There are about 719 microfinance banks in Nigeria that play a vital role in bridging the gap for underserved communities across the country, ensuring access to much-needed financial services that traditional banks often overlook.
In this comprehensive guide, we will provide you with a detailed list of microfinance banks in Nigeria licensed by the Central bank of Nigeria (CBN), along with their headquarters locations. Additionally, we will highlight the services they offer, the regulations they operate under, and their community development impact.
Whether you are an entrepreneur seeking a microloan, a family in need of accessible savings options, or simply curious about financial inclusion in Nigeria, this in-depth article will provide valuable insights into how microfinance banks are transforming lives and fostering economic growth across the country.
Top 50 Microfinance Banks In Nigeria
S\N | NAME | ADDRESS | STATE | STATUS |
1 | KUDA MFB | 151, Herbert Macaulay Road, Yaba, Lagos. | Lagos | TIER 1 UNIT |
2 | LAPO MFB | 18, DAWSON ROAD, BENIN CITY, EDO STATE | EDO | NATIONAL MFB |
3 | FINATRUST MFB | 46, TOYIN STREET, IKEJA, LAGOS | LAGOS | STATE MFB |
4 | ACCION MFB | ELIZADE PLAZA, 4TH FLOOR, 322AIKORODU ROAD, ANTHONY, IKEJA,LAGOS | LAGOS | NATIONAL MFB |
5 | AB MFB | 9, OBA AKRAN ROAD, IKEJA, LAGOS | LAGOS | NATIONAL MFB |
6 | ASSETS MFB | 44, APATA STREET, SHOMOLU, LAGOS L | LAGOS | TIER 1 UNIT |
7 | MUTUAL TRUST MFB | SUITE 304, 2ND FLOOR, FABDA PLAZA,CONSTANTINE STREET OFF SHERATONHOTEL ROAD, WUSE ZONE 4, ABUJA | ABUJA | TIER 1 UNIT |
8 | SPARKLE MFB | 76A, SAMUEL ADEDOYIN STREET OFFSINARI DARANIJO STREET, VICTORIAISLAND, LAGOS | LAGOS | TIER 1 UNIT |
9 | VFD MFB LTD | 5TH FLOOR, ELEPHANT HOUSE, 214,BROAD STREET, LAGOS ISLAND, LAGOS | LAGOS | TIER 1 UNIT |
10 | BOI MFB | 23,. MARINA, P.O.BOX 2357, LAGOS | LAGOS | TIER 1 UNIT |
11 | ATLAS MFB | PLOT 1077, CADASTRAL ZONE B02, OLDFEDERAL SECRETARIAT ROAD, BY AREA 3JUNCTION, DURUMI, ABUJA | ABUJA | STATE MFB |
12 | BIYAMA MFB | 50 MUBI ROAD, HONG, HONG LGA,ADAMAWA STATE | ADAMAWA | TIER 2 UNIT |
13 | SUISSE MFB | GACOUN PLAZA, 2ND FLOOR HALL 5, 23ROAD OPPOSITE K CLOSE, FESTAC TOWN,LAGOS | LAGOS | TIER 1 UNIT |
14 | EXCELLENT MFB | NO 2, EXEKWESILI STREET BESIDE ‘D’DIVISIONAL POLICE STATION MAKURDI | BENUE | TIER 2 UNIT |
15 | MUSHARAKA MFB | 1A, MURADA SHOPPING COMPLEX, OPP.IBB MKT, SULEJA, NIGER | NIGER | TIER 1 UNIT |
16 | AKPO MFB | AKPO JUNCTION, AKPO AGUATA LGA,ANAMBRA STATE | ANAMBRA | TIER 2 UNIT |
17 | BLUEWHALES MFB | TAEN BUILDING, OPPOSITE FORMERNITEL OFFICE, YAKUBU GOWON WAY,JOS, PLATEAU | PLATEAU | TIER 1 UNIT |
18 | FINCA MFB | 20, WETHERAL ROAD, OWERRI, IMO STATE | IMO | STATE MFB |
19 | BAOBAB MFB | No 16 E Ahmadu Bello Way, Kaduna,Kaduna State | KADUNA | NATIONAL MFB |
20 | EJIAMATU MFB | OYE MKT SQUARE, MMILI JOHN ROAD,OJOTO BYE PASS, OJOTO, IDEMILI SOUTHLGA, ANAMBRA STATE | ANAMBRA | TIER 2 UNIT |
21 | ADDOSSAR MFB | 32, LEWIS STREET, LAGOS ISLAND, LAGOS | LAGOS | STATE MFB |
22 | MINNA MFB | NE 1504, ADJACENT BANK PHB, BOSSOROAD, MINNA, NIGER STATE | NIGER | TIER 2 UNIT |
23 | MAINSAIL MFB | PLOT 25B, BODIJA MINI SHOPPINGCENTRE, BODIJA MARKET, IBADAN, OYO | OYO | TIER 1 UNIT |
24 | AKWENGWU MFB | IDANUHA QUARTERS, BEHIND OLDPOLICE STATION, OGAMINANA, OKENNE,KOGI STATE | KOGI | TIER 2 UNIT |
25 | AACB MFB | NNEWI / AGULU ROAD, ADAZI ANI ,ANAMBRA STATE | ANAMBRA | STATE MFB |
26 | ABUCOOP MFB | PLOT 251, MILLENIUM BUILDERS PLAZA,HERBERT MACAULAY WAY, CENTRALBUSINESS DISTRICT, GARKI, ABUJA | ABUJA | STATE MFB |
27 | AL-BARAKAH MFB | 67, LADIPO STREET, OPP. LADIPO POLICEPOST, MUSHIN, LAGOS | LAGOS | TIER 1 |
28 | BC KASH MFB | NO. 119, IKORODU ROAD, ONIPANU,LAGOS | LAGOS | STATE MFB |
29 | EXEL MFB | HOSPITAL RD. SANGO ERUWA, OYOSTATE | OYO | STATE MFB |
30 | EYOWO MFB | Maanah Plaza 1st floor, No. 19, ARAROMISTREET, BY BERKELEY STREET, LAGOS ISLAND, LAGOS | LAGOS | TIER 1 UNIT |
31 | ISLAND MFB | 33 MOLONEY STREET, OBALENDE, LAGOS | LAGOS | TIER ONE UNIT |
32 | IZON MFB | No. 8, Azikoro Road, Off Melfrod Okilo Rd,Yenogoa, Bayelsa State | BAYELSA | STATE MFB |
33 | KANO MFB | No. 8, Azikoro Road, Off Melfrod Okilo Rd,Yenogoa, Bayelsa State | KANO | TIER 1 UNIT |
34 | NIGERIAN PRISON MFB | 71, NIGERIAN PRISON COMPLEX, AGODI,IBADAN, OYO STATE | OYO | TIER 1 UNIT |
35 | OLIVE MFB | 150, OBAFEMI AWOLOWO WAY, IKEJA,LAGOS | LAGOS | STATE MFB |
36 | NICE MFB | NGENE-OKA MARKET SQ., NGODOVILLAGE, AMAWBIA-AGULU ROAD, NISE,AWKA SOUTH LGA, ANAMBRA STATE | ANAMBRA | STATE MFB |
37 | MAYFAIR | 26, FUNSO WILLIAMS AVENUE (FORMERLYWEESTERN AVENUE), OJUELEGBA,SURULERE, LAGOS | LAGOS | TIER 1 UNIT |
38 | KABO MFB | NEAR GARO MOTOR PARK, KABO, KANO | KANO | TIER 1 UNIT |
39 | IGHOMO MFB | 7 AKPAKPAVA RD, BENIN CITY, EDO STATE | EDO | TIER 1 UNIT |
40 | IGBO-UKWU MFB | NNOBI/EKWULOBIA ROAD, IGBOUKWU,ANAMBRA STATE | ANAMBRA | STATE MFB |
41 | JESSEFIELD MFB | 15, OMOTAYO OJO STREET, OFF ALLENAVENUE, BY OSHOPEY PLAZA, IKEJA,LAGOS | LAGOS | STATE MFB |
42 | JANMAA | 12, SULU GAMBARI ROAD, ILORIN, KWARASTATE | KWARA | TIER 1 UNIT |
43 | CIT MFB | 22, BERKLEY STREET, OFF KING GEORGE VROAD, ONIKAN, LAGOS | LAGOS | STATE MFB |
44 | NEW DAWN | NO. 2 UDO UDOMA AVENUE, UYO, AKWAIBOM STATE | AKWAIBO | TIER 1 UNIT |
45 | POLYBADAN MFB | THE POLYTECHNIC, IBADAN VENTURES, P.M.B. 22, U.I. POST OFFICE, IBADAN, OYO STATE | OYO | TIER 1 UNIT |
46 | LEADCITY MFB | LEAD CITY UNIVERSITY, OLD TOLL GATE,IBADAN/LAGOS EXPRESWAY, IBADAN,OYO STATE | OYO | TIER 1 UNIT |
47 | LAWYERS MFB | TRINITY HOUSE, PLOT431, CADASTRALZONE, ZONE B06, BEHINDE MIN.OFWORKS, MABUSHI DISTRICT, ABUJA | ABUJA | TIER 1 UNIT |
48 | MUTAL TRUST MFB | SUITE 304, 2ND FLOOR, FABDA PLAZA,CONSTANTINE STREET OFF SHERATONHOTEL ROAD, WUSE ZONE 4, ABUJA | ABUJA | TIER 1 UNIT |
49 | NAGARTA | 47, ABDULLAHI FODIO ROAD, SOKOTO,SOKOTO STATE | SOKOTO | TIER 1 UNIT |
50 | RAHAMA MFN | NO 13. LIMAN ZANGINA ROAD, OFF AHMADU BELLO WAY, NANSARAWA II, BIRKIN KEBBI, KEBBI STATE | KEBBI | TIER 1 UNIT |
List Of Online Microfinance Banks In Nigeria
There are microfinance banks which operate online and have few branches, here is the list:
- AB Microfinance Bank
- LAPO Microfinance Bank
- Mainsail Microfinance Bank
- VFD
- Suisse Microfinance Bank
- Bluewhales Microfinance Bank
- FairMoney
- Kuda Microfinance Bank
- Accion Microfinance Bank
- Musharaka Microfinance Bank
- Sparkle
- Carbon
- Eyowo
- Mintyn
- Moniepoint
- ALAT
- Assets Microfinance Bank
- PalmPay
- PiggyVest
- Addosser Microfinance Bank
- Babura Microfinance Bank Limited
- Branch
- Fundall
What are Microfinance Banks?
Microfinance, also known as microcredit, is a banking service that enables low-income individuals or groups to access financial services.
While microfinance institutions typically lend, microloans can range in size from N50,000 to less than N5,000,000. However, many banks provide additional services such as checking and savings accounts, micro-insurance, and financial and business education.
The goal of microfinance is to eventually enable impoverished people to become self-sufficient.
According to the CBN’s website, Nigeria has approximately 916 licensed microfinance banks. These banks offer essential financial services (savings, lending, domestic fund transfers, and so on) to low-income earners, the unbanked, and underserved groups such as market women and unemployed youths. But in this blog, we are going to be looking at the top microfinance banks we have in Nigeria. What they do, their services and their regulation bodies.
Microfinance Bank Regulation Bodies
Regulated by the Central Bank of Nigeria (CBN), the setting up of a microfinance bank must be in absolute compliance with the principles provided for by the CBN as all financial institutions seeking operations in Nigeria must be licensed by the CBN. Microfinance Banks (MFBs) are financial institutions licensed by the Central Bank of Nigeria (CBN) to provide financial services to microfinance clients (low-income earners, unbanked individuals, and those working in the informal sector). MFBs are subject to several laws, including the Banks and Other Financial Institutions Act 2021 and the Guidelines for the Regulation and Supervision of MFBs 2020.
In addition to credit, MFBs can accept customer deposits and provide other financial services.
The geographical operation of an MFB is determined by the type of license obtained from the CBN.
There are three major categories of MFB licenses: (i) Unit MFBs, which are permitted to operate within specific local government areas; (ii) State MFBs, which are licensed to operate within the state in which they are located; and (iii) National MFBs, which are permitted to operate across all states in Nigeria.
Services Provided by Microfinance Banks in Nigeria
Microfinance banks in Nigeria provide a range of financial services tailored to the needs of individuals and small businesses. These services typically include:
- Micro-Loans: Small-scale loans for the needs of entrepreneurs and low-income individuals to support business growth and financial stability.
- Savings Accounts: Accessible savings accounts designed to encourage regular savings and financial inclusion among low-income earners.
- Payment Services: Facilitation of payment transactions, including money transfers, bill payments, and other financial transactions.
- Digital Banking: Increasingly, microfinance banks in Nigeria are offering digital banking services, including mobile banking and online account management, to enhance accessibility and convenience for their clients.
These services collectively contribute to the economic empowerment and financial inclusion of individuals and small businesses in Nigeria.
Conclusion
In conclusion, microfinance banks play a crucial role in Nigeria by providing financial services to underserved communities, entrepreneurs, and small businesses.