Top 10 Best Microfinance Banks in Nigeria 2022

Top 10 Best Microfinance Banks in Nigeria 2022

Microfinance Bank is an  institutions which means mini bank that do not have a commercial bank, capital or reach. Nevertheless, they provide loans for people or groups, particularly farmers and small and medium-sized entrepreneurs and small/big businesses. If you want to know more about microfinance banks in Nigeria, make sure you read to the very end.

In Nigeria, Most MFB operate with a few branches within an area, such as an area of a State, Local Government Area, while some have only one branch. If you’re searching for a personal loan service within Nigeria, you tend to visit any of these 10 best microfinance banks I have listed below.

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The microfinance banks are ideal for small and medium-sized entrepreneurs that can get loans from banks to help grow their business, and they pay them back in a time frame that is agreed upon. Therefore, they can’t compete against banks that typically have branches nationwide.

  • KUDA Microfinance Bank

This top MFB has taken other Nigerian financial services industries by storm. Also, it was launched in 2016. The company started as Kudimoney and offered online-only savings and digital lending. Since then, the company has transformed into KUDA, raised over $90 million, and popularised itself among the youth as “the bank of the free.”

Currently, KUDA Bank is busy positioning itself as a significant microfinance bank. And new users are signing up daily; thankfully, its simplified banking app makes it very easy to register and access a wide array of banking services.

If you want to learn more about KUDA Bank, visit its website. 

  • LAPO Microfinance Bank

This microfinance bank was established in the 1980s to help less-privileged Nigerians cope with the harsh economic realities that followed the Structural Adjustment Programme under General Ibrahim Babangida. Since then, LAPO Microfinance has transformed into one of Nigeria’s most notable MFBs, thanks to its consistent effort at ensuring that low-income households in Nigeria are economically empowered.

The company provides “responsive financial services on a sustainable basis.”

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You can learn more about LAPO Microfinance and its loans by visiting its website.

  • ACCION Microfinance Bank

Accion MF Bank is similar to LAPO. It was established in 2006 and has been on a mission to “empower micro-entrepreneurs and low-income earners by providing financial services in a sustainable, ethical and profitable manner,” as per its website.

The company offers different types of loans, including loans to small businesses, homeownership, education, and more. Users can also get quick loans of up to N150,000 through ACCION’s mobile banking or USSD channels.

  • Mutual Trust Microfinance Bank

Mutual Trust Micro finance Bank is one of Nigeria’s leading microfinance banks. Since April 2016, when the company rebranded its name from Mark de Rock Microfinance Ltd and changed its management, it has been on a trailblazing mission to redefine microfinance in Nigeria.

The company prides itself in providing excellent financial services using cutting-edge technology and its highly experienced workforce. The processes are so easy that customers can complete their loan applications in under ten minutes. Also, loan applications are analyzed and approved in ten hours. And the best part is that the company has a flexible repayment plan that allows customers to easily offset their loans without stress.

To learn more about Mutual Trust Micro finance Bank, visit its website today.

  • Assets Microfinance Bank

Asset Microfinance Bank is also well known as one of the best MFBs in Nigeria. Although the microfinance bank is relatively new, this microfinance bank has positioned itself as a force to reckon with, thanks to its unique products designed to empower Nigerian businesses.

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According to information on its website, the CBN established Assets Microfinance Bank to primarily provide personal, business, and payday loans to Nigerians. Besides these, the company also provides savings and investment services.

  • Fina Trust Microfinance Bank

Fina Microfinance is being mentioned as “Nigeria’s foremost Microfinance Bank.” Whether or not everyone agrees with this, it is indeed true that it is one of Nigeria’s leading microfinance banks. It was established in 2009; Fina Trust Microfinance Bank is said to be affiliated with LOLC Group, the largest non-banking corporate entity in Sri Lanka.

Among the services provided by FinaTrust Bank are quick loans, salary advances, SME loans, education loans, financial asset financing, etc. The company also offers various accounts services, including savings, current accounts, and fixed deposit accounts.

You can learn more about Fina Trust Microfinance Bank by visiting its website.

  • AB Microfinance Bank

 AB Microfinance Bank was established in 2008 and had its headquarters in Lagos. The company’s website describes itself as “a socially responsible bank of choice for micro and small enterprises.” Customers are given access to micro-loans, SME loans, and housing loans.

Besides loans, AB Microfinance Bank offers its customers the opportunity to open savings accounts, current accounts, and fixed deposit accounts. Customers have access to mobile banking and other related banking services.

  • VFD Microfinance Bank

Like KUDA Bank, VFD Microfinance Bank (or VBank for short) has been marketed and positioned as the go-to MFB for the trendy at heart. The company is a subsidiary of VFD Group which was established in 2009 and began operation in 2011.

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On its website, VBank said its style of banking is fully re-imagined and designed to get more customers. There is a lot of focus on digitization, even as the mobile bank app is arguably one of the most advanced and best stream-lined to get customers more.

Visit the company’s website today to learn more about its services.

  • Sparkle Microfinance Bank

Sparkle MFB was launched in 2019 by the former MD of defunct Diamond Bank, Mr Uzoma Dozie; Sparkle Microfinance said part of its mission is to democratize finance access for small businesses and individuals.

At Sparkle Microfinance, technology plays a huge role. You can access various financial services by downloading the Sparkle mobile app from Google Play Store or the iOS store. Visit the company’s website to learn more.

  • BoI Microfinance Bank

This microfinance bank is a subsidiary of Nigeria’s oldest development bank; According to the information on its website, the BoI MF Bank offers services to small and medium-sized enterprises and low-income earners.

This is part of the company’s commitment to encouraging entrepreneurship by providing easy loans. Besides loans, BoI Microfinance Bank also provides saving deposit services. The company was established in 2002. And thanks to the fact that it has the financial backing of the Bank of Industry, it is well-positioned to serve customers.


There are five different classes of financial institutions offering micro-finance services in Nigeria, and these include:

  • Local communities run microfinance banks.
  • The public sector owns microfinance institutions.
  • The federal government funds microfinance and other institutions.
  • Microfinance institutions are controlled and owned by non-governmental organizations.
  • Foreign-owned microfinance institutions.


As an entrepreneur or small-scale business owner, you must avail the help of these 10 top microfinance institutions in Nigeria to grow and expand your business with the numerous financial services and microfinance they provide.

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