Top 10 MicroFinance Banks In Nigeria 2021
Table of Contents
- Top 10 MicroFinance Banks In Nigeria
- 1. AB Microfinance Bank
- 2. Altitude Microfinance Bank
- 3. Fina Trust Microfinance Bank
- 4. Accion MF Bank Limited
- 5. MFP Microfinance Bank
- 6. Addoser Microfinance Bank
- 7. Rehoboth Microfinance Bank
- 8. Fortis Microfinance Bank
- 9. Lapo Microfinance Bank
- 10. FBN Microfinance Bank
For the benefits of those who may not know the meaning or function of microfinance banks, microfinance are financial bodies set up with the main intention of fighting poverty in the nation.
This is achieved by the loans offered to small scale business owners and petty traders by microfinance banks to start up their own businesses or to enlarge existing enterprises.
Major beneficiaries of the microfinance loans are farmers and petty traders.
There’s a common not1on that micro finance banks are not as tough and rigid as commercial banks and that is why an average Nigerian would prefer to borrow loan from Microfinance than to apply for loan at commercial banks.
Another reason why an average Nigeria would prefer to borrow money from Microfinance is that Microfinance banks are usually closer to the people in rural areas.
Top 10 MicroFinance Banks In Nigeria
However, our goal is to showcase to you the top 10, most dedicated, reliable and deliberate microfinance banks in Nigeria.
1. AB Microfinance Bank
Speaking of the best set of microfinance banks in Nigeria, AB microfinance is one of them and it is often considered the oldest of them all.
AB Microfinance bank which was founded by foreigners in the year 2008 now has branches all over Nigeria with headquarter situated in Ikeja Lagos State.
An interesting feature of this bank is that they do not only give customers access to quick loans, they also ensure that the borrower makes proper use of the fund borrowed.
2. Altitude Microfinance Bank
Occupying the Second position on this list is Altitude Microfinance Bank; a unique bank with many years of experience in the
This bank was established with the aim of rendering help and assistance to the less privileged in the society.
They achieve this by giving out loans to people who are in need of capital (but note that the loans must be paid back at the appropriate time).
Altitude Microfinance bank was established in the year 2004 with it’s headquarter located in Badagry area of Lagos State.
They are really a well known face as far as microfinance banking is concerned in Nigeria.
3. Fina Trust Microfinance Bank
This is a well tested and trusted microfinance bank established in 2009.
Fina Trust bank truly has all the qualities it takes to be considered one of the top microfinance banks in the nation.
Their banking environment is really conducive, their staff are dedicated and diligent and they have a good approach when relating with their customers.
4. Accion MF Bank Limited
With this bank, a group of people can actually apply for loan together, of which they are all expected to pay back with interest at an agreed date.
They also give out loan in little amounts just to support petty traders and small business owners.
Accion was established in 2006 with their headquarter situated In Anthony area of Lagos State.
5. MFP Microfinance Bank
This is one of the few microfinance banks in Nigeria that provides best mode of service to their clients in the nation. Also, their interest rate is relatively low when compared with other microfinance institutions.
It was founded in the year 2005 and is situated in Sokoto State. Their customer relations is top notch.
One of the highlights of this bank is its partnership with sokoto state. The bank ensures that civil servants salaries are paid on time instead of waiting for a long time.
Hence, MFP can be considered as a mini commercial bank and not just a microfinance bank.
6. Addoser Microfinance Bank
Addoser Microfinance bank is another notable microfinance bank that is worthy of been on this list.
Founded in the year 2008, and situated in Lagos State, Addoser Microfinance bank makes loan funding easier for applicants by the low interest rate attached to their loans. When compared with other microfinance banks, Addoser stands out with it’s low interest rate thereby making it one of the most preferred.
7. Rehoboth Microfinance Bank
This unique microfinance company was created by a group of entrepreneurs in Lagos State and since it’s the establishment, Rehoboth has proven to be one of the best microfinance banks that can be trusted.
Also, this is one of the few microfinance banks that does regular visitation to clients in order to monitor the progress of their business.
8. Fortis Microfinance Bank
Fortis Microfinance bank is the very first microfinance company in the Federal Capital Territory; Abuja.
It’s excellence in service makes it one of the best rated microfinance banks in Nigeria.
9. Lapo Microfinance Bank
This is one of the most popular micro finance banks in Nigeria especially in the South-West states.
Since its establishment in the year 2010, Lapo Micro finance has been known for the support it renders to many petty traders and small business owners in the country.
10. FBN Microfinance Bank
This Microfinance bank is known for the great assistance it renders to businesses in Nigeria especially businesses that are almost collapsing.
FBN Microfinance is a subsidiary of First Bank.