Home Finance Top 15 Microfinance Banks In Nigeria

Top 15 Microfinance Banks In Nigeria

by Zara
best Nigerian microfinance banks

There are more than 1,000 microfinance banks in Nigeria. These banks serve as mini-bank which are strictly created for the purpose of providing financial services to people who cannot get access to banking and financial-related services.

The Central Bank of Nigeria (CBN) recognizes 1,013 microfinance banks and have given them the license to provide microfinance loans to farmers, entrepreneurs and small and medium scale business owners.

Microfinance banks may not have the financial capacity of commercial banks but they play crucial roles in providing financial support for MSMEs in Nigeria. Also, they also empower unemployed persons & job seekers and make them job creators.

So, if you are an entrepreneur looking for where to get business loans in Nigeria, you can check out microfinance banks.

It is easier to get loans from microfinance banks than commercial banks; hence, many entrepreneurs prefer going to microfinance banks to get business loans rather than going to commercial banks. An average Nigerian feels relaxed borrowing money from microfinance banks than lending from commercial banks.

It is obvious that microfinance banks provide SMEs with loans and financial support. Most of them provide aids to farmers to purchase seeds, fertilizers, pay labourers and buy other farming tools they need for the farming season. These farmers have the option of repaying their loans after they must have harvested their crops and sold their farm products.

What Is A Microfinance Bank?

best microfinance banks in nigeria

Microfinance banks are not very common as commercial banks, they have few branches and outlets and operates in different locations across Nigeria. A microfinance bank can be found in a rural area, urban area or a place where the money is needed for infrastructural development.

They provide micro-loans or micro-credits in units for those looking for personal loans or money to fund a startup or established business venture.

There are many microfinance banks in Nigeria that offer excellent financial services to people. In this post, we will highlight the best microfinance banks in Nigeria. These banks have earned the trust of customers and have been recognized for their reliability and trustworthiness.

Types of Microfinance Banks In Nigeria

1. Lapo Microfinance Bank

Microfinance Banks In Nigeria

LAPO (Lift Above the Poverty Organization) is one of the best microfinance banks in Nigeria. This financial institution is solely focused on providing people with access to microfinance services. Lapo was established in 2010, and not too long after, it received a license from the Central Bank of Nigeria (CBN).

They have their head office at No 18, Dawson Road, Benin City, Edo State. The Lagos office is located at Irorun Plaza, 2nd Floor, Kudirat Abiola Way, Oregun, Ikeja, Lagos State.

Furthermore, they have branch offices spread across different cities in Nigeria. Since its inception, LAPO Microfinance Bank has been able to support more than 1 million persons with microfinance services.

If you are considering starting agribusiness in Nigeria, it is important for you to know that LAPO has loan programs that support people into farming and agricultural businesses. The LAPO loan has proven to be beneficial in the creation and development of small businesses of entrepreneurs in Nigeria.

2. Rehoboth Microfinance Bank

best microfinance banks in Nigeria

Rehoboth Microfinance Bank was formed by a group of business-minded people in Lagos state. Over the years, they’ve proven to be one of the reliable and trusted microfinance banks in Nigeria.

The bank is always prepared to offer assistance to its clients where necessary – especially in the growth and development of their businesses.

From time to time, they pay constant visits to the clients to check on the progress of their businesses, trade or work. This shows that they are concerned about the success and productivity of their customers.

They have their head office in Lagos state at No 13, Aweh Crescent, Onipanu.

3. Fortis Microfinance Bank Plc

best microfinance banks in nigeria

Fortis was established in 2007 and is one of the foremost microfinance banks in Abuja. It is the first microfinance bank in the federal capital territory of Nigeria (Abuja) and has remained successful in terms of delivering top-notch microfinance services to Nigerians.

Officially, the company was registered as a microfinance bank in October 2007. In the year 2011, they became reorganized in what was then known as a Publish Limited Company.

By 2015, they received a license from the Central Bank of Nigeria (CBN) to start providing small businesses with financial services. Currently, they are rated as one of the most successful microfinance institutions in Nigeria.

4. AB Microfinance Bank Nigeria

AB Microfinance Bank Loan

Just like Fortis, AB Microfinance Bank is one of the oldest and successful micro-finance banks in Nigeria. It is a foreign financial institution established by foreigners in Lagos state.

The AB Microfinance Bank loan helps people with quick loans at good interest rates. They ensure that small businesses are provided with financial services. Also, they help their customers to accept micro-credit to expand and develop their business enterprise.

Although they give out quick loans, they also ensure that clients make judicious use of the money borrowed from them. Their head office is located at No 11, Oba Akran Avenue, Ikeja, Lagos state. They also have branches in other parts of the country.

5. Accion Microfinance Bank Limited

list of microfinance banks in nigeria

Accion Microfinance Bank Limited was established in 2006. In 2007, it received an official license from the Central Bank of Nigeria (CBN) to commence operations as a microfinance bank.

The bank is committed to providing microfinance services to small businesses – especially to petty traders. They give out loans to people in little quantities and can also give loans to a group of people who promise to repay the loans at an agreed future date with interest.

Their head office is located on the 4th Floor of Elizate Plaza, No 322, Ikorodu Road, Anthony, Lagos.

6. Fina Trust Microfinance Bank

microfinance banks in nigeria

From inception to date, Fina Trust has been committed in the area of providing financial services which are aimed at developing small businesses in Nigeria.

It was established in 2009 and has received an official license from the Central Bank of Nigeria (CBN) to provide microfinance assistance to small and medium business enterprises in Nigeria.

Fina Trust Microfinance Bank is reliable, they have a conducive banking environment and a dedicated staff that has a good approach towards customers and clients.

They give loans to clients from amount ranging from ₦10,000 to ₦100,000. The head office address of this bank is located at No 44, Toyin Street, Ikeja, Lagos state.

7. Mainstreet Microfinance Bank

best microfinance banks in nigeria

Mainstreet Microfinance Bank was previously known as Afribank microfinance bank. They started in 2009 after receiving a license from the Central Bank of Nigeria (C.B.N) to provide banking services to people in the microfinance domain.

The primary aim of the bank is to provide small businesses with affordable financial aids and to help clients to improve their positions in the markets.

Their head office is located at No 94, Broad Street, Lagos Island, Lagos.

8. Addosser Microfinance Bank

top microfinance banks in nigeria

Addosser Microfinance Bank was established in May 2008 as a financial institution that provides microfinance services to individuals and small businesses. Ever since inception, ADDOSSER has been waxing strong and growing from strength to strength.

Unlike other microfinance banks, they have at a low-interest rate which enables people to repay swiftly.

Addosser plays a vital role in ensuring that small and medium-sized business enterprises receive enough financial support to widen their business potentials and capabilities.

They have more than 80,000 customers and have issued loans which have amounted to ₦13Billion. Their head office can be found at 32, Lewis Street, Lagos Island, Lagos.

9. Altitude Microfinance Bank

Altitude microfinance bank is charged with the responsibility of lending money to less privileged individuals in Nigeria by giving loans which must be repaid.

The company was formed in 2004 and it has its headquarters located at JP Plaza, Central Zone C, ASPAMDA Trading complex, Badagry Expressway, Lagos state.

10. FBN Microfinance Bank

microfinance banks nigeria

FBN Microfinance Bank is a subsidiary of the First Bank of Nigeria (FBNMFB). This microfinance institution provides support to people whose businesses are on the verge of crashing or collapsing.

They render loan services to people and pay rapt attention to small businesses and entrepreneurs. They were incorporated as a company in March 2008.

Their headquarters is located at No 305, Herbert Macauley Road, Yaba, Lagos.

11. MFP Microfinance Bank

MFB microfinance bank was established in 2005 and is one of the oldest microfinance banks in Nigeria. It is domiciled in Sokoto State in Northern Nigeria and has continued to render excellent microfinance services to people in that region.

Typically, MFB microfinance bank loans come with low-interest rates and this has helped to sustain the relationship of the customers with the bank. MFB microfinance bank is a reliable and trusted microfinance bank in Nigeria that provides a timely update on information surrounding the account of its customers.

Furthermore, MFB microfinance bank has partnered with the Sokoto State Government to help civil servants receive their salaries easily rather than waiting on the government – who may be fast enough in paying their salaries.

12. FINCA Microfinance Bank

list of microfinance banks in nigeria

FINCA started operations in Nigeria in 2014 as a bank that provides microfinance services to small and medium scale business. Their office is located in the present-day capital city of Imo State, Owerri.

The objective of the FINCA Microfinance Bank is to develop SMEs in the South-East and South-West region in Nigeria.

13. Mutual Trust Microfinance Bank Ltd

Best microfinance banks in nigeria

Microfinance Mutual Trust was established in 2012 with the aim of promoting the business enterprise of individuals and companies in Nigeria. This bank has expressed optimism that the development and growth of business enterprises in Nigeria will be beneficial for all.

However, much emphasis is placed on small and medium-sized business – who are obviously struggling to make a significant mark in the market. They also provide small loans to women to start petty trading and other small scale business.

14. Grooming Microfinance Bank

microfinance banks in nigeria

They are registered with the Corporate Affairs Commission as the Grooming Microfinance Bank (GMFB) with RC No: 1433763. They obtained a license from the Central Bank of Nigeria (CBN) to run as a State Microfinance Bank in Oyo State, Nigeria.

Also, they have a registered member of the National Association of Microfinance Banks (NAMB) in Nigeria. Grooming provides fast loan disbursement services to everyday business people.

Nigeria Police Force (NPF) Microfinance Bank Plc

microfinance banks in nigeria

NPF Microfinance Bank Plc was formerly known as NPF Community Bank Limited. They were incorporated on Wednesday, 19th May 1993 as a Limited Liability company. This was done under the provision of the Companies and Allied Matter Act cap c20LFN 2004.

Nigeria Police Force Microfinance bank provides banking and financial services to both serving and retired officers of the Nigeria Police Force, its ancillary institutions together with the general populace.

They started business operations on Friday, 20th August 1993 at No 1 Ikoyi Road Obalende, Lagos state. They obtained a provisional license from the Central Bank of Nigeria (CBN) to operate as a Community Bank on Monday, 12th July 1993.

Later on, NPF Microfinance Bank got its full license from the Central Bank of Nigeria (CBN) to operate as a Community Bank on Thursday, 24th January 2002.

On Monday, 31st December 2007, NPF Microfinance Bank converted from its status from Community Bank status to a Microfinance Bank after the CBN’s directive to all Community Banks. This approval allowed the NPF Microfinance Bank to open branches in all the states.

Currently, they have their head office at Aliyu Atah House, 1, Ikoyi Road, Obalende, Lagos.

Other branch offices of the NPF Microfinance Bank can be found in the following areas: Obalende, Ikeja, Tejuosho, Ikorodu, Abuja Main, Benin, Sokoto, Onitsha, Enugu, Port Harcourt, Kano, Osogbo, Akure, Lokoja Yola, Abuja 2, Bauchi and Wudil (Kano), Lafia, Kaduna, Oji River, Port Harcourt2, Aswani, Ibadan, Abeokuta, Asaba, Calabar Akwa (Onitsha2) and Aba.


Microfinance banks give you a good opportunity to access loans for your business. This is a detailed guide about the top microfinance banks in Nigeria.

As an aspiring entrepreneur or a business owner, you can contact any of these banks to get access to microfinance services in Nigeria. If there is any microfinance bank in Nigeria that deserves to be in this post and is not mentioned, feel free to bring it to my notice by using the comments section.

Leave a Comment