MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

In this article, we’ve conpiled a list of the top 10 microfinance bank loan in Nigeria. According to the CBN website, there are around 916 licensed microfinance banks in Nigeria. These banks offer basic financial services (such as savings, lending, and domestic fund transfers) to low-income workers, the unbanked, and underserved groups such as market women and unemployed adolescents.

These microfinance banks definitely have their work cut out for them in a large country like Nigeria, where just 64% of the adult population is financially included. Surprisingly, many of them are doing an excellent job of serving the Nigerian people.

Top 10 Best Microfinance Bank Loan In Nigeria
MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

Microfinance banks are thought to be less complicated than commercial banks, so the average citizen feels more comfortable borrowing from them than from commercial banks, and because they are closer to the country’s rural settlements, small and medium scale entrepreneurs can easily obtain loans from these banks.

ALSO READ: KiaKia Loan App: Simple Steps To Apply For Sterling Bank Loan 2022

If you operate a small company and are seeking a reliable financial institution to apply for a small business loan, you might consider the finest microfinance banks in Nigeria, which provide microloans to people quickly.

In this special analysis, we will examine the top ten microfinance bank loan in Nigeria that have set the pace and now hold the ace. Efficiency in service delivery, creativity, and customer happiness are among the yardsticks considered to select the top 10 best MFBs.

Here’s Our Top 10 Best Microfinance Bank Loan In Nigeria (MFB Loan) carefully selected and reviewed for you

  1. Lapo
  2. Kuda
  3. Accion
  4. Mutual trust
  5. Asset microfinance bank
  6. Fina trust
  7. AB microfinance bank
  8. VFD
  9. Sparkle
  10. BOI

1. LAPO

Top 10 Best Microfinance Bank Loan In Nigeria
MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

This microfinance bank was founded in the 1980s to assist less-privileged Nigerians to deal with the harsh economic realities that followed General Ibrahim Babangida’s Structural Adjustment Programme.

Lapo offers unsecured loans of up to NGN 500,000 for small businesses and NGN5,000,000 for small and Medium-scale Enterprises. Microfinance lending is the provision of financial services for people who don’t have access to traditional financial services such as banks.

Due to its constant efforts to ensure that low-income families in Nigeria are economically empowered, LAPO Microfinance has grown into one of Nigeria’s most noteworthy MFBs. This is accomplished by providing “responsive financial services on a long-term basis”.

Lapo is a very popular Microfinance bank loan in Nigeria used by traders, SMEs and artisans to float and keep up their businesses and its our first pick for microfinance bank loan in Nigeria.

To apply, Click here

2. Kuda

Top 10 Best Microfinance Bank Loan In Nigeria
MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

Our second pick for microfinance bank loan in Nigeria is Kuda. Kuda Bank is a top Microfinance bank (MFB) that has taken the Nigerian financial services market by storm. Kudimoney, which launched in 2016, initially offered primarily online savings and digital loans. Since then, the company has renamed itself KUDA, raised more than $90 million, and earned a reputation among the young as “the bank of the free.”

KUDA Bank is now trying to become a well-known microfinance organization. And new clients are signing up on a regular basis, thanks in part to its user-friendly banking app, which makes it simple to sign up for and access a wide range of financial services.

If you’re looking for a microfinance bank loan in Nigeria, you should look into the Kuda bank Overdraft (loan) by downloading the application.

To apply, Click here

3. Accion

Top 10 Best Microfinance Bank Loan In Nigeria
MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

ACCION Microfinance Bank is a microfinance institution that operates on a nationwide scale. It was formed in 2006 with the goal of empowering micro-entrepreneurs and low-income earners by providing financial services in a sustainable, ethical, and profitable manner. Its our third pick for microfinance bank loan in Nigeria

Small business loans, home equity loans, school loans, and other types of loans are available through the ACCION Microfinance Bank organization in Nigeria.

ACCION’s mobile banking and USSD channels also offer quick loans of up to N150,000.

To apply, Click here

4. Mutual Trust

Top 10 Best Microfinance Bank Loan In Nigeria
MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

Mutual Trust Microfinance Bank is a well-known Nigerian microfinance organization. Since April 2016, the company has been on a trailblazing effort to reinvent microfinance in Nigeria. It was renamed Mark de Rock Microfinance Ltd and its management was changed.

The company is proud of its capacity to provide great financial services while utilizing cutting-edge technology and, of course, highly skilled employees. Because the procedures are so straightforward, customers can complete their Mutual Trust Microfinance bank loan application in within 10 minutes.

Loan applications are also examined and authorized in less than ten hours, and that’s not all. The best part is that the company provides a highly flexible repayment plan that allows customers to settle their obligations promptly and without stress, you can get up to 3 million in less than 10 hours.

To apply, Click here

5. Asset Microfinance Bank

Top 10 Best Microfinance Bank Loan In Nigeria
MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

No assessment of the best MFBs in Nigeria would be complete unless Asset Microfinance Bank was included. Despite its young, this microfinance bank has emerged as a force to be reckoned with, thanks to its one-of-a-kind products geared at supporting Nigerian entrepreneurs.

According to its website, the CBN established Assets Microfinance Bank to primarily provide personal, business, and payday loans to Nigerians. Its our fifth pick for microfinance bank loan in Nigeria, they offer quick loans starting from 50,000 with no collateral and low rates. Apart from that, the company provides savings and investment services as well.

To apply, Click here

6. Fina Trust

Top 10 Best Microfinance Bank Loan In Nigeria
MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

Fina Microfinance promotes itself as one of “Nigeria’s leading Microfinance Banks.” Whether or not everyone agrees, it is undeniably one of Nigeria’s most renowned microfinance organizations. Fina Trust Microfinance Bank was established in 2009 and is thought to be affiliated with the LOLC Group, Sri Lanka’s largest non-banking enterprise. They offer loans starting from 10,000 up to 1,000,000 for new customers.

Fina Trust Bank provides a variety of services, including quick loans, salary advances, SME loans, education loans, financial asset financing, and others. Aside from microfinance bank loans in Nigeria, the company also offers a number of account services such as savings, current accounts, and fixed deposit accounts.

To apply, Click here

7. AB Microfinance Bank

Top 10 Best Microfinance Bank Loan In Nigeria
MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

This MFB was established in 2008 and is based in Lagos, Nigeria. On its website, the company describes itself as “a socially responsible bank of choice for micro and small businesses.” Customers can obtain microloans, SME loans, and home loans.

In addition to its microfinance bank loan in Nigeria, customers of AB Microfinance Bank can open savings accounts, current accounts, and fixed deposit accounts. You can get loans of up to 5,000,000. Customers now have even more options for mobile banking and other financial services. Its our seventh pick for microfinance bank loan in Nigeria.

To apply, Click here

8. VFD

Top 10 Best Microfinance Bank Loan In Nigeria
MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

VFD Microfinance Bank or more popularly known as V-Bank has been branded and positioned as the go-to MFB for the fashionable at heart, similar to Kuda Bank. The company is a 2009-founded and 2011-operated subsidiary of VFD Group.

V-Bank claims on its website that its banking style has been completely reimagined and is aimed to provide consumers more. Even if the V-Bank mobile app is likely one of the most sophisticated and most streamlined to gain consumers, there is a lot of attention on digitisation. You can access a microfinance bank loan in Nigeria of up to 1,000,000 via the V-bank app by signing up.

To apply, Click here

9. Sparkle

Top 10 Best Microfinance Bank Loan In Nigeria
MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

Sparkle Microfinance was founded in 2019 by Uzoma Dozie, the former CEO of the collapsed Diamond Bank. Its objective is to democratize access to financing for small enterprises and people. It is one of the best digital banks in Nigeria.

Technology is very important in Sparkle Microfinance. You may access a variety of financial services by downloading the Sparkle mobile app from the Google Play Store or the Apple App Store. Sparkle Microfinance bank loan is available to anyone who has a Sparkle bank account. Its our ninth pick for microfinance bank loan in Nigeria

To apply, Click here

10. BOI

Top 10 Best Microfinance Bank Loan In Nigeria
MFB Loan: Top 10 Best Microfinance Bank Loan In Nigeria

This microfinance firm is a subsidiary of Nigeria’s oldest development bank.

The BoI Microfinance Bank provides a variety of services to small and medium-sized businesses as well as low-income individuals, with loans of up to 10 million naira.

This is part of the company’s commitment to promoting entrepreneurship by making simple financing available. BOI Microfinance Bank also offers savings deposit services in addition to loans. The business was founded in 2002. It is also well-positioned to service clients since it has the financial support of the Bank of Industry.  Its our last pick for microfinance bank loan in Nigeria.

To apply, Click here

Frequently Asked Questions (FAQs) About Microfinance Bank Loan In Nigeria (MFB Loan)

How Can I Get A Loan From Microfinance Bank In Nigeria?

  1. Loan application form.
  2. Excellent Business Proposal (for SMEs)
  3. Letter of Application (for individuals)
  4. Valid means of identification (National I.D card, International Passport, Driver’s License)
  5. Copy of recent utility bill.
  6. 4 recent passport photographs.

How Much Can LAPO Borrow?

Lapo offers unsecured loans of up to NGN 500,000 for small businesses and NGN5,000,000 for small and Medium-scale Enterprises. Microfinance lending is the provision of financial services for people who don’t have access to traditional financial services such as banks.

Does Kuda Bank Give Loan?

No paperwork, no embarrassment, just 0.3% daily interest. Kuda Overdrafts are short-term loans you can take anytime as long as you use your Kuda account regularly.

What Is The Interest Rate Of Microfinance Bank Loan In Nigeria?

The monthly nominal interest rate for agricultural loans ranges from 2.5% to 5%, for business loans from 1.75% to 9%, for con- sumption loans from 2.5% to 7.5% and for unspecified loans from 2.5% to 6%.

Who Can Help Me With Money Urgently In Nigeria?

Paylater is an easy and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs. With Paylater, you can access up to 500,000 Naira loan with no collateral.

Do You Need Reputable Cash Advance or Loan Apps For Quick And Emergency Cash?

In need of an instant loan apps in Nigeria? You can apply through any of the top loan apps in Nigeria and get funded within few hours.

If you are in United States of America (USA), you can also apply for an emergency cash advance loan even if you have a poor or bad credit rating. If you need the top and best Apps For No Credit Check Loans Guaranteed Approval Direct Lender, CLICK HERE.

These Top 10 Best Instant Loans No Credit Checks Guaranteed Online Approval are also highly recommended.

If you are in Canada, these 10 cash advance loan apps could meet your emergency and quick cash loan request.

For instant, payday, emergency or advance cash loan if you are in Australia, CLICK HERE.

If you are in the UK, Click Payday Loans for our 22 best payday loan direct lenders.



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About the Author: Agunbiade Gbenga

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