Microfinance banks have a major goal of combating poverty within the country. We have the best microfinance banks in Nigeria that have continued to make huge positive impacts in the lives of Nigerians.
Microfinance banks are perceived to make acquiring loans easier than commercial banks with their less cumbersome procedures. Hence, most Nigerians find it comfortable borrowing from them. Also considering their closeness to the rural areas and its residents, they simply speak in the plain language of the people of that locality.
So, if you own a business and need a trusted financial institution that can make it easy for you to get cash in running your business, then the best microfinance banks in Nigeria to think of are enlisted here. These banks are ubiquitous, and aside from providing loans to citizens, they also serve as major players in ensuring a stable economy through their manifold development support programs.
They have earned the trusts of their customers over the years, and do not have huge and tedious procedures in getting a loan. Here are the top 10 of these banks:
1. NIRSAL Microfinance Bank
NIRSAL Mfb is one of the newest microfinance banks in Nigeria that has quickly grown to become popular for their efficiency and value-added services provided to customers. It became incorporated in 2019 and got licensed by the Central Bank of Nigeria in the same year.
Key stakeholders of the financial institution are NIPOST (10%), NIRSAL (15%), and the Bankers’ Committee (75%). They clearly state on their website that their mission is to be an efficient National Microfinance Bank that provides customers with services and products in Nigeria harnessing necessary technology and a well-motivated workforce.
The NIRSAL Microfinance Bank reveals the huge priority they place on their customers, and how they will always improve their services and products based on feedback from them.
To register with them now, visit their website.
2. LAPO Microfinance Bank
LAPO Microfinance Bank has consistently been awarded as ‘Microfinance Bank of the Year’ by the BusinessDay Annual Banking Awards. A number of factors that qualified the bank for the repeated awards include undivided commitment to provide support to small and medium scale businesses within the country.
The bank’s leadership role in providing funds for the SME sector is unarguable. They have also ensured unprecedented growth through their topnotch performance in supporting micro, small and medium businesses, which has extensively boosted the economy of Nigeria and Africa as a whole.
LAPO Mfb got approved as a state microfinance bank by the Central Bank of Nigeria (CBN) in 2010. Two years later, it got approved as a national microfinance bank, and has delivered a wide range of banking products and services to hundreds of thousands of Nigerians. It is regarded as a pro-poor financial institution that is committed to empowering the low-income households through availability of responsive financial services and products.
3. AB Microfinance Bank
AB Microfinance Bank has branches scattered around the country, and its head office located in Lagos. The bank has shown its commitment to providing support to expand opportunities available to Nigeran entrepreneurs by giving them access to affordable loans.
The bank is a full-fledged microfinance bank incorporated in Nigeria under the 2002 Companies and Allied Matters Act. It is made up of a team of exceptional leaders and strong international shareholders whose core focus is to improve access to funds to small business owners around the country, Africa, and Asian countries.
These international shareholders that have a remarkable record of creating and managing multiple microfinance banks across different countries of the world include Access Microfinance Holding AG of Germany, the African Development Bank, The German Development Bank, and the International Finance Corporation of the World Bank Group.
4. Fina Trust Microfinance Bank
Fina Trust Microfinance Bank got licensed in 2009. It has ever since continued to attract small and medium business owners and has earned a huge success story from their excellent delivery of service through world-class technology and topnotch staff proficiency.
With the borderless requirement of today’s banking, Fina Trust has developed an alliance with Fidelity Bank Plc and Sterling Bank Plc, to help its customers deposit cash and make withdrawals in more than 1,000 locations and in the branches of the banks.
5. Mainstreet Microfinance Bank
Mainstreet Microfinance Bank is more focused on low-income areas where funds can be provided for business development. The bank has built a strong reputation in giving out business loans to customers across the country to grow their businesses.
The bank was incorporated in 2008 and is licensed by CBN to offer microfinance banking services. It has not wavered in their mandate to provide customers with micro credits and other financial services.
The bank runs a ‘60% to 40%’ business split formula of micro credits and SME related transactions to provide projected impact in the marketplace.
6. Accion Microfinance Bank
Accion Mfb was established in 2006 and kicked off operations in 2007. Its management team is made up of seasoned professionals. Their mission is to empower low-income earners and micro-entrepreneurs through the provision of financial services in a profitable, sustainable, and ethical way.
The bank projects a vision to be the market leader in providing customers with various financial products and services at a global standard. Customers’ situations, challenges, needs, and expectations are being considered to offer them the best service delivery.
7. Mutual Trust Microfinance Bank
Mutual Trust Mfb provides customers with financial solutions that help them to improve their lives. It projects a mission to exceed the expectations of their customers through a top-level technology and a well-motivated team.
The bank also strives to be the best in the marketplace seeking to create an appealing environment that encourages and nurtures excellence and team spirit in every player. They also offer credit facilities to their customers to acquire required home needs and appliances.
8. Rehoboth Microfinance Bank
Rehoboth Mfb was licensed in 2008 and kicked off operations in the same year. The bank has ever since impacted numerous clients and stakeholders in a number of ways, while also leveraging on the opportunities created by the marketplace to provide the best of financial services to Nigerians.
It has a strong capital base and currently operates in a few locations in Lagos with units/branches across the state. Part of its strategic objectives is to establish presence across the country.
9. FBN Microfinance Bank
FBN Mfb is a subsidiary of First Bank Nigeria. It makes it easy for common Nigerians and emerging entrepreneurs to benefit from various finance services made available by the bank. FBN is focused on rescuing small and medium business owners whose businesses are at the brink of crashing.
The services offered by the financial institution makes it one of the best microfinance banks in Nigeria. The innovative financial institution has the requirement to rescue micro, small, and medium enterprises from collapsing.
10. Addosser Microfinance Bank
Addosser Mfb was instituted to serve as a support financial system for micro, small and medium businesses who are not able get the required support from commercial banks. The plans put in place is channeled at cutting down on the level of poverty and providing employment opportunities to advance the creation of wealth.
The bank creates financial products and services to develop the small and micro entrepreneurs in the rural areas. They offer loans, financial advisory programs, savings & term deposits, and entrepreneurial development programs targeted at giving added strength to the efforts of small business owners.
