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Top 10 Microfinance Banks In Nigeria for 2021

Posted by Thandiubani on Wed 06th Oct, 2021 - tori.ng

It is important to note that there are over nine hundred (900) microfinance banks today in Nigeria.

 
In recent times, we have seen some banks rise in popularity due to the unique services offered. We were also able to see how they gently float above the economic situation in Nigeria. Most especially in the case of Microfinance banks in Nigeria. 
 
This dates back to the covid season where there was an urgent need for personal loans from Nigerians to survive the harsh financial situation that constantly looms over their heads.
 
It is important to note that there are over nine hundred (900) microfinance banks today in Nigeria. They are regulated and supervised by the Central Bank of Nigeria (CBN). Out of these 900 microfinance banks in Nigeria, The Top 5 Microfinance Banks in Nigeria Include:
 
Mutual Trust Microfinance Bank: This bank is known for its instant loans to salary earners in Nigeria and its excellent time-bound deposit rates. The Bank has a primary focus on payroll Loans, microcredit, and SME loans in Nigeria. 
 
The Bank started its operations in 2016 and is located in Abuja. They recently hit a landmark of servicing over 100,000 clients in a year. They also offer savings, current, fixed deposit accounts, and are a duly licensed microfinance bank in Nigeria, regulated by the CBN & NDIC. 
 
HASAL Microfinance Bank: They are one of the fastest-growing microfinance banks in Nigeria, providing financial services to Micro, Small, and Medium Enterprises (MSME), low-income households as well as high net worth individuals.
 
HASAL started operations as a unit MFB on October 2, 2008, and grew to a State Microfinance Bank within the first year of operation through an increase in share capital. They presently operate out of 18 branches within the Federal Capital Territory.
 
Baobab MFB:  Baobab is a microfinance group created in 2005 to offer tailored financial services to financially underserved entrepreneurs. Today, over 1 million small and medium businesses in 10 different countries trust them as their partner of choice.
 
Their loans are open to microenterprises and small businesses looking for microloans (under €3,000) to be repaid over less than 12 months, and to SMEs who require larger loans (up to €300,000) over longer terms (up to 60 months), to finance major investment projects.
 
LAPO MFB: Popular for its name across SMEs. LAPO Microfinance Bank is a pro-poor financial institution committed to the social and economic empowerment of low-income households through the provision of access to responsive financial services on a sustainable basis.
 
The Institution was established in the late 1980s as a Non-Governmental Organization (NGO) by Godwin Ehigiamusoe Ph.D. in response to the effects of the implementation of the Structural Adjustment Programme (SAP) in 1986.
 
Accion MFB: Established in 2006, Accion MFB Limited began operations in May 2007 on license from the Central Bank of Nigeria.
 
Their management team comprises seasoned and distinguished professionals from diverse backgrounds complemented by the expertise of their technical partners, ACCION International.
 
At Accion MfB, they have outstanding core values, business philosophy, and methodology that distinguish them as one of the leading microfinance banks in Nigeria.
 
They offer a lot of loan packages suitably tailored for just your needs.
 
AB Microfinance BanK: Regarded as one of the oldest and top microfinance banks in the country. They were established in 2002 by an international group of shareholders that have also established other microfinance banks in some African Countries. 
 
They are currently located in Lagos and branches spread out in other western parts of Nigeria.
 
RENMONEY: This is another top microfinance bank in the country. They specialize in giving out loans to SMEs. They started out in 2012 as Rencredit before Rebranding to Renmoney in 2013(Current Name).
 
They also upgraded their microfinance bank licenses to State and have since opened up more branches nationwide. They offer short term loans as well as deposit and savings account options to potential customers.
 
KUDA: Nicknamed the ‘Bank of the free’. Kuda MFB is an online microfinance bank that offers free banking services to its customers. Every month, 25 free transfers are awarded to each customer to help eliminate the cost of transferring money to interbank accounts.
 
They are duly known for delivering traditional banking services such as Savings and current account options to customers in an online way. This means no physical long queues in the bank. In terms of loans, A customer needs to qualify for an overdraft before getting any sort of loan from them at 0.3% daily interests.
 
Altitude MFB: This microfinance bank deals with loans to SMEs and Startups. Equally regarded as one of the early microfinance banks in Nigeria. Altitude banks ensure that their loans go out to businesses that will be successful in order to get their repayments back. 
 
They started out in 2004 and are headquartered in Lagos. Their business approach is giving out loans to traders who are constantly doing business.
 
Mainstreet MFB:  Mainstreet Microfinance bank started its operations in 2008 and became popular due to its micro loans financing especially to the small-scale entrepreneurs. They equally offer payday loans to salary earners too.
 
They were formerly known as Afribank Microfinance bank and are currently headquartered in Lagos.
 
Conclusion
 
Regardless of what you do as a salary earner or as an entrepreneur looking to pay off bills, finance your business, pay rent, pay medical bills, and other urgent financial needs. It is imperative that you towards these microfinance banks for that quick financial assistance and as well as other banking services. 
 


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