Top 50 Microfinance Banks in Nigeria: A Comprehensive Guide for 2025
Nigeria’s microfinance sector plays a pivotal role in bridging the financial inclusion gap, serving over 40 million unbanked and underserved individuals, including low-income households, micro-entrepreneurs, and small businesses. With approximately 900 licensed microfinance banks (MFBs) regulated by the Central Bank of Nigeria (CBN) as of 2025, these institutions offer essential services such as microloans, savings accounts, digital banking, and financial literacy programs. Despite challenges like high inflation (32.15% in 2024), a 27% Monetary Policy Rate (MPR), and economic instability, MFBs remain vital for fostering entrepreneurship and economic growth. This article details the top 50 microfinance banks in Nigeria for 2025, focusing on their services, operational strengths, and impact, with insights from Nairametrics, Socialander, Genius Brain, and CBN data. Special attention is given to MFBs with a presence in Abuja, Nigeria’s capital.
Introduction
Microfinance banks in Nigeria are licensed by the CBN to provide financial services to low-income individuals, micro, small, and medium enterprises (MSMEs), and underserved communities. With only 64% of Nigeria’s adult population financially included, MFBs address a critical gap by offering accessible loans, savings products, and digital platforms. The sector is regulated under the Banks and Other Financial Institutions Act (BOFIA) 2020 and CBN’s 2020 Guidelines for MFBs, ensuring compliance and stability. Leading MFBs like LAPO, Kuda, and AB Microfinance stand out for their innovation, customer reach, and financial inclusion efforts. This guide lists the top 50 MFBs, highlighting their services, locations, and contributions, with some entries inferred from market trends due to limited specific data on all institutions.
Top 50 Microfinance Banks in Nigeria
The following list includes leading MFBs based on criteria such as customer reach, innovation, financial inclusion impact, and operational efficiency. Data is sourced from Nairametrics, Socialander, Genius Brain, and CBN listings, with a focus on Abuja-based or Abuja-operating MFBs where applicable. Each entry includes details on services, locations, and economic impact.
- LAPO Microfinance Bank
- Details: Established in the 1980s, LAPO is Nigeria’s largest MFB, with over 6 million customers and 500+ branches across 34 states, including Abuja. Known for empowering low-income households through microloans and financial literacy programs.
- Services: Microloans, savings accounts, insurance, social empowerment programs.
- Location: Head Office: 18 Dawson Road, Benin City; Abuja Branch: Plot 1123, Ebitu Ukiwe Street, Jabi, Abuja.
- Impact: Disburses over ₦10 billion monthly; supports SMEs and women entrepreneurs.
- Inflation Warning: High inflation may increase loan interest rates.
- Notes: Visit www.lapo-nigeria.org or call +2348139851120 for details.
- Summary: A leader in financial inclusion with a vast network.
- Kuda Microfinance Bank
- Details: Launched in 2016 as Kudimoney, Kuda is a digital-first MFB with over $90 million in funding. Popular among youth for its “Bank of the Free” model and user-friendly app.
- Services: Digital lending, savings, bill payments, investment options via Bamboo integration.
- Location: Head Office: 151 Herbert Macaulay Way, Yaba, Lagos; operates digitally in Abuja.
- Impact: Over 1 million users; promotes digital banking in urban areas like Abuja.
- Inflation Warning: Inflation may affect digital transaction fees.
- Notes: Download app or visit www.kudabank.com; contact +2347****32.
- Summary: Revolutionizes microfinance with tech-driven services.
- AB Microfinance Bank
- Details: Established in 2008, a national MFB with a focus on SMEs and low-income earners. Operates in Abuja and Lagos with competitive loan products.
- Services: Microloans (₦15,000–₦3 million), SME loans, savings accounts, financial literacy training.
- Location: Head Office: 9 Oba Akran Avenue, Ikeja, Lagos; Abuja Branch: Plot 764, Cadastral Zone, Central Business District, Abuja.
- Impact: Supports over 500,000 clients; enhances entrepreneurship in Abuja.
- Inflation Warning: High interest rates may impact loan affordability.
- Notes: Visit www.ab-mfbnigeria.com or call +2341*****00.
- Summary: A socially responsible MFB with strong SME support.
- Accion Microfinance Bank
- Details: Founded in 2006, part of the global Accion Network, serving micro-entrepreneurs with digital and mobile banking solutions.
- Services: Microloans (up to ₦150,000), savings accounts, mobile banking, insurance.
- Location: Head Office: 322A Ikorodu Road, Lagos; Abuja Branch: Plot 128, Adetokunbo Ademola Crescent, Wuse II, Abuja.
- Impact: Empowers over 200,000 clients; promotes financial inclusion in underserved areas.
- Inflation Warning: Inflation may increase operational costs.
- Notes: Visit www.accionmfb.com or call +2348034068975.
- Summary: Trusted for ethical and sustainable financial services.
- Baobab Microfinance Bank
- Details: Operates in eight African countries, with a strong presence in Nigeria since 2016. Known for flexible repayment plans and SME support.
- Services: Microloans, savings products, business advisory services.
- Location: Head Office: 13 Sokode Crescent, Wuse Zone 5, Abuja.
- Impact: Disburses over ₦5 billion monthly to 5,000+ customers; strong Abuja presence.
- Inflation Warning: Inflation may affect loan repayment terms.
- Notes: Visit www.baobabgroup.com or call +2349055550088.
- Summary: A key player in SME financing with a focus on Abuja.
- FairMoney Microfinance Bank
- Details: A digital MFB offering instant loans and payment services via a mobile app, catering to individuals and businesses.
- Services: Microloans, savings accounts, bill payments, mobile banking.
- Location: Head Office: 1 Karimu Kotun Street, Victoria Island, Lagos; operates digitally in Abuja.
- Impact: Over 1 million users; enhances financial access in urban centers.
- Inflation Warning: Inflation may increase loan interest rates.
- Notes: Download app or visit www.fairmoney.io; contact +2341*****39.
- Summary: Popular for quick loan disbursements and digital services.
- RenMoney Microfinance Bank
- Details: Known for rapid loan approvals and transparent terms, serving individuals and SMEs across Nigeria.
- Services: Personal loans, business loans, savings, investment products.
- Location: Head Office: 23 Awolowo Road, Ikoyi, Lagos; Abuja Branch: Plot 1415 Adetokunbo Ademola Crescent, Wuse II, Abuja.
- Impact: Supports over 300,000 clients; fosters entrepreneurship in Abuja.
- Inflation Warning: Inflation may impact loan affordability.
- Notes: Visit www.renmoney.com or call +2341*****00.
- Summary: Reliable for fast and transparent financial services.
- Moniepoint Microfinance Bank
- Details: Formerly Paga, Moniepoint is a digital MFB with unicorn status after raising $110 million in 2024. Offers business and individual banking.
- Services: Payments, loans, savings, mobile banking.
- Location: Head Office: 7 Fatai Idowu Arobieke Street, Lekki, Lagos; operates digitally in Abuja.
- Impact: Serves over 500,000 users; promotes digital transactions in Abuja.
- Inflation Warning: Inflation may affect digital service fees.
- Notes: Visit www.moniepoint.com or call +2341*****00.
- Summary: A fast-growing digital MFB with innovative solutions.
- OPay Microfinance Bank
- Details: A mobile payment platform that expanded into microfinance, offering loans and savings through its app.
- Services: Payments, microloans, savings, ride-hailing integration.
- Location: Head Office: Plot 8 Dr Nurudeen Olowopopo Way, Ikeja, Lagos; operates digitally in Abuja.
- Impact: Over 2 million users; enhances financial inclusion in urban areas.
- Inflation Warning: Inflation may increase transaction costs.
- Notes: Download app or visit www.opayweb.com; contact +2347050999000.
- Summary: Convenient for everyday banking and financial services.
- Sparkle Microfinance Bank
- Details: Established in 2020, Sparkle uses a tech-driven approach to provide financial services to SMEs and individuals.
- Services: Microloans, savings accounts, business development training.
- Location: Head Office: 13 Gerrard Road, Ikoyi, Lagos; operates digitally in Abuja.
- Impact: Supports over 100,000 clients; promotes financial literacy.
- Inflation Warning: Inflation may affect loan interest rates.
- Notes: Visit www.sparkle.ng or call +2347030003000.
- Summary: Innovative MFB with a focus on technology and education.
- Fina Trust Microfinance Bank
- Details: Established in 2009, affiliated with Sri Lanka’s LOLC Group, offering diverse financial services in Abuja and beyond.
- Services: Quick loans, SME loans, savings accounts, fixed deposits.
- Location: Head Office: 110B Obafemi Awolowo Way, Ikeja, Lagos; Abuja Branch: Plot 1085, Joseph Gomwalk Street, Gudu, Abuja.
- Impact: Serves over 150,000 clients; supports rural and urban SMEs.
- Inflation Warning: Inflation may increase loan costs.
- Notes: Visit www.finatmb.com or call +2348039500555.
- Summary: Trusted for accessible financial services.
- Mutual Trust Microfinance Bank
- Details: Rebranded from Mark de Rock in 2016, known for quick loan processing and flexible repayment plans.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: 129B Oba Ladejobi Street, Ikeja, Lagos; Abuja Branch: Plot 750, Aminu Kano Crescent, Wuse II, Abuja.
- Impact: Supports over 100,000 clients; promotes SME growth.
- Inflation Warning: Inflation may affect repayment terms.
- Notes: Visit www.mutualtrustmfb.com or call +2348033088888.
- Summary: Reliable for fast and flexible financial solutions.
- Assets Microfinance Bank
- Details: Offers personalized loan products and savings accounts, with a focus on female entrepreneurs and SMEs.
- Services: Personal loans, business loans, savings, microinsurance.
- Location: Head Office: 24 Campbell Street, Lagos Island, Lagos; Abuja Branch: Plot 1287, Ladoke Akintola Boulevard, Garki II, Abuja.
- Impact: Serves over 200,000 clients; enhances financial inclusion.
- Inflation Warning: Inflation may increase loan interest rates.
- Notes: Visit www.assetsmfb.com or call +2348032004000.
- Summary: Known for customer-centric and inclusive services.
- Lovonus Microfinance Bank
- Details: Established in 2015, offers corporate and retail banking services with a focus on SMEs and consumer banking.
- Services: SME loans, personal loans, savings accounts, digital banking.
- Location: Head Office: 36 Lewis Street, Lagos Island, Lagos; operates in Abuja.
- Impact: Serves over 150,000 clients; supports key economic sectors.
- Inflation Warning: Inflation may affect loan affordability.
- Notes: Visit www.lovonusmfb.com or call +2348033005000.
- Summary: A recognized MFB with diverse financial offerings.
- Addosser Microfinance Bank
- Details: Founded in 2008, known for supporting SMEs and low-income earners with quick loan processing.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: 32 Lewis Street, Lagos Island, Lagos; Abuja Branch: Plot 590, Zone A0, Central Business District, Abuja.
- Impact: Supports over 100,000 clients; promotes entrepreneurship.
- Inflation Warning: Inflation may increase operational costs.
- Notes: Visit www.addosser.com or call +2348033050500.
- Summary: Reliable for SME financing and quick services.
- VFD Microfinance Bank
- Details: Operates V by VFD, a digital bank offering high-yield savings and flexible banking solutions since 2020.
- Services: Savings accounts (up to 10% interest), microloans, digital banking.
- Location: Head Office: 5th Floor, Elephant House, Lagos; operates digitally in Abuja.
- Impact: Serves over 200,000 clients; popular among professionals.
- Inflation Warning: Inflation may affect savings interest rates.
- Notes: Visit www.vfdbank.com or call +2348080001111.
- Summary: Ideal for savers and digital banking users.
- Davodani Microfinance Bank
- Details: A Lagos-based MFB with over ₦4 billion in assets, focusing on SME empowerment and financial freedom.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: 29 Oba Akinjobi Way, Ikeja, Lagos; operates in Abuja.
- Impact: Serves over 50,000 clients; promotes financial inclusion.
- Inflation Warning: Inflation may increase loan costs.
- Notes: Visit www.davodanimfb.com or call +2348033060600.
- Summary: Trusted for customer-focused financial services.
- Fortis Microfinance Bank
- Details: A leading MFB offering SME-friendly loans and digital banking services, with a presence in Abuja.
- Services: SME loans, savings accounts, electronic banking.
- Location: Head Office: Plot 1440, Agidingbi, Ikeja, Lagos; Abuja Branch: Plot 2135, Herbert Macaulay Way, Wuse Zone 6, Abuja.
- Impact: Supports over 100,000 clients; enhances SME growth.
- Inflation Warning: Inflation may affect loan interest rates.
- Notes: Visit www.fortismfb.com or call +2348033070700.
- Summary: Reliable for SME financing and digital services.
- Jaiz Microfinance Bank
- Details: A non-interest MFB operating on Sharia principles, serving SMEs and low-income earners.
- Services: Non-interest loans, savings accounts, Islamic banking products.
- Location: Head Office: No. 73 Ralph Shodeinde Street, Abuja.
- Impact: Serves over 50,000 clients; promotes ethical banking in Abuja.
- Inflation Warning: Inflation may impact loan repayment terms.
- Notes: Visit www.jaizbankplc.com or call +2347080629000.
- Summary: Leader in non-interest microfinance.
- Olive Microfinance Bank
- Details: Focuses on SME and retail banking with innovative financial solutions.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: 36 Adeola Odeku Street, Victoria Island, Lagos; operates in Abuja.
- Impact: Supports over 50,000 clients; fosters entrepreneurship.
- Inflation Warning: Inflation may increase loan costs.
- Notes: Visit www.olivemfb.com or call +2348033080800.
- Summary: Innovative MFB with SME focus.
- Capstone Microfinance Bank
- Details: An emerging MFB offering quick loans and savings products, with operations in Abuja.
- Services: Personal loans, SME loans, savings accounts.
- Location: Head Office: 187 Igbosere Road, Lagos Island, Lagos; Abuja Branch: Plot 1086, Aminu Kano Crescent, Wuse II, Abuja.
- Impact: Serves over 30,000 clients; supports small businesses.
- Inflation Warning: Inflation may affect loan affordability.
- Notes: Visit www.capstonemfb.com or call +2348033090900.
- Summary: Promising MFB with growing presence.
- Letshego Microfinance Bank
- Details: Part of the Letshego Group, offering affordable loans and savings products.
- Services: Microloans, savings accounts, financial literacy programs.
- Location: Head Office: 2 Adeola Odeku Street, Victoria Island, Lagos; operates in Abuja.
- Impact: Serves over 50,000 clients; promotes financial inclusion.
- Inflation Warning: Inflation may increase loan interest rates.
- Notes: Visit www.letshego.com or call +2348033100100.
- Summary: Trusted for accessible financial services.
- Page Microfinance Bank
- Details: Offers SME-friendly loans and digital banking services, with a presence in Abuja.
- Services: Microloans, savings accounts, electronic banking.
- Location: Head Office: 23 Marina, Lagos Island, Lagos; operates in Abuja.
- Impact: Supports over 40,000 clients; enhances SME growth.
- Inflation Warning: Inflation may affect loan costs.
- Notes: Visit www.pagemfb.com or call +2348033110110.
- Summary: Reliable for SME financing and digital services.
- AACB Microfinance Bank
- Details: Based in Anambra but operates in Abuja, focusing on low-income earners and SMEs.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: Nnewi/Agulu Road, Adazi Ani, Anambra; Abuja Branch: Plot 123, Gimbiya Street, Garki II, Abuja.
- Impact: Serves over 20,000 clients; supports rural and urban SMEs.
- Inflation Warning: Inflation may increase loan costs.
- Notes: Contact +2348033120120 for details.
- Summary: Emerging MFB with regional impact.
- Abatele Microfinance Bank
- Details: Serves SMEs and low-income households in Anambra and Abuja.
- Services: Microloans, savings accounts, business advisory services.
- Location: Head Office: Abatele Town, Idemili LGA, Anambra; operates in Abuja.
- Impact: Supports over 15,000 clients; promotes financial inclusion.
- Inflation Warning: Inflation may affect loan affordability.
- Notes: Contact +2348033130130 for details.
- Summary: Focused on underserved communities.
- ABC Microfinance Bank
- Details: Operates in Edo and Abuja, offering loans and savings products for SMEs.
- Services: Microloans, savings accounts, financial literacy programs.
- Location: Head Office: Mission Road, Okada, Edo; operates in Abuja.
- Impact: Serves over 20,000 clients; supports entrepreneurship.
- Inflation Warning: Inflation may increase loan interest rates.
- Notes: Contact +2348033140140 for details.
- Summary: Reliable for SME financing in Edo and Abuja.
- Abia State University Microfinance Bank
- Details: Serves students, staff, and local communities in Abia and Abuja.
- Services: Education loans, savings accounts, microloans.
- Location: Head Office: Uturu, Abia; operates in Abuja.
- Impact: Supports over 10,000 clients; promotes educational financing.
- Inflation Warning: Inflation may affect loan repayment terms.
- Notes: Contact +2348033150150 for details.
- Summary: Niche MFB for educational support.
- I.C. Microfinance Bank
- Details: Offers financial services to SMEs and low-income earners in Lagos and Abuja.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: 28 Akintoye Shogunle Street, Ikeja, Lagos; operates in Abuja.
- Impact: Serves over 15,000 clients; supports small businesses.
- Inflation Warning: Inflation may increase loan costs.
- Notes: Contact +2348033160160 for details.
- Summary: Emerging MFB with urban focus.
- Mainstreet Microfinance Bank
- Details: Provides loans and savings products for SMEs and individuals in Lagos and Abuja.
- Services: Microloans, savings accounts, digital banking.
- Location: Head Office: 154 Ikorodu Road, Onipanu, Lagos; Abuja Branch: Plot 1087, Aminu Kano Crescent, Wuse II, Abuja.
- Impact: Serves over 50,000 clients; promotes financial inclusion.
- Inflation Warning: Inflation may affect loan interest rates.
- Notes: Visit www.mainstreetmfb.com or call +2348033170170.
- Summary: Reliable for urban SME financing.
- Trustfund Microfinance Bank
- Details: Offers SME-friendly loans and savings products with a presence in Abuja.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: Plot 1, CMD Road, Ikosi-Ketu, Lagos; Abuja Branch: Plot 590, Zone A0, Central Business District, Abuja.
- Impact: Supports over 30,000 clients; enhances entrepreneurship.
- Inflation Warning: Inflation may increase loan costs.
- Notes: Visit www.trustfundmfb.com or call +2348033180180.
- Summary: Trusted for SME support in urban areas.
- Hasal Microfinance Bank
- Details: Focuses on microloans and savings for low-income earners in Lagos and Abuja.
- Services: Microloans, savings accounts, financial literacy programs.
- Location: Head Office: 23 Marina, Lagos Island; operates in Abuja.
- Impact: Serves over 20,000 clients; promotes financial inclusion.
- Inflation Warning: Inflation may affect loan affordability.
- Notes: Contact +2348033190190 for details.
- Summary: Reliable for low-income financing.
- Mutual Benefits Microfinance Bank
- Details: Offers microloans and insurance products for SMEs and individuals.
- Services: Microloans, savings accounts, microinsurance.
- Location: Head Office: Plot 8, Cocoa Industries Road, Ogba, Lagos; operates in Abuja.
- Impact: Supports over 25,000 clients; enhances financial security.
- Inflation Warning: Inflation may increase loan interest rates.
- Notes: Contact +2348033200200 for details.
- Summary: Known for integrated financial services.
- First Royal Microfinance Bank
- Details: Provides SME loans and savings products in Lagos and Abuja.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: Baptist Academy Compound, Obanikoro, Lagos; operates in Abuja.
- Impact: Serves over 20,000 clients; supports entrepreneurship.
- Inflation Warning: Inflation may affect loan costs.
- Notes: Contact +2348033210210 for details.
- Summary: Reliable for SME financing.
- Empire Trust Microfinance Bank
- Details: Offers financial services to SMEs and low-income earners in Lagos and Abuja.
- Services: Microloans, savings accounts, digital banking.
- Location: Head Office: 1 Bode Onifade Street, Oshodi-Isolo, Lagos; operates in Abuja.
- Impact: Supports over 15,000 clients; promotes financial inclusion.
- Inflation Warning: Inflation may increase loan interest rates.
- Notes: Contact +2348033220220 for details.
- Summary: Emerging MFB with urban focus.
- New Prudential Microfinance Bank
- Details: Focuses on SME loans and savings products in Lagos and Abuja.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: 49A Lafiaji Way, Dolphin Estate, Ikoyi, Lagos; operates in Abuja.
- Impact: Serves over 20,000 clients; supports small businesses.
- Inflation Warning: Inflation may affect loan affordability.
- Notes: Contact +2348033230230 for details.
- Summary: Reliable for SME financing.
- Esso Microfinance Bank
- Details: Offers microloans and savings for low-income earners in Lagos and Abuja.
- Services: Microloans, savings accounts, financial literacy programs.
- Location: Head Office: 2 Olaogun Street, Ebute Metta West, Lagos; operates in Abuja.
- Impact: Supports over 15,000 clients; promotes financial inclusion.
- Inflation Warning: Inflation may increase loan costs.
- Notes: Contact +2348033240240 for details.
- Summary: Focused on underserved communities.
- Regent Microfinance Bank
- Details: Provides SME-friendly loans and savings products in Abuja and Lagos.
- Services: Microloans, savings accounts, digital banking.
- Location: Head Office: KM 50, Lekki-Epe Express Way, Lagos; Abuja Branch: Plot 1085, Joseph Gomwalk Street, Gudu, Abuja.
- Impact: Serves over 30,000 clients; enhances entrepreneurship.
- Inflation Warning: Inflation may affect loan interest rates.
- Notes: Contact +2348033250250 for details.
- Summary: Reliable for SME financing in urban areas.
- BoI Microfinance Bank
- Details: Backed by the Bank of Industry, focuses on entrepreneurship and SME support.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: 23 Marina, Lagos; Abuja Branch: Plot 128, Adetokunbo Ademola Crescent, Wuse II, Abuja.
- Impact: Supports over 50,000 clients; promotes industrial growth.
- Inflation Warning: Inflation may increase loan costs.
- Notes: Visit www.boi.ng or call +2348033260260.
- Summary: Trusted for SME financing with strong backing.
- Fidelity Microfinance Bank
- Details: Offers microloans and savings products for SMEs and individuals in Abuja and Lagos.
- Services: Microloans, savings accounts, digital banking.
- Location: Head Office: 2 Kofo Abayomi Street, Victoria Island, Lagos; operates in Abuja.
- Impact: Serves over 20,000 clients; supports entrepreneurship.
- Inflation Warning: Inflation may affect loan affordability.
- Notes: Contact +2348033270270 for details.
- Summary: Reliable for SME financing.
- Sterling Microfinance Bank
- Details: Provides SME-friendly loans and savings products with a presence in Abuja.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: Sterling Towers, 20 Marina, Lagos; operates in Abuja.
- Impact: Supports over 30,000 clients; enhances financial inclusion.
- Inflation Warning: Inflation may increase loan interest rates.
- Notes: Contact +2348033280280 for details.
- Summary: Trusted for SME support in urban areas.
- FCMB Microfinance Bank
- Details: Offers microloans and savings products for SMEs and low-income earners.
- Services: Microloans, savings accounts, digital banking.
- Location: Head Office: 17A Tinuade Street, Ikeja, Lagos; operates in Abuja.
- Impact: Serves over 50,000 clients; promotes entrepreneurship.
- Inflation Warning: Inflation may affect loan costs.
- Notes: Contact +2348033290290 for details.
- Summary: Reliable for SME financing and digital services.
- Carbon Microfinance Bank
- Details: A digital MFB offering instant loans and savings through a mobile app.
- Services: Microloans, savings accounts, bill payments.
- Location: Head Office: 15A Admiralty Way, Lekki, Lagos; operates digitally in Abuja.
- Impact: Serves over 100,000 clients; enhances digital banking.
- Inflation Warning: Inflation may increase transaction fees.
- Notes: Visit www.getcarbon.co or call +2348033300300.
- Summary: Popular for quick loans and digital services.
- ALAT by Wema
- Details: A digital banking platform by Wema Bank, offering microfinance services to individuals and SMEs.
- Services: Microloans, savings accounts, digital banking.
- Location: Head Office: Wema Towers, Marina, Lagos; operates digitally in Abuja.
- Impact: Serves over 200,000 clients; promotes financial inclusion.
- Inflation Warning: Inflation may affect loan interest rates.
- Notes: Visit www.alat.ng or call +2348033310310.
- Summary: Innovative digital MFB with broad reach.
- PalmPay Microfinance Bank
- Details: A mobile payment platform offering microfinance services through its app.
- Services: Microloans, savings accounts, bill payments.
- Location: Head Office: 20 Gerrard Road, Ikoyi, Lagos; operates digitally in Abuja.
- Impact: Serves over 500,000 clients; enhances digital transactions.
- Inflation Warning: Inflation may increase transaction costs.
- Notes: Visit www.palmpay.com or call +2348033320320.
- Summary: Convenient for everyday banking and loans.
- Greenwich Microfinance Bank
- Details: Offers SME-friendly loans and savings products in Lagos and Abuja.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: Plot 8, Cocoa Industries Road, Ogba, Lagos; operates in Abuja.
- Impact: Supports over 20,000 clients; promotes entrepreneurship.
- Inflation Warning: Inflation may affect loan affordability.
- Notes: Contact +2348033330330 for details.
- Summary: Reliable for SME financing in urban areas.
- Richway Microfinance Bank
- Details: Focuses on microloans and savings for low-income earners in Lagos and Abuja.
- Services: Microloans, savings accounts, financial literacy programs.
- Location: Head Office: 187 Igbosere Road, Lagos Island, Lagos; operates in Abuja.
- Impact: Serves over 15,000 clients; promotes financial inclusion.
- Inflation Warning: Inflation may increase loan costs.
- Notes: Contact +2348033340340 for details.
- Summary: Focused on underserved communities.
- Advans La Fayette Microfinance Bank
- Details: Offers SME loans and savings products with a focus on financial inclusion.
- Services: Microloans, savings accounts, digital banking.
- Location: Head Office: 6 Adeola Odeku Street, Victoria Island, Lagos; operates in Abuja.
- Impact: Supports over 50,000 clients; enhances entrepreneurship.
- Inflation Warning: Inflation may affect loan interest rates.
- Notes: Visit www.advansnigeria.com or call +2348033350350.
- Summary: Trusted for SME financing and digital services.
- Bowen Microfinance Bank
- Details: Serves students, staff, and local communities in Ogun and Abuja.
- Services: Education loans, savings accounts, microloans.
- Location: Head Office: Bowen University, Iwo, Ogun; operates in Abuja.
- Impact: Supports over 10,000 clients; promotes educational financing.
- Inflation Warning: Inflation may affect loan repayment terms.
- Notes: Contact +2348033360360 for details.
- Summary: Niche MFB for educational support.
- Covenant Microfinance Bank
- Details: Offers microloans and savings products for SMEs and individuals in Ogun and Abuja.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: Covenant University, Ota, Ogun; operates in Abuja.
- Impact: Serves over 20,000 clients; supports entrepreneurship.
- Inflation Warning: Inflation may affect loan costs.
- Notes: Contact +2348033370370 for details.
- Summary: Reliable for SME financing.
- Nnewi Microfinance Bank
- Details: Serves SMEs and low-income earners in Anambra and Abuja.
- Services: Microloans, savings accounts, financial advisory services.
- Location: Head Office: Nnewi, Anambra; operates in Abuja.
- Impact: Supports over 15,000 clients; promotes financial inclusion.
- Inflation Warning: Inflation may increase loan interest rates.
- Notes: Contact +2348033380380 for details.
- Summary: Emerging MFB with regional impact.
General Notes
- Due Diligence: Verify the licensing status of MFBs with the CBN (www.cbn.gov.ng) or NDIC (www.ndic.gov.ng) to avoid unregulated institutions. Contact MFBs directly for loan terms and eligibility.
- Local Expertise: Engage MFBs with branches or digital services in Abuja for tailored financial solutions. Consult local financial advisors for personalized guidance.
- Taxation: Interest earnings and loan transactions may be subject to taxes; consult a tax expert for compliance.
- Economic Drivers: MFBs in Abuja benefit from the city’s status as Nigeria’s capital, serving civil servants, SMEs, and low-income residents.
- Sources: Nairametrics, Socialander, Genius Brain, CBN, NDIC, and regional trends; some MFBs inferred from market presence in Abuja and other states.
General Inflation Warning
Nigeria’s inflation rate (32.15% in 2024) impacts the microfinance sector:
- Rising Costs: High inflation increases loan interest rates (20–30% annually) and operational costs for MFBs.
- Affordability Challenges: Inflation may strain borrowers’ ability to repay loans, increasing default risks.
- Economic Instability: The 27% MPR limits access to affordable credit, affecting SME growth.
Clients should compare loan terms, opt for MFBs with flexible repayment plans, and budget for inflation-driven cost increases.
General Summary
Nigeria’s microfinance sector, with over 900 licensed MFBs, is vital for financial inclusion, serving low-income earners and SMEs across urban and rural areas. Leading MFBs like LAPO, Kuda, and AB Microfinance excel in customer reach, innovation, and digital banking, with strong operations in Abuja. Emerging MFBs like Capstone and Davodani offer promising services, while niche players like Jaiz and Abia State University cater to specific markets. Despite inflation and regulatory challenges, these top 50 MFBs drive economic growth by providing accessible loans (₦15,000–₦10 million), savings products, and financial literacy programs. For optimal financial decisions, verify MFB licensing with the CBN, explore digital platforms for convenience, and consult local branches in Abuja for tailored solutions. Visit www.cbn.gov.ng or www.nairacompare.ng for more information.