This article will tell you about the best microfinance banks in Nigeria in 2021 that offer a wide range of incomparable financial services in the country.
Microfinance is a section of financial services that aims to provide financial opportunities to small enterprises and businesses that lack access to normal banking services.
The financial institutions that provide such services are known as microfinance banks (MFBs). Most importantly, they offer credit facilities to all customers. Similarly, they have very low interest rates on all loans compared to those of commercial banks.
Meanwhile, microfinance banks do not only give loans to customers but also offer saving and investment services. That is to say, you get more of your money when you invest with them but for a specific period.
So, in this post, I will be giving you a list of the top 8 microfinance banks in Nigeria and how to gain access to their affordable services.
Contents
- 1 Best Microfinance Banks in Nigeria 2021
- 1.1 Addosser Microfinance Bank
- 1.2 Finca Microfinance Bank
- 1.3 Rehoboth Microfinance Bank
- 1.4 Fina Trust
- 1.5 AB Microfinance Bank
- 1.6 Mainstreet Microfinance Bank
- 1.7 Accion Microfinance Bank
- 1.8 LAPO Microfinance Bank
- 1.9 Related
Best Microfinance Banks in Nigeria 2021
Like I said earlier, I will mention the top 8 microfinance institutions in Nigeria, along with their contact information.
Note that the list does not follow any particular order but is arranged randomly. Therefore, you are to select the MFB you like and contact them for their financial services and products.
These are the best microfinance banks in Nigeria for Nigerians.
Addosser Microfinance Bank
Addosser Microfinance Bank Limited became incorporated on May 27, 2008. Since the inception of Microfinance Bank operations, they have been offering and providing a variety of finance options to micro, Small and medium enterprises (MSMEs).
It is one of the leading MFBs in Nigeria and has disbursed loans of over N29 billion. Above all, the company boasts over 70,000 customers (81% of this number are women).
Addosser Microfinance Bank has helped by providing opportunities to customers and helping their businesses thrive.
In the year 2013, the bank's operating license was upgraded from a unit MFBank to a state MFBank. The company's services are always getting better as the day goes by.
If you have a small business and need finance to grow it, I will recommend Addosser Microfinance Bank Limited to you, especially if you are a female entrepreneur.
Contact Information
Head office: 7 Apongbon Street, Lagos Island, Lagos.
Phone number: 08124876070
Email: apongbon@addosser.com
Website: https://www.addosser.com/
Finca Microfinance Bank
The Finca Microfinance Bank was incorporated in 2014. The microfinance institution has placed its focus on the provision of loans to small-scale businesses in Nigeria, especially in the agricultural sector of the economy.
In addition, the company offers a variety of credit and savings products and also provides money transfers and insurance services.
In the year 2016, FINCA Nigeria introduced a third-party service delivery subsidiary called FINCA eXpress.
Moreover, FINCA Express is located where customers live and work to provide them with essential financial services and financial literacy training. As a result, customers do not need to travel long distances to the nearest branch.
Contact Information
Head office: Plot 20, Wetheral Road, Owerri Municipality, Imo State.
Phone number: 07017771072
Email: clientsupport@fincanigeria.com
Website: https://www.fincanigeria.com/
Rehoboth Microfinance Bank
Rehoboth Microfinance Bank got a license on January 15, 2008, to carry out microfinance banking business in Nigeria. Since then, the institution has been offering a wide range of affordable and reliable financial services.
In addition, the microfinance institution was established to respond to the financial needs of small businesses and the underserved and unbanked public.
Rehoboth Microfinance Bank commenced operations on January 18, 2008, and has subsequently been harnessing opportunities available in the Nigerian microfinance market.
Contact Information
Head office: 13, Aweh Crescent, Onipanu Bus Stop, Lagos.
Phone number: 08116670300
Email: info@rehobothmfb.com
Website: https://www.rehobothmfb.com
Fina Trust
Fina Trust Microfinance Bank is one of Nigeria's earliest microfinance banks. The financial institution received its operating license in September 2009 to provide microfinance services to clients. However, the bank commenced operation fully in October 2009.
Although the company has its head office in Sri Lanka, outside Nigeria, its registered Nigerian head office is located in Lagos State.
The microfinance institution has provided financial services to small and medium enterprises (SMEs) in Nigeria.
Also, Fina Trust Microfinance Bank has partnered with leading Nigerian banks, which include Sterling Bank PLC and Fidelity Bank PLC.
The partnership was signed to enable its customers to deposit and withdraw funds from the commercial bank partners with over 1,000 branches in Nigeria.
Contact Information
Head office: 46, Toyin Street, Ikeja, Lagos State.
Phone number: 09062020040
Email: info@finatrustmfbank.com
Website: https://www.finatrustmfbank.com/
AB Microfinance Bank
AB Microfinance Bank is a Nigerian microfinance bank licensed by the Central Bank of Nigeria to help improve the business opportunities of small and medium-scale entrepreneurs.
Ever since its incorporation, the bank has been ultimately committed to the task of improving access to financial products and services in Nigeria.
Therefore, they act as a source of finance for many businesses. Similarly, they offer financial advisory services to customers.
In addition, the bank provides loans to customers based on their repayment capacity. However, business loans are considered to be of greater priority compared to personal/individual ones. Therefore, business loan applications are granted easily.
Contact Information
Head office: 28 Akintoye Shogunle Street, Ikeja, Lagos.
Phone number: 09024969355
Website: https://www.ab-mfbnigeria.com/index.php
Mainstreet Microfinance Bank
Like the others, the Mainstreet Microfinance Bank was licensed by the Central Bank of Nigeria to operate in the microfinance sector of the Nigerian economy.
Meanwhile, the bank offers customers access to loans, mobile banking, investments, and so many other financial services and products.
Mainstreet Microfinance Bank can certainly boast of over 100,000 satisfied Nigerian customers with over N14 billion in disbursed loans.
Contact Information
Head office: 94 Broad Street, Lagos Island, Lagos.
Phone number: 07083830241
Email: info@mainstreetmfb.com
Website: https://www.mainstreetmfb.com/
Accion Microfinance Bank
Action Microfinance Bank was established in 2006 and began its operation in May 2007, after receiving a license from the Central Bank of Nigeria.
Further, the Microfinance Bank has a mission to empower microentrepreneurs and low-income earners by making financial services available to them.
Similarly, Accion Microfinance Bank Limited signed a partnership deal with Citibank, Ecobank, and Zenith Bank Nigeria to help improve its services.
Above all, Accion has built a tradition of developing innovative solutions to poverty.
Contact Information
Head office: Elizade Plaza, 322A Ikorodu Road, Lagos.
Phone number: 012719325
Email: info@accionmfb.com
Website: https://www.accionmfb.com/
LAPO Microfinance Bank
LAPO Microfinance Bank is a pro-poor financial institution established to provide access to responsive financial services for sustenance.
The products and services of the Microfinance Bank are likewise targeted at low-income households. It commenced operations fully in 1980.
In addition, LAPO Microfinance Bank got approval in 2012 to operate as a national microfinance bank in Nigeria.
Most importantly, the institution has received numerous awards in the past years for delivering excellent financial services to Nigerians.
Contact Information
Head office: 18, Dawson Road, P.M.B. 1729, Benin City, Edo State.
Phone number: 0528821689
Email: info@lapo-nigeria.org
Website: https://www.lapo-nigeria.org/
We have come to the end of the article, and we certainly hope you have picked your choice from the list of the best microfinance banks in Nigeria.
In the same vein, do well to subscribe to our newsletter and share the post with others who will need it. Also, feel free to ask questions in the comment section.
