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Nigeria is one of the most populous nation in Africa, yet has high level of poor and average class of people. In the results of recent  findings, it was said that Nigeria has about 916 microfinance Banks operational. Good enough, a lot of them are doing pretty good and are helping and supporting many small scale businesses around the country.

Though lot of them have had issues with customers, especially borrowers who are unable to pay back their loans probably because of the  high interest rate.

In this article, we will dive into examining the various microfinance banks in Nigeria and know the best for our financial operations.

Here are list of some of the best microfinance Bank: 


1. kuda microfinance bank

kuda microfinance bank
kuda microfinance bank

Kuda Microfinance Bank has emerged as a trailblazer in Nigeria’s financial sector, pioneering digital banking solutions and transforming the traditional banking experience. Since its inception in 2016 as Kudimoney, this institution has undergone a remarkable evolution, rebranding itself as Kuda and swiftly gaining prominence as “the bank of the free.”

Founding and Evolution

Kuda Microfinance Bank began its journey in the realm of online savings and digital lending. However, its metamorphosis into a major microfinance bank has been marked by a paradigm shift in banking accessibility and customer-centric services. Backed by substantial investments exceeding $90 million, Kuda has set itself apart as a disruptor in the financial landscape, particularly among the Nigerian youth.

Digital Transformation

One of Kuda’s defining characteristics is its emphasis on digitalization. The bank has prioritized technological innovation, offering an intuitive and user-friendly banking app that simplifies access to a wide array of financial services. This focus on digital platforms has resonated strongly, attracting a growing user base seeking hassle-free banking solutions.

Youth-Oriented Approach

Targeting the youth demographic, Kuda has strategically positioned itself as a modern, innovative, and accessible financial institution. Its simplified banking app has played a pivotal role in engaging younger customers, providing an interface that is both convenient and intuitive, fostering financial literacy and inclusion among the tech-savvy generation.

Innovative Offerings

Beyond traditional banking services, Kuda has introduced innovative products and features to cater to evolving customer needs. The bank’s offerings span across savings, loans, payments, and more, all seamlessly integrated within its mobile app. This comprehensive suite of services has contributed significantly to Kuda’s rapid rise and popularity.

Simplified Banking

Kuda’s commitment to simplifying banking processes is evident in its streamlined account registration and service accessibility. The user-friendly interface allows customers to manage their finances efficiently, empowering them with control over their banking activities while promoting financial independence.

Financial Inclusion

An overarching goal for Kuda Microfinance Bank has been to enhance financial inclusion. By leveraging digital platforms, the bank aims to reach the unbanked and underserved populations, providing them with convenient and accessible financial solutions.

Continued Growth and Vision

Kuda’s trajectory indicates a continued focus on growth, innovation, and customer satisfaction. The bank’s vision revolves around leveraging technology to reshape the banking experience further, fostering a financially inclusive environment, and catering to the evolving needs of its diverse customer base.

In essence, Kuda Microfinance Bank stands as a prime example of a financial institution that has embraced digitalization to revolutionize banking, catering to the needs of a dynamic and tech-driven society. Its emphasis on accessibility, innovation, and customer-centricity has positioned it as a frontrunner in Nigeria’s ever-evolving financial landscape.

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2. LAPO Microfinance Bank

LAPO Microfinance Bank
LAPO Microfinance Bank

LAPO Microfinance Bank, established in the 1980s, holds a significant place in Nigeria’s financial landscape. Originally founded to alleviate the economic challenges stemming from the Structural Adjustment Programme under General Ibrahim Babangida, LAPO has evolved into a pivotal institution dedicated to empowering low-income households and fostering financial inclusion.

Origins and Transformation

LAPO Microfinance Bank’s genesis was rooted in a noble cause—to assist less-privileged Nigerians grappling with economic hardships. Over the years, it has undergone a transformative journey, expanding its scope beyond mere financial assistance to become a beacon of hope for communities striving for economic stability.

Responsive Financial Services

The hallmark of LAPO’s operations lies in its commitment to delivering responsive financial services. Understanding the unique needs of low-income households, the bank has tailored its offerings to empower individuals economically. Through a range of financial products and services, LAPO aims to uplift communities by providing them with accessible and sustainable financial solutions.

Empowering Low-Income Households

LAPO’s primary mission revolves around economic empowerment. By providing financial services on a sustainable basis, the bank endeavors to equip low-income households with the tools and resources necessary to navigate the complexities of the financial landscape. This empowerment has a cascading effect, fostering individual and community growth.

Sustainability and Impact

LAPO Microfinance Bank’s operations are deeply entrenched in sustainability. Its efforts extend beyond mere financial aid, focusing on fostering economic stability and resilience among its clientele. Through consistent support and responsive financial services, LAPO has made a substantial impact on the lives of many, driving socio-economic development in communities it serves.

Community Engagement and Reach

The bank’s outreach extends to various segments of society, reaching those often overlooked by traditional financial institutions. By catering to the needs of underserved populations, including market women, small-scale entrepreneurs, and the unbanked, LAPO has become a pivotal force in enhancing financial inclusion.

Legacy of Service

LAPO Microfinance Bank’s legacy is defined by its unwavering commitment to socio-economic transformation. Over the years, it has established itself as a trusted financial partner, enabling individuals and communities to build a brighter future through financial stability and empowerment.

Future Endeavors

With a continued focus on responsive and sustainable financial services, LAPO Microfinance Bank envisions a future where financial inclusion is not just an aspiration but a reality for all. Its commitment to leveraging financial resources to uplift communities remains unwavering, embodying its role as a catalyst for positive change.

In summary, LAPO Microfinance Bank stands as a testament to the transformative power of financial inclusion. Its dedication to empowering low-income households, fostering sustainable growth, and promoting economic stability underscores its vital role in Nigeria’s pursuit of inclusive and resilient economic development.

3. ACCION Microfinance Bank

ACCION Microfinance Bank has established itself as a significant player in Nigeria’s financial sector since its inception in 2006. Founded with a clear mission to empower micro-entrepreneurs and low-income earners, the bank has made substantial strides in fostering financial inclusion and sustainability.

Mission and Ethos

ACCION Microfinance Bank’s core ethos revolves around empowering individuals and businesses by providing financial services in a sustainable, ethical, and profitable manner. This mission underscores the bank’s commitment to serving the underserved segments of society and promoting economic development.

National Outreach and Impact

With a national footprint, ACCION has been pivotal in reaching diverse communities across Nigeria. Its services cater to micro-entrepreneurs, small businesses, and individuals who often face barriers to accessing traditional banking services. By tailoring its offerings to meet the specific needs of these groups, ACCION has significantly contributed to their economic growth and stability.

Diverse Loan Offerings

One of ACCION’s standout features is its array of loan products tailored to different needs. These encompass loans for small businesses, homeownership, education, and more. Additionally, the availability of quick loans through mobile banking and USSD channels has empowered individuals with easy access to financial resources.

Ethical and Sustainable Approach

ACCION Microfinance Bank operates on a sustainable and ethical framework, ensuring that its financial services positively impact the lives of its customers while maintaining financial stability. By combining financial prudence with a focus on social impact, ACCION demonstrates a commitment to sustainable growth and development.

Financial Inclusion and Empowerment

The bank’s dedication to empowering micro-entrepreneurs and low-income earners has had a profound impact on financial inclusion. By extending financial services to those traditionally excluded from the formal financial sector, ACCION has played a pivotal role in bridging the gap and fostering economic participation among marginalized communities.

Technology Integration

ACCION’s embrace of technology has been instrumental in expanding its reach and enhancing service delivery. The availability of quick loans and accessible banking through mobile and digital channels has made financial services more convenient and accessible to a wider audience.

Vision for the Future

ACCION Microfinance Bank continues to focus on its vision of empowering individuals and communities economically. By leveraging technology, ethical practices, and a commitment to sustainability, the bank aims to further expand its impact, driving towards a future where financial inclusion is a reality for all.

In essence, ACCION Microfinance Bank stands as a testament to the transformative potential of ethical banking practices and a customer-centric approach. Its commitment to empowering individuals and fostering sustainable economic growth positions it as a catalyst for positive change in Nigeria’s financial landscape.


4. Mutual Trust Microfinance Bank

Mutual Trust Microfinance Bank has carved a distinctive niche in Nigeria’s financial sector, pioneering a redefined approach to microfinance since its rebranding in April 2016. Renamed from Mark de Rock Microfinance Ltd and with a renewed management, the institution has championed innovation, technology integration, and customer-centricity.

Revolutionizing Microfinance

The bank’s transformation marked a pivotal shift in its operations, focusing on revolutionizing microfinance in Nigeria. By leveraging cutting-edge technology, Mutual Trust has set new standards for service delivery and customer experience within the microfinance sphere.

Commitment to Excellence

Mutual Trust Microfinance Bank prides itself on delivering excellent financial services. The institution’s hallmark lies in providing hassle-free experiences, leveraging technology to streamline processes, and boasting a highly experienced workforce dedicated to ensuring customer satisfaction.

Efficiency and Speed

A standout feature of Mutual Trust’s operations is its efficiency. The bank’s streamlined processes allow customers to complete loan applications in under ten minutes, setting a new benchmark for expediency in the financial sector. Furthermore, the swift analysis and approval of loan applications within ten hours have revolutionized accessibility to financial resources for customers.

Flexibility in Financial Solutions

The bank’s approach to financial solutions encompasses a flexible repayment plan, empowering customers to manage their loan repayments without undue stress. This customer-centric approach resonates with individuals and businesses seeking adaptable financial products that cater to their specific needs.

Technology-Driven Services

Mutual Trust’s integration of technology has been a driving force behind its success. By deploying state-of-the-art technology, the bank ensures seamless access to financial services through digital platforms, simplifying transactions and fostering convenience for its clientele.

Accessible Services

The bank’s commitment to accessibility extends beyond streamlined processes. Its widespread accessibility through digital platforms, coupled with user-friendly interfaces, has made financial services more inclusive, reaching individuals and businesses irrespective of geographical constraints.

Vision for the Future

Mutual Trust Microfinance Bank’s vision revolves around continual innovation, technology adoption, and a steadfast commitment to exceptional customer service. The institution aims to further expand its footprint, leveraging technology to enhance its offerings and provide even more accessible financial solutions.

In summary, Mutual Trust Microfinance Bank stands as an epitome of modern microfinance institutions. Its emphasis on technology, customer satisfaction, and innovative financial solutions positions it as a pioneering force in redefining the microfinance landscape in Nigeria.

5. Assets Microfinance Bank

Assets Microfinance Bank has emerged as a dynamic and innovative financial institution in Nigeria, despite being relatively new in the industry. Founded with a clear mandate from the Central Bank of Nigeria (CBN) to provide personal, business, and payday loans, the bank has quickly positioned itself as a force dedicated to empowering Nigerian businesses and individuals.

Establishment and Mission

Assets Microfinance Bank was established with a specific focus: to provide essential financial services, including personal and business loans, to Nigerian citizens. Its mission revolves around empowering businesses and individuals through accessible and tailored financial solutions.

Unique Offerings

The bank’s offerings are tailored to suit the diverse needs of its customer base. From personal loans to business support services, Assets Microfinance Bank provides a spectrum of financial products and services designed to empower Nigerian businesses and facilitate personal financial growth.

Focus on Empowerment

Assets Microfinance Bank has set itself apart by concentrating on fostering empowerment within the Nigerian business ecosystem. By offering financial support and services, the bank enables individuals to start or expand their businesses, contributing to economic growth and job creation.

Savings and Investment Services

In addition to loans, the bank offers savings and investment services. This aspect reflects its commitment to encouraging financial discipline and helping customers secure their financial futures through responsible savings and investment strategies.

Technology Integration

The bank’s adoption of technology plays a significant role in its service delivery. By leveraging digital platforms, Assets Microfinance Bank ensures that customers have easy access to its services, fostering financial inclusion and convenience.

Strategic Positioning

Despite being a newcomer, Assets Microfinance Bank has strategically positioned itself as a key player in the microfinance sector. Its focus on unique and empowering financial products has garnered attention and trust from customers seeking reliable financial partners.

Vision for Growth

Assets Microfinance Bank’s vision for the future involves continual expansion and innovation. The bank aims to further strengthen its services, broaden its reach, and continue empowering Nigerian businesses and individuals through accessible and impactful financial solutions.

In summary, Assets Microfinance Bank stands as a testament to the potential of new entrants in the financial sector. Its focus on empowerment, tailored services, and technological integration positions it as a promising institution dedicated to fostering financial growth and stability in Nigeria.


6. Fina Trust Microfinance Bank

Fina Trust Microfinance Bank, established in 2009, has steadily risen to prominence as one of Nigeria’s leading microfinance institutions. Affiliated with the largest non-banking corporate entity in Sri Lanka, Fina Trust has set itself apart through a commitment to exceptional service delivery and a diverse range of financial products tailored to meet the evolving needs of its clientele.

Establishment and Affiliation

Fina Trust Microfinance Bank, established in 2009, boasts affiliation with the prestigious LOLC Group, the largest non-banking corporate entity in Sri Lanka. This affiliation underscores the bank’s commitment to leveraging global expertise and resources to drive its operations in Nigeria.

Service Portfolio

The bank offers a comprehensive suite of services designed to cater to various financial needs. From quick loans to salary advances, SME loans, education loans, and financial asset financing, Fina Trust ensures a wide array of options to meet the diverse requirements of individuals and businesses.

Focus on Accounts and Deposits

Fina Trust Microfinance Bank provides a range of account services catering to different financial preferences. These include savings, current accounts, and fixed deposit accounts, giving customers the flexibility to choose accounts that align with their financial goals.

Technology-Driven Solutions

The bank places a strong emphasis on technological integration. Leveraging modern technology, Fina Trust streamlines its operations, making financial services more accessible through digital platforms. The implementation of digital solutions has facilitated efficient service delivery and enhanced customer experiences.

Innovation in Financial Services

Fina Trust Microfinance Bank stands out for its innovative approach to financial services. The introduction of diverse loan products, coupled with a focus on customer-centric banking, reflects the institution’s commitment to providing tailored solutions to meet the specific needs of its customers.

Commitment to Excellence

The bank’s dedication to excellence is evident in its commitment to providing top-notch financial services. Its robust workforce, coupled with a customer-centric approach, ensures that clients receive quality service and personalized attention.

Vision for the Future

Fina Trust Microfinance Bank’s vision revolves around sustained growth and innovation. The bank aims to further expand its service offerings, leverage technology for greater accessibility, and solidify its position as a frontrunner in Nigeria’s microfinance sector.

In summary, Fina Trust Microfinance Bank’s affiliation with a global entity, dedication to technological advancement, and diverse service portfolio underscore its pivotal role in shaping Nigeria’s financial landscape. Its commitment to innovation and customer satisfaction positions it as a key player driving financial inclusion and empowerment in the country.


7. AB Microfinance Bank

AB Microfinance Bank, established in 2008 and headquartered in Lagos, has emerged as a socially responsible financial institution focused on catering to the needs of micro and small enterprises (MSEs) in Nigeria. With a commitment to providing financial services and support to this vital sector, AB Microfinance Bank has made significant strides in empowering entrepreneurs and fostering economic growth.

Socially Responsible Approach

At the core of AB Microfinance Bank’s operations lies a commitment to social responsibility. By targeting micro and small enterprises, the bank plays a crucial role in supporting grassroots entrepreneurship, job creation, and economic development.

Range of Financial Products

The bank offers a diverse range of financial products tailored to meet the unique needs of MSEs. These include micro-loans, SME loans, and housing loans, enabling entrepreneurs to access the necessary financial resources to start or expand their businesses.

Banking Services

AB Microfinance Bank provides a range of banking services beyond loans. Customers have the opportunity to open savings accounts, current accounts, and fixed deposit accounts, offering a comprehensive suite of financial solutions.

Focus on Accessibility

The bank’s commitment to accessibility is evident through its mobile banking services and other related banking facilities. By leveraging technology, AB Microfinance Bank ensures that its services are easily accessible to a wider audience, including individuals in remote areas.

Empowerment and Financial Inclusion

AB Microfinance Bank’s targeted approach towards micro and small enterprises contributes significantly to economic empowerment and financial inclusion. By providing access to financial resources and services that were previously out of reach for many, the bank plays a crucial role in bridging the financial gap.

Community Engagement

The bank actively engages with the communities it serves, conducting financial literacy programs and initiatives aimed at educating entrepreneurs on financial management and business growth strategies. This community-centric approach underscores its commitment to building a financially savvy and empowered clientele.

Future Outlook

AB Microfinance Bank’s vision for the future involves continued support for micro and small enterprises, leveraging technology for enhanced accessibility, and further strengthening its position as a key player in Nigeria’s financial sector.

In essence, AB Microfinance Bank stands as a beacon of support for micro and small enterprises, embodying a commitment to social responsibility, financial empowerment, and community development. Its targeted approach and comprehensive financial services play a pivotal role in driving economic growth and inclusion in Nigeria.


8. VFD Microfinance Bank

VFD Microfinance Bank, also known as VBank, has emerged as a distinctive and innovative financial institution in Nigeria’s landscape. As a subsidiary of VFD Group, established in 2009 and operational since 2011, VFD Microfinance Bank has positioned itself as a modern and technology-driven entity, offering a reimagined banking experience to its customers.

Focus on Digitization

At the heart of VFD Microfinance Bank’s approach lies a strong emphasis on digitization. The bank has redefined traditional banking by offering a highly streamlined and user-friendly mobile app. This focus on technology has positioned VBank as a frontrunner in providing a seamless and modern banking experience.

Affiliation with VFD Group

VFD Microfinance Bank benefits from its affiliation with VFD Group, the largest non-banking financial institution in Nigeria. This association underscores the bank’s access to extensive resources, expertise, and a robust network, further enhancing its operations and service delivery.

Customer-Centric Services

VFD Microfinance Bank places significant importance on customer satisfaction. Its banking solutions are designed with the customer in mind, aiming to deliver personalized and efficient services through its advanced mobile app and other digital platforms.

Innovative Banking Solutions

The bank offers a range of innovative financial services, including quick loans, salary advances, SME loans, education loans, and financial asset financing. These offerings cater to the diverse financial needs of individuals and businesses, showcasing VBank’s commitment to innovation and versatility.

Advanced Mobile App

VFD Microfinance Bank’s mobile app is a hallmark of its commitment to modern banking. The app is known for its user-friendly interface, cutting-edge features, and accessibility, making banking operations convenient and intuitive for its customers.

Commitment to Streamlined Processes

The bank’s processes are designed to offer swift and efficient services. From account opening to loan applications and transactions, VFD Microfinance Bank prioritizes streamlined processes, ensuring a seamless banking experience for its clientele.

Vision for the Future

VFD Microfinance Bank envisions continual growth and innovation. The bank aims to leverage technology further, expand its suite of services, and continue offering a reimagined banking experience that caters to the evolving needs of its customers.

In summary, VFD Microfinance Bank stands as a testament to the transformative power of technology in banking. Its commitment to digitization, innovative solutions, and customer-centricity positions it as a leader in providing modern and accessible financial services in Nigeria’s ever-evolving financial landscape.


9. Sparkle Microfinance Bank

Sparkle Microfinance Bank, spearheaded by the former MD of defunct Diamond Bank, Uzoma Dozie, represents a new era in Nigerian banking. Launched in 2019, Sparkle Microfinance Bank has set itself apart with a mission to democratize access to finance, particularly for small businesses and individuals, through technology-driven solutions and a customer-centric approach.

Technology at the Forefront

At the core of Sparkle Microfinance Bank’s operations is technology. The bank has leveraged digital innovation to create a user-friendly mobile app available on Google Play Store and iOS platforms. This app serves as a gateway to a host of financial services, streamlining banking processes and promoting accessibility.

Empowerment through Technology

Sparkle Microfinance Bank’s focus on technology extends to its services, aiming to empower users through financial education, transparency, and control over their finances. The app provides insights into spending habits, budgeting tools, and various financial management features, fostering financial literacy among customers.

Customer-Centric Approach

The bank’s philosophy centers on putting the customer first. Sparkle Microfinance Bank emphasizes understanding customer needs and preferences, providing personalized and responsive financial services. The platform’s user-friendly design ensures a seamless and engaging banking experience.

Entrepreneurial Support

Sparkle Microfinance Bank particularly targets small businesses, offering them a suite of financial tools and services tailored to their requirements. The bank’s commitment to supporting entrepreneurship is evident through initiatives that provide access to funds and resources necessary for business growth.

Technology-Driven Financial Services

The integration of technology allows Sparkle Microfinance Bank to offer various financial services such as savings, payments, lending, and investment options. Through its app, customers can access these services easily, effectively transforming their smartphones into personalized financial hubs.

Former Banking Expertise

The leadership of Uzoma Dozie, a respected figure in the Nigerian banking sector, brings valuable experience and vision to Sparkle Microfinance Bank. His guidance has been instrumental in shaping the bank’s strategic direction and customer-focused initiatives.

Future Outlook

The bank’s vision for the future involves continual technological advancements and expansion of its service offerings. Sparkle Microfinance Bank aims to play a significant role in promoting financial inclusion, providing innovative solutions, and further democratizing access to finance for individuals and businesses.

In summary, Sparkle Microfinance Bank represents a paradigm shift in the banking landscape, blending technological innovation, customer-centricity, and a commitment to financial empowerment. Its emphasis on leveraging technology to make banking more accessible and intuitive positions it as a transformative force in Nigeria’s financial sector.


10. BoI Microfinance Bank

BoI Microfinance Bank, a subsidiary of Nigeria’s oldest development bank, the Bank of Industry (BoI), stands as a pivotal institution in Nigeria’s financial ecosystem. Established in 2002, the bank operates with a commitment to providing financial services tailored to the needs of small and medium-sized enterprises (SMEs) and low-income earners, promoting entrepreneurship and economic development.

Affiliation with Bank of Industry

BoI Microfinance Bank’s affiliation with the Bank of Industry solidifies its foundation and provides it with a robust financial backing and extensive expertise in supporting industrial development. This affiliation allows the bank to leverage the resources and experience of its parent institution to cater to the financial needs of SMEs.

Entrepreneurial Support

The bank focuses on supporting SMEs and low-income earners, recognizing them as key drivers of economic growth. Through various financial products and services, including loans and savings accounts, BoI Microfinance Bank empowers these entrepreneurs, fostering job creation and economic development.

Entrepreneurship and Easy Access to Loans

BoI Microfinance Bank emphasizes entrepreneurship by offering easy access to loans for small businesses and low-income earners. By providing accessible and tailored financial solutions, the bank enables aspiring and existing entrepreneurs to realize their business goals.

Savings and Deposits

The bank offers a range of savings and deposit services, encouraging financial discipline and stability among its customers. These services cater to individuals and businesses seeking secure and profitable ways to manage their funds.

Encouraging Entrepreneurship

BoI Microfinance Bank’s commitment to encouraging entrepreneurship is evident in its loan provisions, mentorship programs, and business advisory services. These initiatives aim to equip entrepreneurs with the necessary tools and resources for sustainable growth.

Commitment to Financial Inclusion

The bank plays a crucial role in advancing financial inclusion by extending its services to low-income earners and SMEs, segments often underserved by traditional financial institutions. BoI Microfinance Bank’s dedication to providing accessible financial solutions contributes significantly to fostering inclusive economic development.

Future Endeavors

BoI Microfinance Bank’s vision for the future involves continued support for SMEs, fostering entrepreneurship, and further expanding its financial services. The bank aims to strengthen its position as a key player in driving economic growth and fostering financial inclusion in Nigeria.

In summary, BoI Microfinance Bank’s focus on supporting SMEs, fostering entrepreneurship, and promoting financial inclusion aligns with its commitment to driving economic development in Nigeria. Its affiliation with the Bank of Industry and tailored financial solutions position it as a catalyst for sustainable economic growth and empowerment within the country.


Inconclusion, there are more of these banks in the country, but we decide to discuss the  best 10 in our findings. You can subscribed to our blog and get the most of answers to your questions on finances and Education.

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