Are you looking for the top 10 best microfinance banks in Nigeria 2023? Search no more as in this article, we have listed and discussed 10 of the best microfinance banks in the country. Microfinance banks are financial establishments which are set up with the aim and objective of combating and utterly eradicating poverty in any country where they have been established.
Presently, in our country, Nigeria, the mode of operation of almost all microfinance banks is the same, helping people especially those who run small and medium scale enterprises and farmers with loans to start up their businesses, but the 10 best microfinance banks mentioned and discussed in our list have gone a step higher to endear themselves in the heart of many Nigerians and this in turn have made them popular over the course of time.
Because of the general belief that microfinance banks are not all that complicated and stressful as the commercial banks when it comes to the process of acquiring loans, the average Nigerian citizen feels more at ease borrowing from these microfinance banks than from the bigger and better established commercial banks and this is partly due to the fact that most microfinance banks are situated closer to the common man in the rural parts of the country, making it easy for small and medium scale entrepreneurs to get loans as easily as possible from these banks.
As we proceed, we present to you the top 10 best microfinance banks in Nigeria popular among many Nigerians since their establishment date and going the extra mile to ensure that their customers are satisfied with their services.
TOP 10 BEST MICROFINANCE BANKS IN NIGERIA 2023: FULL LIST
The following are the top 10 best microfinance banks in Nigeria this 2023 in no particular order.
AB MICROFINANCE BANK NIGERIA
AB Microfinance Bank is one of the top 10 best microfinance banks in Nigeria presently. This bank has been in the country for some time now and it can boast of being one of the oldest microfinance banks in Nigeria at the moment, having branches in many parts of the country.
AB Microfinance Bank was established in 2002 by a very strong group of International shareholders known for setting up and managing microfinance banks across the African and Asian continents in such countries as Nigeria, Tanzania, Liberia, Zambia, Rwanda, Madagascar, Azerbaijan, Tajikistan,Georgia and Brazil.
AB Microfinance Bank Nigeria has its head office in Lagos State with branches spread across Lagos, Oyo, Ogun and Ondo States respectively. The bank gives quick loans and ensures that the borrower makes good use of the money borrowed.
ALTITUDE MICROFINANCE BANK
Altitude Microfinance bank is another microfinance bank that knows how to give out loans to traders especially, ensuring that they are appropriately supported with the finance or capital they need in order to start or support their business with the right funding and ensuring that these loans are paid at the time the stipulated deadline is reached.
This microfinance bank, with years of experience in the financial sector was established in 2004 and it is headquartered at JP Plaza, Central Zone C ASPAMDA Trade Fair Complex, Badagry Expressway, Lagos State. They continue to be the microfinance bank of choice among traders doing business in that part of Lagos and its surrounding environment.
FINA TRUST MICROFINANCE BANK
Fina Trust Microfinance Bank is one of the top 10 microfinance banks in Nigeria and rightly so. This bank is a subsidiary of the LOLC Group which has their corporate headquarters in Colombo, Sri Lanka. Fina Trust Microfinance Bank is one of Nigeria’s leading Microfinance banks which got its operating licence to operate from the Central Bank of Nigeria (CBN) in September 2009.
The bank began operating in October 2009. The bank holds a State Licence and hence it operates in Lagos State. Their office is located at 46, Toyin Street, Ikeja Lagos State and they give out loans ranging from ₦10,000 – ₦1,000,000.
ACCION MICROFINANCE BANK
Accion Microfinance Bank is a global brand established in Latin America in the 1960s. Today in Nigeria, it is one of the country’s best microfinance banks. Accion’s presence in Nigeria can be traced back to 2006 with their headquarters located on the 4th floor of Elizade Plaza, 322, Ikorodu Road, Anthony, Lagos State. They mostly give out loan to petty traders. They can also give out loans to a group of people who come together as a unit with the promise of paying back the loan at the stipulated time with interest.
MAINSTREET MICROFINANCE BANK
Mainstreet Microfinance Bank Limited is one of the best microfinance banks in Nigeria presently. They render financial services to those in the informal sector such as micro and small scale entrepreneurs and low income earners in the country. Mainstreet Microfinance Bank Ltd (previously known as Afribank Microfinance Bank Ltd) is a private liability company which was incorporated in November 2008 and licenced by the Central Bank of Nigeria (CBN) to provide micro-finance banking services.
Since their establishment, they have continued to provide micro credits and other financial services to their ever increasing customer base and to businesses that require funding for working capital and expansion across their branches within Lagos State.
MFP MICROFINANCE BANK
MFP Microfinance Bank is a leading financial institution located in Sokoto State, northern Nigeria. The bank was established in 2005 and it is one of the microfinance in the country that offers some of the best financial services to its customers, with relatively low interest rate as well as good workers-customers relationship. This microfinance bank, in partnership with the Sokoto State Government, helps civil servants to easily receive their salaries right in time. Many of its customers refer to the bank as a mini commercial bank.
REHOBOTH MICROFINANCE BANK
Rehoboth Microfinance Bank was established on January 15, 2008 after being licenced by the Central Bank of Nigeria to operate as a microfinance bank. It however, commenced operations on March 18, 2008 with the view of meeting the needs of small businesses, the underserved and the un-banked in the country.
The corporate headquarters of the bank is strategically situated at 13, Aweh Crescent, Off Aladiye (Chicken) Market, Onipanu, Shomolu, Lagos and this affords it accessibility to the Onipanu chicken and fruits market traders, printers scattered all over Shomolu, surrounding markets and micro businesses around Shomolu and its environs.
ADDOSSER MICROFINANCE BANK
Addosser Microfinance Bank Limited was incorporated on May 27, 2008 and it is situated in Lagos State. This microfinance bank helps in widening the finance options available to micro, small and medium scale enterprises by providing financial assistance for these businesses through value added products and services.
The bank is one of the leading Microfinance banks in the country and it offers a wide range of products and services to it’s customers through four of their business groups: Retail and Microenterprise Banking, SME Banking, Consumer Banking and Specialized products and investment.
LAPO MICROFINANCE BANK
LAPO Microfinance Bank is a a very popular financial institution and one of the top 10 best microfinance banks in Nigeria presently that is committed to the social and economic empowerment of low-income households through provision of access to responsive financial services on a sustainable basis.
This microfinance bank was established in the late 1980s as a Non-Governmental Organization (NGO) by Godwin Ehigiamusoe as a result of the effects of the implementation of the Structural Adjustment Programme (SAP) in 1986. In 2010, LAPO obtained its operating licence from the Central Bank of Nigeria (CBN) a state microfinance bank and in 2012, the bank was approved as a national microfinance bank.
With the passage of time, LAPO Microfinance Bank has emerged as one of the leading financial institutions helping to improve the standard of living of poor people in the country. The Bank is headquartered at 18, Dawson Road, P.M.B. 1729, Benin City, Edo State, Nigeria, with several branches in some parts of the country.
FBN MICROFINANCE BANK
FBN Microfinance Bank is a subsidiary of West Africa’s premier bank, First Bank of Nigeria Limited. FBN Microfinance Bank is located in Lagos State, and they help those who own micro, small or medium agricultural enterprises with loans at a low interest cost to assist their businesses in enhancing capacity for employment generation, growth and economic development and they get to repay these loans at a very realistic repayment date. Their head office is at 305, Herbert Macaulay Way, Yaba, Lagos.