BEST MICROFINANCE BANKS IN NIGERIA

A microfinance bank is like a small bank in that it does not have the capital or geographic spread of a commercial bank. These banks may not have the glitz and glamour of the more popular commercial banks but they also play a crucial role in the economy. They offer loans and financial services to small and medium scale enterprises who may not have access to loan facilities from commercial banks.
Microfinance banks are by design mandated to cater to the financial needs of excluded customers, usually the poor to help them become self-sufficient. According to the Central Bank of Nigeria (CBN), there are over 900 microfinance banks in Nigeria currently. This is quite a lot I must say but of this huge number, some easily stand out from the pack.
The banks featured in this article have maintained the highest standards in conducting their businesses in Nigeria. They provide financial support to their customers by offering loans at affordable rates. The banks are not ranked in any particular order but are listed alphabetically.

AB Microfinance Bank

With its headquarters in Lagos, the economic capital of Nigeria, AB Microfinance Bank is one of the leading microfinance banks in Nigeria. It is licensed as a national microfinance bank and currently has branches in Oyo, Ogun, Ondo and Lagos state.
AB Microfinance Bank was established in 2008 making it one of the oldest microfinance banks in the country. The bank has since been making life better for the average Nigerian. AB microfinance bank offers easy access to loan facilities for entrepreneurs to help them improve their businesses. The loans are quite affordable. Business owners are not the only beneficiary of the services of AB Microfinance Bank. The bank helps to improve the financial status of anyone operating a deposit account with them.
Behind the bank is a group of very strong international shareholders that are committed to improving access to financial services in the country. These shareholders are highly experienced in setting up and managing microfinance banks in several African countries. You can visit the bank’s website here.

Accion MF Bank Limited

Accion Microfinance Bank was established in 2006 but began operations in 2007. Its headquarters is located on the 4th floor, Elizade Plaza, 322 Ikorodu Road, Anthony Lagos. The bank is duly licensed to operate in the country by the Central Bank of Nigeria.
One of the functions of microfinance banks is to help the poor in society become financially self-sufficient. In this regard, Accion MF Bank does excellently well. The bank gives loans mostly to petty traders. The loans are easily accessible and affordable. Loans can also be accessed in groups from the bank provided it will be repaid promptly.
Accion is rightly ranked as one of the leading microfinance banks in the country. The bank adheres to the highest standards in conducting its businesses. You can read more about Accion’s services on the bank’s website. The website can be accessed here.

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Addoser Microfinance Bank

Addoser was incorporated on the 27th of May 2008. The bank has been providing financial help to small and medium scale enterprises for the past 12 years. The bank is no doubt one of the leading microfinance banks in the country. Addoser Microfinance Bank has disbursed repeat loans totalling more than N36 billion since its inception. The bank gives loans at lower interest rates compared to its rivals.
The bank started as a unit microfinance bank but was upgraded to a state microfinance bank in 2103. It currently operates out of 17 branches. Its head office is at 32, Lewis Street, Lagos Island, Lagos. Addoser Microfinance Bank currently has over 84,000 customers, most of them women. The bank’s assets as of now are valued at over N7 billion.
You can read more about Addoser Microfinance Bank and its services on the bank’s website. The website can be accessed from here.

Fina Trust Microfinance Bank

Fina Trust Microfinance Bank is one of the best microfinance banks in Nigeria. It is part of the LOLC Group which has its head office in Colombo, Sri-Lanka. Fina Trust started operations in 2009 after obtaining a state microfinance license from the Central Bank. Its operations are within Lagos state, Nigeria’s economic capital. Fina Trust Microfinance Bank’s headquarters is at 46, Toyin Street, Ikeja Lagos State.
The bank enjoys huge patronage from small and medium scale enterprises in Lagos State. Within the last 5 years, Fina Trust Microfinance Bank has disbursed consumer and business loans of over N20 billion. The bank’s website can be accessed here for more details.

FINCA Microfinance Bank

FINCA is a leading international microfinance institution. Its operations currently cut across four regions namely; Africa, Eurasia, Latin America and Greater Middle East. In 2014, the company expanded its operations to Nigeria.
Since commencing operations in Nigeria in 2014, FINCA has been helping small and medium scale enterprises grow by offering them affordable loans. Visit the bank’s website via this link to learn more about its services.

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HASAL Microfinance Bank

Another top Microfinance Bank in Nigeria is HASAL. It started as a unit microfinance bank in Lagos in 2008. Within a year of operations, it was upgraded to a state microfinance bank. The bank provides financial services mostly to small and medium scale enterprises and low-income earners. High net worth individuals also benefit from the bank’s services.
HASAL currently operates out of 18 locations in the Federal Capital Territory (FCT). Its head office is at Plot 1652 Ahmadu Bello Way, Garki District, Abuja. Currently, the bank offers its services to over 164,000 customers. HASAL Microfinance Bank’s website can be accessed by clicking on this link.

Lapo Microfinance Bank

This microfinance bank is quite popular especially among market women who enjoy the bank’s loans steadily. Lapo is a national microfinance bank offering its services in all states of the federation. The head office of Lapo Microfinance Bank is at 18, Dawson Road, P.M.B 1729, Benin City. Its Lagos Office is at Irorun Plaza, 2nd Floor, Kudirat Abiola Way, Oregun P.M.B 1729, Ikeja Lagos. There are Zonal offices as well as branches in all states of the federation.
Lapo Microfinance Bank started operations in 2010 as a state microfinance bank in Edo state. In 2012, it obtained a license to operate as a national microfinance bank. Today, it is one of the leading microfinance banks in Nigeria providing easy access to loans for low-income households in the country. Over 1 million people benefit from the bank’s services currently. Check out Lapo’s website through here to learn more about the bank and its services.

Letshego Microfinance Bank

Letshego Microfinance Bank began operations in Nigeria in 2016 following the acquisition of FBN Microfinance Bank. Letshego is an international microfinance bank with operations in 11 African countries currently. The bank currently has 22 branches located strategically to enable it to adequately cater to the financial needs of its customers. Its head office is at 305 Herbert Macaulay Way, Yaba, Lagos, Nigeria.
Letshego offers different kinds of loans to customers across Nigeria’s 36 states. Small and medium scale enterprises benefit from Letshego’s Step Up loan. Loans of up to N20,000,000 can be accessed by such companies. Education loan of up to N20,000,000 is also available for schools, school suppliers, and parents in need of loans. Housing loans, Agriculture loans, health loans, consumer loans, and easy loans are the other type of loans offered by Letshego.
To find out more about Letshego and its loan offers, visit the company’s website from here.

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Mainstreet Microfinance Bank

Mainstreet Microfinance Bank was formerly known as Afribank Microfinance Bank. It was incorporated in November 2008 and was licensed to provide microfinance services by the Central Bank of Nigeria. The bank’s operations are currently within Lagos state. It has many branches strategically located within the state to enable it to deliver its services efficiently.
The bank has over 100,000 customers with over N14 billion loans disbursed so far. The bank’s primary target is small and medium scale enterprises as well as poor households within the country. Mainstreet Microfinance Bank’s website can be visited by clicking this link. You can learn more about the bank’s services on the website.

Rehoboth Microfinance Bank

This is one of the fastest-growing microfinance banks in Nigeria today. It is also one of the best microfinance banks in the country. The bank was licensed to offer microfinance services by the CBN in 2008 and it began operations the same year. The bank only operates within Lagos for now as it only has a state microfinance license. It aims to become a national microfinance bank in the future.
Rehoboth Microfinance Bank has its corporate office at 13, Aweh Crescent, Off Aladiye Market, Onipanu, Shomolu. The location is strategic as small scale business scattered all over Shomolu and its environs can easily benefit from the bank’s services. Its website can be accessed from here for more details.

Conclusion (Best Microfinance Banks In Nigeria)

The best microfinance banks in Nigeria have been discussed in this post. These banks offer financial services to the poor within the society as well as small and medium scale enterprises. They offer loans which are easy to access and at affordable interest rates.

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