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Want to know which microfinance banks are the best in Nigeria? This comprehensive ranking reveals the top 10 banks that are making a difference in the financial sector.
If you are a small business owner in Nigeria and are in need of a reliable financial institution to apply for a small business loan, you may want to consider the best microfinance banks in the country. Microfinance banks are specifically designed to help individuals, such as farmers and small and medium-scale entrepreneurs, by providing them with loans to start their businesses.
Unlike commercial banks, microfinance banks are often seen as less complicated and more approachable by the average citizen. They are also located in close proximity to rural settlements, making it easier for small and medium-scale entrepreneurs to access loans from these banks.
Unlike commercial banks, microfinance banks are often seen as less complicated and more approachable by the average citizen. They are also located in close proximity to rural settlements, making it easier for small and medium-scale entrepreneurs to access loans from these banks.
10 Best Microfinance Banks In Nigeria
This post identifies the top 10 best microfinance banks in Nigeria that are leading the industry and making a significant impact in providing essential financial services to those in need.
10BoI Microfinance Bank
When it comes to microfinance banks in Nigeria, one of the top contenders is BoI Microfinance Bank. As a subsidiary of the Bank of Industry, which is Nigeria’s oldest development bank, BoI Microfinance Bank has a strong foundation and reputation.
The bank specifically focuses on serving small and medium-sized enterprises (SMEs) as well as low-income earners. In addition to offering loans, the bank also provides savings deposit services, catering to the financial needs of its customers.
With its establishment in 2002 and the support of the Bank of Industry, BoI Microfinance Bank is well-equipped to support and encourage entrepreneurship through the provision of easy loans.
9Sparkle Microfinance Bank
This Bank stands out as one of the best microfinance banks in Nigeria. Established in 2019 by Uzoma Dozie, the former MD of defunct Diamond Bank, Sparkle Microfinance Bank aims to make finance more accessible to small businesses and individuals.
What sets this bank apart is its strong reliance on technology, allowing customers to conveniently access a wide range of financial services through the Sparkle mobile app.
8AB Microfinance Bank
One of the top microfinance banks in Nigeria is AB Microfinance Bank. Established in 2008 by foreigners, this bank has branches all over the country, with its headquarters located at 11, Oba Akran Avenue, Ikeja Lagos. The main goal of this institution is to provide support and empowerment to start-up companies, businesses, and entrepreneurs.
AB Microfinance Bank is known for offering competitive salaries, with entry-level staff earning around ₦150,000 per month. In addition to providing quick loans, this bank also ensures that borrowers utilize the borrowed funds wisely. Alongside its excellent banking services, AB Microfinance Bank offers loans to small-scale businesses, low-income individuals, and promotes SMEs.
For more information about the services provided by AB Microfinance Bank, you can visit their website at www.ab-mfbnigeria.com.
7Altitude Microfinance Bank
One of the top microfinance banks in Nigeria is Altitude, which was established in 2004 and is licensed by the CBN. Their main goal is to economically empower low-income earners and entrepreneurs by providing hassle-free loans.
With a strong presence in the banking industry, Altitude is dedicated to helping and supporting the less privileged people in the country.
Their headquarters is located at JP Plaza, Central Zone C ASPAMDA Trade fair complex, Badagry Expressway, Lagos. Altitude is widely recognized as a leading force in microfinance and banking in Nigeria.
6Fina Trust Microfinance Bank
When it comes to microfinance banks in Nigeria, Fina Trust Microfinance Bank stands out as one of the best. Founded in 2009, it has established itself as a leading institution in the country.
Fina Trust is affiliated with the prestigious LOLC Group, which is the largest non-banking corporate entity in Sri Lanka. The bank offers a wide range of services to cater to the needs of its customers, including quick loans, salary advance, SME loans, education loans, financial asset financing, savings accounts, current accounts, and fixed deposit accounts.
With its comprehensive offerings and strong reputation, Fina Trust Microfinance Bank is a top choice for individuals and businesses in Nigeria.
5Assets Microfinance Bank
Another one of the best microfinance banks in Nigeria is Assets Microfinance Bank. This bank was specifically established by the Central Bank of Nigeria (CBN) to cater to the financial needs of Nigerian businesses.
They offer a range of unique products, including personal loans, business loans, and payday loans. Additionally, Assets Microfinance Bank provides savings and investment services to help individuals and businesses grow their wealth. For more detailed information on their offerings, you can visit their website.
4Mutual Trust MFB
This bank is recognized as one of the best microfinance banks in Nigeria. Since its rebranding in April 2016, the bank has been dedicated to revolutionizing microfinance in the country.
With a focus on providing excellent financial services, Mutual Trust MFB utilizes cutting-edge technology and employs a highly experienced workforce. The bank takes pride in its efficient loan application process, which can be completed in less than 10 minutes and analyzed and approved within 10 hours.
Additionally, Mutual Trust MFB offers a flexible repayment plan, ensuring that customers can easily repay their loans without stress.
3ACCION Microfinance Bank
In Nigeria, ACCION Microfinance Bank is considered one of the best microfinance banks. It was established in 2006 with the goal of empowering micro-entrepreneurs and low-income earners.
The bank is committed to providing sustainable, ethical, and profitable financial services. ACCION offers a range of loan options, including loans for small businesses, homeownership, education, and more.
For convenience, quick loans of up to N150,000 can be obtained through ACCION’s mobile banking or USSD channels.
2LAPO Microfinance Bank
When it was first established in the 1980s, LAPO Microfinance Bank had a specific goal of assisting less-privileged Nigerians during a difficult economic period.
Over time, LAPO Microfinance has grown into one of Nigeria’s top microfinance banks, dedicated to empowering low-income households by providing them with sustainable financial services. The bank’s consistent efforts have made it a notable institution in Nigeria’s microfinance sector.
1KUDA Microfinance Bank
When it comes to the number one microfinance bank in Nigeria, KUDA Microfinance Bank is leading the way. This innovative bank has made a name for itself with its digital banking approach, revolutionizing the financial services sector in the country.
Formerly known as Kudimoney, KUDA has now become a full-fledged microfinance system, earning the title of “the bank of the free.”
With a capital of over $90 million, KUDA’s simplified banking app has gained immense popularity among Nigerian youth, offering them easy access to a wide range of services.
What sets KUDA apart is its commitment to financial inclusivity and its tech-driven platform, which provides seamless and personalized experiences for its customers.
With its user-friendly app and focus on customer satisfaction, KUDA is reshaping the landscape of microfinance banking in Nigeria, and its future looks incredibly promising as it continues to innovate and evolve.
This article was updated 10 months ago
