Top Microfinance Banks In Nigeria 2022

Filed in Articles by on June 22, 2022 0 Comments

Looking for microfinance banks in Nigeria? There are some large microfinance banks that are conscientious, dedicated to service, considered among the best and that have earned the trust of their clients over time. In this article you will get to know about the top 10 microfinance banks in Nigeria 2022.

Microfinance Banks In Nigeria

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.

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 microloans 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.

Top 10 Microfinance Banks In Nigeria

1. Kuda Microfinance Bank

2. LAPO Microfinance Loan

3. ACCION Microfinance Loan

4. Mutual Trust Microfinance Bank

5. Assets Microfinance Bank

6. Fina Trust Microfinance Bank

7. AB Microfinance Bank

8. VFD Microfinance Bank

9. Sparkle Microfinance Bank

10. BoI Microfinance Bank

1. Kuda Microfinance Bank

Kuda bank is a top Microfinance bank (MFB) that has taken the Nigerian financial services market by storm. 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.

Kuda is definitely a top bank to get online microfinance loan in Nigeria

If you want to learn more about Kuda Bank, you should go to its website right now. If you’re interested, you should also look at the company’s mobile app.

2. LAPO Microfinance 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 through providing “responsive financial services on a long-term basis”.

You can easily get an Online microfinance loan in Nigeria for your business from LAPO

Visit LAPO Microfinance’s website to discover more about the company and its loans.

3. ACCION Microfinance Loan

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 offered by ACCION Microfinance Bank organization.

Getting an online microfinance loan in Nigeria from Accion can be quite fast if you meet all the requirements.

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

4. Mutual Trust Microfinance Bank

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.

Mutual Trust MFB offers anyone an online microfinance loan in Nigeria.

Customers may finish their 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

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.

One of the best places to get an online microfinance loan in Nieria today.

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 Microfinance bills itself as “Nigeria’s top Microfinance Banks”. 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.

You can get an online microfinance loan in Nigeria from Fina MFB.

Fina Trust Bank offers rapid loans, salary advances, SME loans, school loans, financial asset financing, and other services. The firm 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

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.” This is definitely one of the best microfinance banks to get an online microfinance loan in Nigeria.

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 loans.

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

8. VFD Microfinance Bank

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 is one of the popular places to get an online microfinance loan in Nigeria today.

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

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

9. Sparkle Microfinance Bank

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 seen as one of the fast-rising digital banks in Nigeria.

You can easily get an online microfinance loan in Nigeria from Sparkle by downloading its app and signing up.

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.

To discover more, go to the Sparkle website.

10. 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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Source: Sabonews.org

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