Top 10 Microfinance Banks in Lagos, Nigeria: Empowering Financial Inclusion

Lagos, Nigeria’s economic powerhouse, hosts a vibrant network of microfinance banks (MFBs) licensed by the Central Bank of Nigeria (CBN) to provide financial services to low-income individuals, micro-entrepreneurs, and small businesses. With approximately 916 MFBs nationwide, Lagos is a hub for these institutions, which bridge the gap for the 36% of adults who are financially excluded. These banks offer accessible loans, savings accounts, and advisory services to foster entrepreneurship and economic growth. Below is a curated list of ten top microfinance banks in Lagos, detailing their descriptions, addresses, services, price ranges, social media presence, and ownership where available. Due to limited public data, some details like founders or exact pricing may be unavailable, but this selection highlights leading MFBs based on recent sources, focusing on innovation, customer satisfaction, and financial inclusion in Lagos.

1. LAPO Microfinance Bank

Description: Established in the 1980s, LAPO Microfinance Bank is one of Nigeria’s largest MFBs, with over 500 branches nationwide, including a strong presence in Lagos. It focuses on uplifting low-income households and SMEs through tailored financial products and community outreach programs, earning a reputation for social empowerment.
Address: LAPO Development Centre, 15 Ikorodu-Ososun Road, Maryland, Ikeja, Lagos, Nigeria
Services:

Microloans for SMEs and individuals
Savings and current accounts
Social empowerment and financial literacy programs
Online loan applications (up to NGN 10 million)
Price Range: Affordable; loan interest rates typically 2.5–4% monthly, savings accounts with competitive interest (3–6% annually).
Social Media Accounts:
Instagram: @lapomfb
Twitter/X: @LAPOMFB
Founder and Owner: Godwin Ehigiamusoe
Official Website: LAPO Microfinance Bank

2. AB Microfinance Bank

Description: Founded in 2008, AB Microfinance Bank is a socially responsible MFB headquartered in Lagos, affiliated with Access Microfinance Holdings AG (Germany). Known for fast loan processing (3–10 days), it serves micro and small enterprises with innovative digital banking solutions like myABmobile.
Address: 9 Oba Akran Avenue, Ikeja, Lagos, Nigeria
Services:

Microloans, SME loans, and housing loans
Savings, current, and fixed deposit accounts
Mobile banking (myABmobile app)
Financial advisory services
Price Range: Mid-range; loan interest rates 2–5% monthly, loans from NGN 270,000–2 million, savings with 4–7% annual interest.
Social Media Accounts:
Instagram: @abmfbnigeria
Twitter/X: @abmfbn
Founder and Owner: Not publicly listed; part of AccessHoldings AG.
Official Website: AB Microfinance Bank

3. KUDA Microfinance Bank

Description: KUDA, formerly Kudimoney, is a digital-first MFB launched in 2016, revolutionizing microfinance with its user-friendly app. Backed by over $90 million in funding, it targets Nigerian youth with seamless banking services, positioning itself as “the bank of the free.”
Address: 151 Herbert Macaulay Way, Yaba, Lagos, Nigeria
Services:

Online-only savings and digital lending
Personal and business loans
Fixed deposit accounts
Mobile banking app with zero-fee transactions
Price Range: Affordable; loans from NGN 10,000–500,000 with 1–3% monthly interest, savings with 5–8% annual interest.
Social Media Accounts:
Instagram: @kudabank
Twitter/X: @KudaBank
Founder and Owner: Babs Ogundeyi and Musty Mustapha
Official Website: KUDA

4. Fina Trust Microfinance Bank

Description: Established in 2009, Fina Trust is a leading MFB in Lagos, affiliated with Sri Lanka’s LOLC Group. It serves SMEs and individuals with a focus on quick loans and financial inclusion, offering a range of accounts and digital banking services.
Address: 46 Marina, Lagos Island, Lagos, Nigeria
Services:

Quick loans, SME loans, and education loans
Savings, current, and fixed deposit accounts
Salary advances and financial asset financing
Mobile banking services
Price Range: Mid-range; loan interest rates 2–4% monthly, loans up to NGN 5 million, savings with 4–6% annual interest.
Social Media Accounts: Not publicly listed in available data.
Founder and Owner: Not publicly listed; part of LOLC Group.
Official Website: Fina Trust

5. DavoDani Microfinance Bank

Description: DavoDani, rebranded in 2016 from a unit MFB, is a state-licensed MFB with 11 branches in Lagos. With assets of NGN 9 billion and a shareholder fund of NGN 3 billion, it focuses on empowering micro-entrepreneurs with fast loans and innovative banking solutions.
Address: 28 Akintoye Shogunle Street, Ikeja, Lagos, Nigeria
Services:

Microloans and SME loans
Savings and deposit accounts
Mobile and internet banking
Financial advisory and empowerment programs
Price Range: Mid-range; loan interest rates 2–5% monthly, loans from NGN 50,000–2 million, savings with 4–7% annual interest.
Social Media Accounts:
Instagram: @davodanimfb
Founder and Owner: Prince Austin Enajemo-Isire
Official Website: DavoDani

6. Advans La Fayette Microfinance Bank

Description: Operating since 2013, Advans La Fayette is an international MFB licensed by the CBN, offering tailored financial solutions for SMEs and individuals. Its mobile app and branch network in Lagos ensure accessibility and high interest rates on savings.
Address: 6A Shola Oguntade Close, Lekki Phase 1, Lagos, Nigeria
Services:

SME loans and personal loans
Savings accounts with high interest
Insurance services
Mobile banking app
Price Range: Mid-range; loan interest rates 2.5–4% monthly, loans up to NGN 3 million, savings with 5–8% annual interest.
Social Media Accounts:
Instagram: @advansnigeria
Twitter/X: @AdvansNigeria
Founder and Owner: Not publicly listed; part of Advans Group.
Official Website: Advans La Fayette

7. RenMoney Microfinance Bank

Description: RenMoney is a prominent MFB in Lagos, known for its rapid loan approval process and transparent terms. It serves individuals and SMEs with digital-first solutions, focusing on financial inclusion and hassle-free borrowing.
Address: 23 Awolowo Road, Ikoyi, Lagos, Nigeria
Services:

Personal and business loans
Savings and investment products
Online banking platform
Financial advisory services
Price Range: Mid-range; loan interest rates 2–4% monthly, loans from NGN 50,000–6 million, savings with 4–7% annual interest.
Social Media Accounts:
Instagram: @renmoneyng
Twitter/X: @RenmoneyNG
Founder and Owner: Not publicly listed in available data.
Official Website: RenMoney

8. VFD Microfinance Bank (VBank)

Description: A subsidiary of VFD Group, VBank is a trendy, digital-first MFB targeting young entrepreneurs and SMEs. Launched in 2016, it offers seamless banking through its mobile app, focusing on accessibility and modern financial solutions.
Address: 642C Adeyemo Alakija Street, Victoria Island, Lagos, Nigeria
Services:

Microloans and SME loans
Savings, current, and fixed deposit accounts
Mobile banking app
Financial advisory for startups
Price Range: Mid-range; loan interest rates 2–5% monthly, loans up to NGN 5 million, savings with 4–8% annual interest.
Social Media Accounts:
Instagram: @vbankng
Twitter/X: @Vbankng
Founder and Owner: Not publicly listed; part of VFD Group.
Official Website: VFD Microfinance Bank

9. Moneytrust Microfinance Bank

Description: Since starting operations in 2017, Moneytrust MFB has grown into a trusted retail finance institution in Lagos, offering tailored products for individuals and businesses. Its Lekki-based processing office ensures efficient service delivery.
Address: 19 Olubunmi Rotimi Street, Lekki Phase 1, Lagos, Nigeria
Services:

Savings and investment products
Personal and business loans
Mobile and internet banking
Financial planning services
Price Range: Mid-range; loan interest rates 2–4% monthly, loans from NGN 100,000–3 million, savings with 4–6% annual interest.
Social Media Accounts:
Instagram: @moneytrustmfb
Twitter/X: @MoneytrustMFB
Founder and Owner: Not publicly listed in available data.
Official Website: Moneytrust

10. IBILE Microfinance Bank

Description: A Lagos State Government initiative, IBILE MFB focuses on empowering micro-entrepreneurs and low-income earners in Lagos. It provides accessible financial products to support wealth creation, with a strong emphasis on community impact.
Address: 23 Marina, Lagos Island, Lagos, Nigeria
Services:

Microloans for micro-entrepreneurs
Savings and deposit accounts
Financial advisory and training
Community-focused financial inclusion programs
Price Range: Affordable; loan interest rates 2–4% monthly, loans from NGN 50,000–2 million, savings with 3–6% annual interest.
Social Media Accounts:
Instagram: @ibilemfb
Founder and Owner: Lagos State Government
Official Website: IBILE Microfinance Bank

Notes

Data Limitations: Comprehensive details for 20 microfinance banks, including founders and exact pricing, are limited due to sparse public records. This list prioritizes verified data from sources like Nairametrics, Socialander, and CBN, focusing on prominent MFBs in Lagos.
Price Range: Interest rates and loan amounts vary based on loan type, repayment period, and client profile. Most MFBs charge 2–5% monthly interest on loans, with savings accounts offering 3–8% annual interest. Contact banks directly for precise terms.
CBN Regulation: All listed MFBs are licensed by the CBN, ensuring compliance with a minimum capital base of NGN 200 million and robust governance. Verify licensing via the CBN website (www.cbn.gov.ng) to avoid scams.
Accessibility: Lagos MFBs are concentrated in commercial hubs like Ikeja, Victoria Island, and Lagos Island. Most offer mobile banking apps for convenience, and branches are accessible via public transport or ride-hailing apps like Bolt.
Choosing an MFB: Prioritize banks with transparent terms, digital platforms, and strong customer reviews. Check social media and websites for service details and client feedback. Avoid unregistered agencies charging job seekers fees.
Additional MFBs: Other notable MFBs in Lagos include Addosser (21 branches, Ikeja), Lovonus (Lagos Island), and BoI Microfinance Bank (Ikeja), though some lack complete ownership or social media details.

Lagos’ microfinance banks are pivotal in driving financial inclusion, empowering SMEs, and supporting low-income earners. From LAPO’s community focus to KUDA’s digital innovation, these institutions offer tailored solutions for Nigeria’s economic backbone. Visit their websites or branches to explore financial products and start your journey toward financial freedom!