In Nigeria, approximately 916 licensed microfinance banks offer crucial financial services to low-income earners, as well as unbanked and underserved communities.
With just 64% of the adult population having access to financial services, these microfinance banks play a vital role in the nation’s financial landscape.
This report showcases the top 10 microfinance banks in Nigeria that are at the forefront of the industry.

1. KUDA Microfinance Bank
KUDA Microfinance Bank is a well-known option in Nigeria. It leverages technology to simplify banking for everyone.
- KUDA started as Kudimoney and is now called “the bank of the free.”
- The bank’s app is simple to use and offers services like instant transfers and savings.
- KUDA has over $90 million in funding, which helps it grow fast.
- It focuses on young people and makes banking simple for them.
KUDA is at the forefront of digital banking and is poised for continued growth as it introduces innovative concepts to microfinance.
2. LAPO Microfinance Bank
LAPO Microfinance Bank was established in the 1980s to support impoverished Nigerians who were facing economic difficulties during the Structural Adjustment Programme.
- LAPO focuses on helping low-income households with financial support.
- It offers loans and savings products that help individuals and small businesses.
- The bank has grown over the years because of its focus on empowering communities.
LAPO is a trusted name in microfinance and continues to support underprivileged Nigerians.
3. ACCION Microfinance Bank
ACCION Microfinance Bank was established in 2006. It aims to help low-income earners and micro-entrepreneurs.
- The bank provides loans for small businesses, education, and homeownership.
- ACCION uses mobile banking and USSD to make services accessible.
- Customers can get quick loans of up to ₦150,000 with ease.
ACCION’s focus on financial inclusion makes it a strong player in the microfinance sector.
4. Mutual Trust Microfinance Bank
Mutual Trust Microfinance Bank has changed the way microfinance works in Nigeria. It started as Mark de Rock Microfinance Ltd but rebranded in 2016.
- The bank processes loan applications in less than 10 minutes.
- Loans are approved within 10 hours, making it fast and reliable.
- Customers enjoy flexible repayment plans that reduce financial stress.
Mutual Trust’s focus on technology and customer service sets it apart from others.
5. Assets Microfinance Bank
Assets Microfinance Bank provides unique financial solutions for Nigerians.
- It offers personal loans, payday loans, and business loans.
- Customers can also access savings accounts and investment products.
- The bank is supported by the Central Bank of Nigeria, ensuring reliability.
Assets Microfinance Bank is a good choice for those who want trustworthy financial services.
6. Fina Trust Microfinance Bank
Fina Trust Microfinance Bank started in 2009. It is one of the leading microfinance banks in Nigeria.
- The bank is connected to the LOLC Group in Sri Lanka.
- It offers quick loans, SME loans, education loans, and savings accounts.
- Customers can also open fixed deposit accounts for better savings.
Fina Trust is a reliable partner for individuals and businesses in need of financial support.
7. AB Microfinance Bank
AB Microfinance Bank has been helping small businesses since 2008. It is based in Lagos but serves people across Nigeria.
- It provides loans for small enterprises, housing, and personal use.
- Customers can open savings, current, and fixed deposit accounts.
- AB Microfinance Bank also offers mobile banking for convenience.
The bank is known for its social responsibility and focus on community growth.
8. VFD Microfinance Bank (VBank)
VFD Microfinance Bank is often called VBank. It focuses on digital banking and appeals to young, tech-savvy Nigerians.
- The VBank app offers savings, loans, and current accounts.
- Customers enjoy a smooth experience with the app’s advanced features.
- The bank targets young professionals and small business owners.
VFD Microfinance Bank is one of the leaders in digital microfinance services in Nigeria.
9. Sparkle Microfinance Bank
Sparkle Microfinance Bank started in 2019. It was created by Uzoma Dozie, who was the former Managing Director of Diamond Bank.
- Sparkle focuses on making financial services accessible to small businesses.
- Customers can use the Sparkle app for savings, loans, and other services.
- The bank also helps small businesses with tools to manage their finances.
Sparkle is changing microfinance in Nigeria with its focus on technology and inclusivity.
10. BoI Microfinance Bank
BoI Microfinance Bank is a subsidiary of the Bank of Industry. It has been operating since 2002.
- The bank supports entrepreneurs with loans and savings products.
- It focuses on small businesses and low-income earners.
- Customers benefit from the financial backing of the Bank of Industry.
BoI Microfinance Bank helps many Nigerians grow their businesses and improve their financial stability.
Conclusion
Microfinance banks in Nigeria play a crucial role in promoting financial inclusion. They offer services that empower individuals and businesses to reach their objectives. From digital-first banks such as KUDA and VBank to well-known institutions like LAPO and BoI, these leading microfinance banks are making a significant difference. They are consistently expanding and providing Nigerians with innovative and cost-effective solutions.