Microfinance Bank Loans in Nigeria: 100+ Available Offers [2024]

  • November 19, 2023

Microfinance Bank Loans in Nigeria: Are you wondering how to get a loan from microfinance banks in Nigeria? Or perhaps you’re struggling to understand which Nigerian microfinance bank loans offer the best terms.

If you’ve ever asked yourself, “How can I borrow money from microfinance banks?” or “Which microfinance bank loan app in Nigeria should I download?”, then you’re in the right place.

In this comprehensive guide, we’ll explore everything you need to know about microfinance loans in Nigeria, including the top 10 options and how to secure one successfully.

Microfinance Bank Loan: A Quick Overview

Microfinance banks play a crucial role in Nigeria’s economy. They cater to individuals and small businesses, providing a much-needed lifeline in a challenging economic climate.

When you apply for a loan from a microfinance bank, you access funds to support and grow your venture. Microfinance loans in Nigeria are not just financial instruments; they are tools of empowerment and growth.

Related: Get 2 million Naira Loan without Collateral in Nigeria

Top 10 Microfinance Bank Loans in 2023

In 2023, the best microfinance bank loans in Nigeria include:

1. Lapo Microfinance Bank

microfinance bank loans

LAPO Microfinance Bank is a seasoned player in the Nigerian financial scene, boasting a rich history of providing excellent microcredit facilities.

Renowned for its friendly interest rates and flexible repayment options, LAPO aims to foster economic growth and development at the grassroots level.

With a diverse range of loan offerings, including small business loans and microloans, LAPO strives to meet the unique needs of various clientele.

However, like any financial institution, it requires rigorous documentation for loan applications which may seem daunting for first-time applicants.

Check Out: How to Get a Bank Loan in Nigeria without Collateral

2. Baobab Microfinance Bank

microfinance bank loans

Second on our list is Baobab Microfinance Bank, a beacon of hope for small business owners and entrepreneurs in Nigeria.

Offering microloans designed to boost business growth, Baobab has won the hearts of many Nigerians with its straightforward application process and remarkable customer service.

One unique aspect of Baobab is its focus on social impact, ensuring their loan offerings also contribute positively to the community. However, their loan limit might not cater to those seeking larger funds.

Read Also: How to Get a Loan from Baobab

3. AB Microfinance Bank (AB MFB)

Another popular provider of microfinance loans in Nigeria is AB MFB, a foreign-owned financial institution with a reputation for providing competitive loans to Nigerian SMEs.

Known for their impressive turnaround time, AB MFB ensures applicants receive a response to their loan application swiftly.

They have an excellent customer service team ready to guide you through the process of securing your loan. Despite these perks, the bank’s relatively high-interest rates can be a downside for some borrowers.

4. CIT Microfinance Bank (CIT MFB)

CIT MFB is a Nigerian-based microfinance institution that has made substantial strides in the financial sector. It’s known for its innovative use of technology, including a reliable microfinance bank loan app in Nigeria.

CIT offers several loan options, catering to both business and personal needs. While the use of technology is a plus, it may alienate non-tech savvy customers.

See Also: Get 5 million Naira Loan without Collateral

5. NIRSAL Microfinance Bank

Another popular microfinance bank offering loans in Nigeria is NIRSAL. NIRSAL stands for Nigeria Incentive-Based Risk Sharing System for Agricultural Lending.

As the name implies, this bank aims to promote agricultural businesses in Nigeria. NIRSAL offers a variety of loans, with a focus on supporting smallholder farmers, agri-businesses, and SMEs in the agri-sector.

Despite its excellent mission, the bank’s loan services are tailored towards the agricultural sector, which might not be suitable for those outside this industry.

Related: How to Check NIRSAL Loan with BVN

6. Bank of Industry (BOI)

The Bank of Industry, BOI is a renowned financial institution that offers loans to stimulate and promote industrial development in Nigeria.

BOI is praised for its low-interest rates and long repayment terms, especially for businesses in the manufacturing and creative sectors. One drawback is the bank’s strict eligibility criteria, which may be a barrier for some applicants.

7. Purple Money Microfinance Bank

Purple Money is a rapidly growing microfinance institution known for its fast microfinance loan processing and innovative financial solutions. Purple Money caters to both salaried workers and business owners with its diverse loan options.

However, their loans are limited in scope and amount, which may not cater to the needs of larger enterprises.

Read Also: How to Get an Interest free Loan in Nigeria

8. Advance Nigeria Microfinance Bank

Advance Nigeria is one of the most reliable microfinance banks in Nigeria that give loans. They are renowned for their commitment to empowering SMEs with their well-structured loan options.

Their notable strength lies in their swift loan disbursement and excellent customer service. However, their relatively high-interest rates may be a deterrent for some prospective borrowers.

9. Accion Microfinance Bank

Accion is a global nonprofit committed to creating a financially inclusive world. In Nigeria, Accion Microfinance Bank stands out for its customer-focused loan products, including business loans, education loans, and home improvement loans.

The bank is known for its lower interest rates and customer-friendly repayment terms. Their eligibility requirements are, however, somewhat stringent.

See Also: How to Get a Government Loan for Small Businesses

10. FINA Trust Microfinance Bank (FINA TRUST MFB)

Last on our list of the best microfinance bank loans in Nigeria is FINA TRUST MFB. This bank prides itself on providing easily accessible loans to businesses and individuals.

They offer a range of loans, including business loans, personal loans, and asset loans. The bank is lauded for its swift response and approval times.

On the downside, potential borrowers may find their documentation requirements somewhat tedious.

How to Apply for a Microfinance Loan in Nigeria

Now that we understand the top Nigerian microfinance bank loans, let’s delve into how to borrow money from microfinance banks.

Choose a MFB that Give Loans

Before starting the application process, make sure you thoroughly understand the bank’s loan offerings, their terms, and eligibility requirements.

Visit the bank’s official website, use the microfinance bank loan app, or visit a branch for detailed information.

Check Out: How to Get Autochek Car Loan in Nigeria

Gather Necessary Documents

Different banks will require different documents, but generally, you may need a valid identification document, proof of income, recent utility bills, passport photos, and bank statements. Ensure all documents are valid and up to date.


The application process can be done either online or in the bank’s branch. Some banks even provide a convenient microfinance bank loan app in Nigeria.

Fill out the application form, making sure to correctly provide all requested information.

Submit Collateral (if required)

Depending on the loan amount and the bank’s policy, you may need to provide collateral or have a guarantor.

Ensure your collateral is accepted by the bank and that all necessary paperwork is correctly filled out.

Attend Interview/Loan Presentation (if required)

Some microfinance banks require a formal interview or loan presentation as part of their loan application process.

Be prepared to explain your financial situation, the purpose of the loan, and your repayment plan.

Sign Agreement

Once your loan application has been approved, you’ll be required to sign a loan agreement.

This agreement outlines the terms of the loan, including the repayment period, interest rate, and any penalties for late payment. Ensure you understand and agree with all the terms before signing.

Receive Funds

Once everything is settled, the loan will be disbursed either directly to your bank account or to the bank’s specified location.

List of MFBs that Give Loans to Salary Earners in Nigeria

Are you a salary earner looking to get a loan from microfinance banks, here’s the list of all MFB that give loans in Nigeria:

  1. CIT Microfinance Bank
  2. AB Microfinance Bank
  3. Renmoney Microfinance Bank
  4. Lapo Microfinance Bank
  5. Parallex Microfinance Bank
  6. FFS Microfinance Bank
  7. VFD Microfinance Bank
  8. Petra Microfinance Bank
  9. Addosser Microfinance Bank
  10. Primera Microfinance Bank
  11. Mainstreet Microfinance Bank
  12. Lifegate Microfinance Bank
  13. Fortess Microfinance Bank
  14. NPF Microfinance Bank
  15. Finatrust Microfinance Bank
  16. Purple Money Microfinance Bank
  17. Letshego Microfinance Bank
  18. Credit Express Microfinance Bank
  19. IBILE Microfinance Bank
  20. Ultimate Microfinance Bank
  21. Grooming Microfinance Bank
  22. Asset Microfinance Bank
  23. Bowen Microfinance Bank
  24. Capstone Microfinance Bank
  25. Cardinal Rock Microfinance Bank
  26. Cashconnect Microfinance Bank Ltd
  27. Cedar Microfinance Bank
  28. Chanelle Microfinance Bank
  29. Corestep Microfinance Bank
  30. Cowries Microfinance Bank
  31. Credit Afrique Microfinance Bank
  32. Crossover Microfinance Bank
  33. Daylight Microfinance Bank
  34. Desmonarchy Microfinance Bank Limited
  35. Echo Microfinance Bank
  36. Edo Microfinance Bank
  37. Empire Trust Microfinance Bank
  38. Enrich Microfinance Bank Limited
  39. Finex Microfinance Bank
  40. First Option Microfinance Bank
  41. Flourish Microfinance Bank
  42. Giant Strides Microfinance Bank
  43. Global Initiative Microfinance Bank
  44. Glory Microfinance Bank
  45. Green Energy Microfinance Bank
  46. Hackman Microfinance Bank
  47. Headway Microfinance Bank
  48. High Street Microfinance Bank
  49. GTI Microfinance Bank
  50. Verite Microfinance Bank
  51. Sunrise Microfinance Bank
  52. Personal Trust Microfinance Bank
  53. YCT Microfinance Bank
  54. Kada Microfinance Bank
  55. Lawebod Microfinance Bank
  56. Solid Trust Microfinance Bank
  57. Vineland Microfinance Bank
  58. Shepherd Trust Microfinance Bank
  59. Penny Wise Microfinance Bank
  60. Links Microfinance Bank
  61. Pecan Trust Microfinance Bank
  62. VCL Microfinance Bank
  63. Rigo Microfinance Bank
  64. Zikado Microfinance Bank
  65. Touchgold Microfinance Bank
  66. Owotutu Microfinance Bank
  67. Qube Microfinance Bank
  68. Treasures Microfinance Bank
  69. Safe Gate Microfinance Bank
  70. TCF Microfinance Bank
  71. Supreme Microfinance Bank
  72. Maritime Microfinance Bank
  73. Island Microfinance Bank
  74. Seed Capital Microfinance Bank
  75. Verdant Microfinance Bank
  76. Magnet Microfinance Bank
  77. Royal Exchange Microfinance Bank
  78. Providence Microfinance Bank
  79. Leadcity Microfinance Bank Limited
  80. Solid Allianze Microfinance Bank
  81. Main Trust Microfinance Bank
  82. Virtue Microfinance Bank
  83. Oros Capital Microfinance Bank
  84. Kayvee Microfinance Bank
  85. Townserve Microfinance Bank
  86. Rhehoboth Microfinance Bank
  87. Manny Microfinance Bank Limited
  88. Ric Microfinance Bank
  89. Jessefield Microfinance Bank
  90. Richway Microfinance Bank
  91. XSLNCE
  92. Snow Microfinance Bank
  93. Okengwe Microfinance Bank
  94. Shalom Microfinance Bank
  95. Parkway Microfinance Bank
  96. Wesley Microfinance Bank
  97. Projects Microfinance Bank
  98. Surbpolitan Microfinance Bank
  99. Lovonus Microfinance Bank
  100. Royal Blue Microfinance Bank
  101. Susu Microfinance Bank
  102. Reliance Microfinance Bank
  103. Kudimoney Microfinance Bank
  104. Pyramid Microfinance Bank

Loans from Microfinance Bank in Nigeria – FAQs

Can I get a loan from a microfinance bank?

Absolutely, getting a loan from a microfinance bank in Nigeria is an accessible and straightforward process for both individuals and businesses. Microfinance banks are tailored to support small-scale enterprises, startups, and individuals with their financial needs.

To get a loan, you’ll need to meet their specific eligibility requirements, which often include proof of a stable income and evidence of your ability to repay the loan.

How can I borrow money from a microfinance bank online?

To borrow money from a microfinance bank online, you will typically need to visit the bank’s website or download their microfinance bank loan app if one is available. The online application process usually involves filling out a form with personal details, information about your income, and the purpose of the loan.

Some banks may require additional documentation, which can often be uploaded directly through the website or app. Always ensure you’re using secure and official platforms to protect your personal information.

What are microfinance bank loan interest rates in Nigeria?

Microfinance bank loan interest rates in Nigeria can vary widely depending on the specific bank and loan product. Microfinance loan interest rates typically range from 50% to 30%.

However, these rates may have changed since then, so it’s crucial to check the most current rates directly with the bank or on their official website or microfinance bank loan app.

What is the maximum loan amount for microfinance?

The maximum loan amount you can borrow from a microfinance bank in Nigeria largely depends on your creditworthiness, the nature of your collateral (if required), and the specific policies of the microfinance bank you’re borrowing from. Generally, microfinance banks are known to lend small to medium-sized loans.

Literally, MFB loans in Nigeria could range from a few thousand Naira up to several million. However, it’s essential to check the most current policies and limitations directly with the bank you’re interested in.


Securing a loan from a microfinance bank doesn’t have to be a daunting task. With the right information, you can navigate the world of Nigerian microfinance bank loans with confidence.

This guide has covered everything from how to borrow money from microfinance banks to selecting the best microfinance bank loan app in Nigeria.