Microfinance Bank Loan in Nigeria: How to Apply For a Microfinance Bank Loan in Nigeria

online microfinance loan in Nigeria - business loan in nigeria - microfinance bank loan in nigeria

Last Updated on December 20, 2022

Looking for a microfinance bank loan in Nigeria? This guide will help you find one or at least you’ll figure out your options.

Microfinance banks are financial organizations established to help people in developing countries overcome poverty. 

In Nigeria, there are around 882 registered microfinance banks that provide loans to people, like farmers and small and medium-sized company owners to assist them to launch their companies.

Microfinance banks are thought to be less complicated than commercial banks, so the average citizen feels more comfortable borrowing from them than from commercial banks, and because they are closer to the country’s rural settlements, small and medium-scale entrepreneurs can easily obtain loans from these banks.

See: Best Business Loans in Nigeria at the Moment

If you operate a small company and are seeking a reliable financial institution to apply for a small business loan, you might consider the finest microfinance banks in Nigeria, which provide micro-loans to people quickly. Apart from offering company loans, the purpose of these licensed microlenders functioning in the nation is to guarantee that the economy remains stable via various development assistance programs.

In Nigeria, there are a few top microfinance banks that are conscientious, devoted to service, considered among the finest, and have gained the confidence of their clients/customers through time. 

Also See: Federal Government Survival Fund Guide

Best Microfinance Bank Loan in Nigeria

Here are the 10 best places to find a microfinance bank loan in Nigeria. You do not have to wait or enter lengthy processes to secure a loan from these microfinance banks in Nigeria.

1. Kuda Microfinance Bank

kuda bank -  microfinance bank loan in Nigeria

Kuda bank is a top Microfinance bank (MFB) that has taken the Nigerian financial services market by storm is this one. Kudimoney, which was founded in 2016, initially provided online-only savings and digital loans. Since then, the firm has changed its name to KUDA, raised over $90 million, and gained a reputation among the young as “the bank of the free”.

KUDA Bank is now working to establish itself as a prominent microfinance institution. And new customers are joining up daily, owing in part to its user-friendly banking app, which makes it simple to register and have access to a broad range of financial services.

If you’re interested in a microfinance bank loan in Nigeria, you should consider the Kuda bank Overdraft (loan) by downloading the fintech mobile app. Also ff you want to learn more about KUDA Bank, you should go visit Kuda banks’s website right now.

2. LAPO Microfinance Bank

How to apply for lapo loan types lapo microfinance bank loan

This microfinance bank was founded in the 1980s to assist less-privileged Nigerians to deal with the harsh economic realities that followed General Ibrahim Babangida’s Structural Adjustment Programme. 

Due to its constant efforts to ensure that low-income families in Nigeria are economically empowered, LAPO Microfinance has grown into one of Nigeria’s most noteworthy MFBs. This is accomplished by providing “responsive financial services on a long-term basis”.

Lapo is a very popular Microfinance bank loan in Nigeria used by traders, SMEs and artisans to float and keep up their businesses

Visit LAPO Microfinance’s website to discover more about Lapo Loans and about the company.

3. ACCION Microfinance Bank

Accion microfinance bank

ACCION Microfinance Bank is a national microfinance institution. It was founded in 2006 to empower micro-entrepreneurs and low-income earners by offering financial services in a sustainable, ethical, and lucrative way.

Small business loans, home equity loans, school loans, and other sorts of loans are the type of Microfinance bank loan in Nigeria offered by ACCION Microfinance Bank organization. 

Quick loans of up to N150,000 are also available via ACCION’s mobile banking and USSD channels.

Also See: Top Online Microfinance Loan in Nigeria

4. Mutual Trust Microfinance Bank

mutual trust MFB

Mutual Trust Microfinance Bank is a well-recognized microfinance institution in Nigeria. The firm has been on a pioneering journey to revolutionize microfinance in Nigeria since April 2016. It was renamed from Mark de Rock Microfinance Ltd and changed management.

The organization is proud of its ability to provide exceptional financial services while using cutting-edge technology and, of course, highly skilled personnel. Customers may finish their Mutual Trust Microfinance bank loan application in under 10 minutes since the procedures are so simple. It also takes less than ten hours for loan applications to be reviewed and approved, and that’s not all.

The greatest aspect is that the organization offers a highly flexible repayment plan that enables consumers to quickly and stress-free return their debts.

Mutual Trust Microfinance Bank apps can be downloaded from Google Play Store or Apple App Store.

5. Assets Microfinance Bank

assets microfinance bank

Without including Asset Microfinance Bank, no review of the greatest MFBs in Nigeria would be complete. Despite its youth, this microfinance bank has established itself as a force to be reckoned with, owing to its one-of-a-kind products aimed at empowering Nigerian entrepreneurs.

The CBN founded Assets Microfinance Bank to mainly offer personal, business, and payday loans to Nigerians, according to the material on its website. 

Aside from that, the firm offers savings and investment services.

6. Fina Trust Microfinance Bank

Fina trust microfinance bank

Fina Microfinance bills itself as “Nigeria’s top Microfinance Banks” on its website. It is certainly true that it is one of Nigeria’s most notable microfinance organizations, whether or not everyone agrees. Fina Trust Microfinance Bank was founded in 2009 and is believed to be associated with the LOLC Group, Sri Lanka’s biggest non-banking business company.

Fina Trust Bank offers rapid loans, salary advances, SME loans, school loans, financial asset financing, and other services. Apart from the firm’s microfinance bank loan in Nigeria, it also provides a variety of account services, such as savings, current accounts, and fixed deposit accounts.

Fina Trust Microfinance Bank has a webpage where you may learn more about it.

7. AB Microfinance Bank

AB Microfinance bank

This MFB was founded in 2008 and is headquartered in Lagos, Nigeria. The firm presents itself on its website as “a socially responsible bank of choice for micro and small businesses.” Microloans, SME loans, and housing loans are available to customers.

Customers of AB Microfinance Bank may establish savings accounts, current accounts, and fixed deposit accounts in addition to its microfinance bank loan in Nigeria.

Customers have even more access to mobile banking and other banking services.

SEE: Best Bank Loans in Nigeria Without Collateral

8. VFD Microfinance Bank

V bank by Nigeria app

VFD Microfinance Bank or more popularly known as V-Bank has been branded and positioned as the go-to MFB for the fashionable at heart, similar to Kuda Bank. The company is a 2009-founded and 2011-operated subsidiary of VFD Group.

V-Bank claims on its website that its banking style has been completely reimagined and is aimed to provide consumers with more. Even if the V-Bank mobile app is likely one of the most sophisticated and most streamlined to gain consumers, there is a lot of attention on digitisation.

You can access a microfinance bank loan in Nigeria via the V-bank app by signing up.

To discover more about the company’s services, go to the V bank website now.

9. Sparkle Microfinance Bank

sparkel digital bank - microfinance bank loan in Nigeria

Sparkle Microfinance was founded in 2019 by Uzoma Dozie, the former CEO of the collapsed Diamond Bank. Its objective is to democratize access to financing for small enterprises and people. It is one of the best digital banks in Nigeria.

Technology is very important in Sparkle Microfinance. You may access a variety of financial services by downloading the Sparkle mobile app from the Google Play Store or the Apple App Store.

Sparke Microfinance bank loan is available to anyone who has a Sparke bank account

Visit discover more, go to the company’s website.

10. BoI Microfinance Bank

BOI Microfinance bank

This microfinance firm is a subsidiary of Nigeria’s oldest development bank.

The BoI Microfinance Bank provides a variety of services to small and medium-sized businesses as well as low-income individuals. 

This is part of the company’s commitment to promoting entrepreneurship by making simple financing available. BOI Microfinance Bank also offers savings deposit services in addition to loans. The business was founded in 2002. It is also well-positioned to service clients since it has the financial support of the Bank of Industry.

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