, where only 64% of the adult population is financially integrated, these microfinance banks have clearly done their job well. Interestingly, quite a number of them are doing a fantastic job of serving the Nigerian public.
In this special report, we will look at the top 10 Nigerian microfinance banks that have set the pace and are now holding the ace. The metrics used to determine the top 10 best MFBs include efficient service delivery, innovation and customer satisfaction. See the following list:
1. KUDA Microfinance Bank
This is another top MFB that has taken the Nigerian financial services industry by storm. Also founded in 2016, the company started out as Kudimoney, offering online-only savings and digital loans. Since then, the company has transformed into KUDA, raising over $90 million and making itself known among the youth as the “Bank of the Free”.
KUDA Bank is currently busy positioning itself as a large microfinance bank. And new users sign up every day, thanks in part to the simplified banking app, which makes it very easy to register and access a wide range of banking services.
If you want to learn more about KUDA Bank, be sure to visit us his site today. Also check out the company’s mobile app if you’re interested.
2. LAPO Microfinance Bank
This microfinance bank was established in the 1980s primarily to help less privileged Nigerians cope with the harsh economic realities that followed General Ibrahim Babangida’s structural adjustment program. Since then, LAPO Microfinance has grown into one of Nigeria’s most notable MFBs thanks to its consistent efforts to ensure that low-income households in Nigeria are economically empowered. The company does this by providing “responsive financial services on a sustainable basis”.
You can find out more about LAPO Microfinance and its loans at visit his website today.
3. ACCION Microfinance Bank
ACCION Microfinance Bank is very similar to LAPO in that they are both national microfinance banks. It was founded in 2006 and since then has had a mission to “empower micro-entrepreneurs and low-income earners by providing financial services in a sustainable, ethical and profitable way”. according to the information available on its website.
The company offers various types of loans, including small business loans, home equity loans, educational loans, and more. Users can also get quick loans of up to N150,000 either through ACCION Mobile Banking or USSD channels.
4. Mutual Trust Microfinance Bank
Mutual Trust Microfinance Bank is one of Nigeria’s leading microfinance banks. Since April 2016, when the company changed its name from Mark de Rock Microfinance Ltd and changed management, it has been on a pioneering mission to redefine microfinance in Nigeria.
The company prides itself on offering excellent financial services using the latest technology and of course its highly experienced staff. The processes are so simple that customers can fill out their loan application in less than ten minutes. In addition, loan applications are analyzed and approved in ten hours. And the best part is that the company has a very flexible repayment schedule that allows customers to settle their loans easily and hassle-free.
If you want to learn more about Mutual Trust Microfinance Bank, then visit his website today. You can also download the company’s mobile app from the Google Play Store and the iOS Store.
5. Microfinance bank assets
No discussion of the best MFBs in Nigeria would be complete without mentioning Asset Microfinance Bank. Although relatively new, this microfinance bank has positioned itself as a force to be reckoned with thanks to its unique products designed to empower Nigerian businesses.
According to information available on his website, Assets Microfinance Bank was established by CBN to primarily provide personal, business and payday loans to Nigerians. The company also offers savings and investment services.
6. Fina Trust Microfinance Bank
On his website Fina Microfinance is proud of “Nigeria’s Leading Microfinance Banks”. Whether everyone agrees or not, it is indeed true that this is one of Nigeria’s leading microfinance banks. Established in 2009, Fina Trust Microfinance Bank is said to be affiliated with LOLC Group, the largest non-bank corporation in Sri Lanka.
Fina Treuhandbank services include quick loan, salary advance, SME loan, education loan, financial asset financing etc. The company also offers various types of account services including savings, checking and fixed deposit accounts.
You can learn more about Fina Trust Microfinance Bank today by visiting their website.
7. AB Microfinance Bank
This MFB was founded in 2008 and is based in Lagos. on his website, The company describes itself as “a socially responsible bank of choice for micro and small businesses”. Customers get access to microcredit, SME credit and home loans.
In addition to loans, AB Microfinance Bank also offers its customers the opportunity to open savings accounts, current accounts and time deposit accounts. In addition, customers have access to mobile banking and other related banking services.
8. VFD Microfinance Bank
Similar to KUDA Bank, VFD Microfinance Bank (or VBank for short) was marketed and positioned as the first choice MFB for the trend-conscious. The company is a subsidiary of VFD Group, which was founded in 2009 and started operations in 2011.
On its website, VBank said its banking style is completely reimagined and designed to reach more customers. There is a lot of emphasis on digitization, even if the VBank mobile app is arguably one of the most advanced and optimized to reach more customers.
Visit the Company website today to learn more about its services.
9. Sparkle Microfinance Bank
Sparkle Microfinance was founded in 2019 by the former chief executive of defunct Diamond Bank Uzoma Dozie and said part of its mission is to democratize access to finance for both small businesses and individuals.
Technology plays a big role at Sparkle Microfinance. By downloading the Sparkle mobile app from either the Google Play Store or the iOS Store, you can access a variety of financial services. Visit the Company website to learn more.
10 BoI Microfinance Bank
This microfinance bank is a subsidiary of Nigeria’s oldest development bank, the Bank of Industry. Accordingly Information available on its websiteBoI Microfinance Bank offers various types of services for small and medium-sized businesses and low-income earners. This is part of the company’s commitment to encouraging entrepreneurship by providing easy credit. In addition to lending, BoI Microfinance Bank also offers savings deposit services. The company was founded in 2002. Thanks to the fact that it is financially backed by the Bank of Industry, it is well positioned to serve customers.