Best Microfinance Banks in Nigeria | Top 8 in 2020

This article will tell you the best Microfinance banks in Nigeria, that offer a wide range of incomparable financial services in the country.

Microfinance is a section of financial services which aims at providing financial opportunities to small enterprises/businesses, which lack access to the normal banking services.

The financial institutions which provide such services are known as Microfinance Banks(MFBs). Most importantly, they offer credit facilities to all customers. Similarly, they have very low interest rates on all loans, compared to that of commercial banks.

Meanwhile, Microfinance banks do not only give loans to customers but also offer saving and investment services. That is to say, you get more of your money when you invest with them but, for a specific period.

So, in this post, I will be giving you a list of the top 8 microfinance banks in Nigeria, and how to gain access to their affordable services.

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Best Microfinance Banks in Nigeria

Like I said earlier, I will mention the top 8 microfinance institutions in Nigeria, and alongside their contact information.

Note that the list does not follow any particular order, but arranged randomly. Therefore, you are to select the MFB you like and contact them for their financial services/products.

These are the top microfinance banks in Nigeria for Nigerians.

Addosser Microfinance Bank

The Addosser Microfinance bank limited, became incorporated on the 27th May, 2008. Since the inception of the Microfinance bank operations, they have been offering and providing a variety of finance options to Micro, Small and Medium Enterprises(MSMEs).

Best microfinance banks in Nigeria

It is one of the leading MFBs in Nigeria and has disbursed loans of over N29 billion. Above all, the company boasts of over 70,000 customers (81% of this number are women). 

Addosser Microfinance bank has helped in providing opportunities to customers, and helping their businesses thrive.

In the year 2013, the Bank’s operating license became upgraded from a unit MFBank to a state MFBank. The company’s services are always getting better as the day goes by.

If you have a small business, and you need finance to grow your business, I will recommend Addosser Microfinance Bank limited to you, especially if you are a female entrepreneur.

Contact Information

Head office – 7, Apongbon street, Lagos Island, Lagos.

Phone number – 08124876070

Email – apongbon@addosser.com

Website – https://www.addosser.com/

Finca Microfinance Bank

The Finca Microfinance bank became incorporated in the year 2014. The Microfinance institution has placed its focus on provision of loans to small scale businesses in Nigeria, especially in the agricultural sector of the economy.

Best Microfinance banks in Nigeria

In addition, the company offers a variety of credit/savings products and also provides money transfers and insurance services.

In the year 2016, FINCA Nigeria introduced a third party service delivery subsidiary called FINCA eXpress.

Moreover, FINCA express are located where customers live and work, to provide them essential financial services and financial literacy training. As a result, customers do not need to travel long distances to the nearest branch.

Contact Information

Head office – Plot 20, Wetheral road, Owerri Municipal, Imo state.

Phone number – 07017771072

Email – clientsupport@fincanigeria.com

Website – https://www.fincanigeria.com/

Rehoboth Microfinance Bank

Rehoboth Microfinance bank got a license on the 15, January 2008, to carry out microfinance banking business in Nigeria. Since then, the institution has been offering a wide range of affordable and reliable financial services.

Best Microfinance banks in Nigeria

In addition, the microfinance institution was established to respond to the financial needs of small businesses, the underserved and unbanked public.

Rehoboth Microfinance bank commenced operations on the 18th, January 2008, and has subsequently been harnessing opportunities available in the Nigerian Microfinance market.

Contact Information

Head office – 13, Aweh crescent, Onipanu Bus stop, Lagos.

Phone number – 08116670300

Email – info@rehobothmfb.com

Website – https://www.rehobothmfb.com

Fina Trust

Fina Trust Microfinance Bank is one of the earliest Nigeria’s Microfinance banks. The financial institution received its operating license in September, 2009 to provide microfinance services to clients. However, the bank commenced operation fully in October, 2009.

Best Microfinance banks in Nigeria

Although, the company has its head office in Sri Lanka, outside Nigeria, its registered Nigerian head office is located in Lagos state.

The Microfinance institution has made provision of financial services to Small and Medium Enterprises (SMEs) in Nigeria.

Also, Fina Trust Microfinance bank has also partnered with leading Nigerian banks which include Sterling Bank PLC and Fidelity bank PLC.

The partnership was signed to enable  its customers deposit/withdraw funds from the commercial bank partners with over 1,000 branches in Nigeria.

Contact Information

Head office – 46, Toyin street, Ikeja, Lagos state.

Phone number – 09062020040

Email – info@finatrustmfbank.com

Website – https://www.finatrustmfbank.com/

AB Microfinance Bank

AB Microfinance bank is a Nigerian Microfinance bank licensed by the Central Bank of Nigeria, to help improve the business opportunities of small and medium scale entrepreneurs.

An Microfinance bank

Ever since the incorporation, the bank has been ultimately committed to the task of improving access to financial products/services in Nigeria.

Therefore, they act as a source of finance for many businesses. Similarly, they offer financial advisory services to customers.

In addition, the bank provides loan to customers based on their repayment capacity. However, business loans are considered of greater priority compared to personal/individual ones. Therefore, business loan application become granted easily.

Contact Information

Head office – 28, Akintoye Shogunle street, Ikeja, Lagos.

Phone number – 09024969355

Website – https://www.ab-mfbnigeria.com/index.php

Mainstreet Microfinance Bank

Like the others, the Mainstreet Microfinance bank was licensed by the Central Bank of Nigeria to operate in the Microfinance sector of the Nigerian economy.

Meanwhile, the bank offers customers access to loans, mobile banking, investment, and so many financial services/products.

Mainstreet

Mainstreet Microfinance bank can certainly boast of over 100,000 satisfied Nigerian customers with over N14 billion disbursed loans.

Contact Information

Head office – 94, broad street, Lagos Island, Lagos.

Phone number – 07083830241

Email – info@mainstreetmfb.com

Website – https://www.mainstreetmfb.com/

Accion Microfinance Bank

Action Microfinance bank was established in 2006, and began  its operation in May, 2007, after receiving a license from the Central Bank of Nigeria.

Further, the Microfinance bank has a mission to empower micro entrepreneurs and low income earners by making financial services available to them.

Best Microfinance banks in Nigeria

Similarly, Accion Microfinance bank limited signed a partnership deal with Citibank, Ecobank, and Zenith bank Nigeria so to help improve its services.

Above all, Accion has built a tradition of developing innovative solutions to poverty.

Contact Information

Head office – Elizade plaza, 322A Ikorodu road, Lagos.

Phone number – 012719325

Email – info@accionmfb.com

Website – https://www.accionmfb.com/

LAPO Microfinance Bank

LAPO Microfinance Bank is a pro poor financial institution established to provide access to responsive financial services for sustenance.

Best Microfinance banks in Nigeria

The products/services of the Microfinance Bank is likewise targeted at low income households. It commenced operations fully in 1980.

In addition, LAPO Micro finance bank got an approval in 2012 to operate as a national Microfinance bank in Nigeria.

Most importantly, the institution has received numerous awards in the past years for delivering excellent financial services to Nigerians.

Contact Information

Head office – 18, Dawson road, P.M.B 1729, Benin City, Edo state.

Phone number – 0528821689

Email – info@lapo-nigeria.org

Website – https://www.lapo-nigeria.org/

We have come to the end of the article, and we certainly hope you have picked your choice from the list of the Best Microfinance Banks in Nigeria.

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