Top 10 Best Microfinance Banks in Nigeria (2024)
Microfinance banks are monetary institutions that are established with the goal of alleviating poverty. There are more than 800 registered microfinance banks in Nigeria. These financial organizations provide loans to individuals, such as farmers and those who own small and medium-sized businesses, to help them launch their businesses.
In Nigeria, there are a few top microfinance banks that are conscientious, committed to service, considered among the finest, and have gained the trust of their clients/customers through time. This post will showcase the top 10 of these banks so you can easily obtain loans for your company.
TOP 10 BEST MICROFINANCE BANKS IN NIGERIA (2024)
The top microfinance banks in the country are listed below.
LAPO MICROFINANCE BANK
The BusinessDay Annual Banking Awards have repeatedly recognized LAPO Microfinance Bank as ‘Microfinance Bank of the Year.’ The bank’s uncompromising dedication to providing help to small and medium-sized businesses in the country was one of the elements that qualified it for the recurrent accolades.
The Central Bank of Nigeria (CBN) recognized LAPO Mfb as a state microfinance bank in 2010. It is recognized as a pro-poor financial institution dedicated to empowering low-income households by providing accessible financial services and products.
AB MICROFINANCE BANK
AB Microfinance Bank has branches all over the country, with its headquarters in Lagos. By providing access to inexpensive loans, the bank has demonstrated its dedication to assisting Nigeran entrepreneurs in expanding their prospects. AB Microfinance are one of the highest-paying microfinance banks in Nigeria.
The bank is a fully functional microfinance institution that was established in Nigeria in 2002 under the Companies and Allied Matters Act. It is led by a group of outstanding leaders and has strong international shareholders. Its main goal is to improve small business owners’ access to capital in the United States, Africa, and Asia.
ALTITUDE MICROFINANCE BANK
Another well-known microfinance institution in Nigeria is Altitude. It was founded in 2004 and granted a license by the CBN to assist low-income workers and entrepreneurs in acquiring loans.
This is a microfinance bank dedicated to assisting and supporting the country’s less fortunate citizens by providing loans that must be repaid.
Altitude Bank was established in 2004 and is headquartered in JP Plaza, Central Zone C of the ASPAMDA Trade Fair Complex, Badagry Expressway, Lagos. When it comes to microfinance and banking, they are a force to be reckoned with.
FINA TRUST MICROFINANCE BANK
Fina Trust Microfinance Bank was established in 2009 and is a licensed microfinance institution. It has attracted small and medium business owners ever since, and has built a great success story based on its delivering results through world-class technology and top-notch employee expertise.
Due to the need for borderless banking in today’s world, Fina Trust has formed a partnership with Fidelity Bank Plc and Sterling Bank Plc to enable its customers to deposit cash and make withdrawals at over 1,000 locations and bank branches.
MAINSTREET MICROFINANCE BANK
Mainstreet Microfinance Bank focuses on low-income communities where loans for company development can be supplied. The bank has a solid reputation for providing business loans to consumers across the country who are looking to expand their enterprises.
The microfinance bank was founded in 2008 and is regulated by the Central Bank of Nigeria (CBN) to provide microfinance banking services. It has remained committed to providing microcredit as well as other banking services to the customers.
ACCION MICROFINANCE BANK
Accion Microfinance Bank began operations in 2007 after being founded in 2006. The company’s executive team consists of seasoned individuals. Their objective is to empower low-income earners and micro-entrepreneurs by providing profitable, sustainable, and ethical financial services.
The bank aspires to be the market leader in offering consumers with a wide range of global financial products and services. Customers’ conditions, challenges, needs, and expectations are all taken into account when providing the finest service possible.
MUTUAL TRUST MICROFINANCE BANK
Mutual Trust Mfb delivers financial services for customers that assist them maximize their potential. It portrays a mission to exceed consumers’ expectations by utilizing cutting-edge technologies and a highly motivated workforce.
The bank also aspires to be the best in the industry by fostering an environment that supports and nurtures excellence and teamwork in all employees. They also provide credit to their consumers so that they can purchase necessary household items and appliances.
FBN MICROFINANCE BANK
First Bank Nigeria’s microfinance bank, FBN Microfinance Bank, is a subsidiary of the bank. It makes it simple for ordinary Nigerians and aspiring entrepreneurs to take use of the bank’s different financial services. FBN is dedicated to assisting small and medium-sized business owners that are on the verge of failing.
The financial organization is one of Nigeria’s greatest microfinance banks because of the services it provides. The creative financial institution must rescue micro, small, and medium-sized businesses.
ADDOSSER MICROFINANCE BANK
Addosser Microfinance Bank was established to provide a financial support structure for micro, small, and medium firms who are unable to obtain the necessary support from commercial banks. The measures put in place are aimed at reducing poverty and increasing work possibilities in order to promote wealth growth.
The bank develops financial products and services to help small and micro businesses in rural areas thrive. They provide loans and financial services to small business owners in order to bolster their efforts.
REHOBOTH MICROFINANCE BANK
Rehoboth Microfinance Bank received its license in 2008 and began operations the following year. Since then, the bank has had a variety of effects on a variety of clients and stakeholders. They also take use of the market’s potential to give the greatest financial services to Nigerians.
Rehoboth MFB has a solid financial foundation and currently operates in a few sites in Lagos, with units and branches spread over the state. Establishing a footprint across the country is one of its strategic goals.
CONCLUSION
Microfinance banks are thought to make life simpler to get a loan than traditional banks. As a result, the majority of Nigerians are happy to loan from them. Given their proximity to rural areas and its residents, they just communicate in the straightforward language of the people who live there.
So, if you operate a business and need a reliable financial institution to help you receive money, the leading microfinance banks in Nigeria listed above are ideal possibilities to consider.
