Top Microfinance Banks In Nigeria


Microfinance banks are mini banks which do not have the capital, fame or spread of commercial banks. They are however also important as they help individuals or groups with loans especially farmers and small and medium scale entrepreneurs.

In Nigeria, Microfinance banks have led to the establishment of small and medium scale enterprises through their loaning schemes. Most microfinance however only have few branches and operates within an area such as a state, Local Government Area while there are some that have just a branch.

This therefore makes it impossible for them to compete with banks which in most cases have branches all over the country and even abroad. Microfinance banks are therefore mostly favourable for small and medium scale entrepreneurs who are able to access loans from the bank to grow their business and then pay back over an agreed period.

They also offer loans to farmers who use such loans to buy fertilizers, seeds, employ labour and other things they need for the farming season and pay back after they have harvested and sold their products.

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Top Microfinance Banks in Nigeria include:

AB Microfinance Bank

Top Microfinance banks in Nigeria

AB Microfinance Bank was founded in 2002 by a financial institution owned by foreigners. The bank which is based in Lagos has assisted a lot of entrepreneurs and individuals in assessing quickly loan. The headquarters of the bank is located at no 11, Oba Akran Avenue, Ikeja Lagos with other branches.

Mainstreet Microfinance Bank

mmfbMainstreet Microfinance Bank which commenced operation in 2009 has its headquarters at 94, Broad Street, Lagos Island, Lagos. Their email address is info@mainstreetbankmfb.com. The bank was formerly known as Afribank microfinance bank.

Accion Microfinance Bank Limited

accionAccion microfinance bank was established in 2006. The bank’s headquarters is located on the 4th floor, Elizade Plaza, 322, Ikorodu Road, Anthony, Lagos. The products and loans are broken down into different series.

Fina Trust Microfinance Bank

Fina Trust Microfinance Bank was established in September 2009. The bank’s headquarters is located at 44, Toyin Street, Ikeja, Lagos.

Altitude Microfinance Bank

Altitude Microfinance bank was established in 2004. They are located at JP Plaza, Central Zone C ASPAMDA Trade fair complex, Badagry Expresway, Lagos.

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FBN Microfinance Bank

FBN Microfinance Bank Ltd (FBNMFB) incorporated March 2008 and is a subsidiary of FirstBank

Their head office is located at 305 Herbert Macaulay Road Yaba, Lagos, Nigeria. Tel: +234 1 8103708, Email: fbnmfb@firstbanknigeria.com

Rehoboth Microfinance Bank

Rehoboth microfinance bank was established in 2008 and has been growing since them. Their address is at 13, Aweh crescent, Onipanu, Lagos.

Fortis Microfinance Bank Plc

Fortis Microfinance was established in 2007 and has its headquarters at Media House, plot 2135, Herbert Macaulay Way, Wuse Zone 5, Abuja.

Addosser Microfinance Bank

Addosser Microfinance Bank was established in 2008 and has its headquarters in 32, Lewis Street, Lagos Island, Lagos.

Lapo Microfinance Bank

Lapo Microfinance Bank was established in 2010 as a state microfinance bank but was able to get a national microfinance bank license in 2012. Their head office is at 18, Dawson Road, Benin City, Edo State.

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17 Comments

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  1. mandy

    Fortis micro finance bank is the strongest. 12hrs loan.

  2. sandra

    Please can you help with an updated list of the top 10 best microfinance banks in Nigeria.
    I was wondering what position Microfinance banks such as Grooming,Nigerian Police Force MFB, etc are.

  3. Ligali Oloyede Okubadejo

    It is interested to join on your programmes.

  4. Jenny

    What is the first microfinance bank in Nigeria

  5. Moby

    Ab Microfinance Bank Nigeria is a very strong Microfinance with shareholders such as AfDB, AccessHolding funds from Berlin, IFC of the World Bank Group, German Development Bank(KFW). With competitive deposit and loan rates and total assets in excess of 10 billion Naira and latest cutting age tech products offered free of charge( mobile transfers, zero charges on current account, etc) visit http://www.ab-mfbnigeria.com for more information

  6. Lawson ehis

    Lapo micro finance be is a strong bank were u can deposit it money with your two eyes closed. The bank has been in existence since 1987.

  7. Daniel

    mayfair micro finance bank offer up to 14% interest rate on fixed deposit.

  8. enibokun

    Godwin
    They are worthy

  9. gbesmi

    is there other micro finance bank in Edo apart from lapo

  10. Andy

    Hello, Sir.

    I am from Indonesia, i have just fraud by someone from Nigeria in a few days ago.
    I need any information from you, how can i get a soft loan from one of Nigerian Banks or Microfinance ?
    Could you mind help to give an information ?
    Thank you

    1. Jeffery

      To go lapo mfb..

  11. James

    Pls how strong and independent is lapo microfinance bank and unity bank in Nigeria want to fixed some money in there but need advice as I reside outside d country thanks

    1. James,
      Why don’t you fix with the top commercial banks in Nigeria?

    2. Mr Obaweki

      Lapo mfb is strong and reliable

  12. Godwin

    Is a unity bank a worthy and trusted micro finance bank to fixed money just considering the state of weak micro finance banks in nigeria thanks

  13. Godwin

    Is a lapo a worthy and trusted micro finance bank to fixed money just considering the state of weak micro finance banks in nigeria thanks

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