In search for banks that could help Nigerians in providing them the stable economic growth using different types of financial support programs, microfinance banks were established in Nigeria. These financial institutions are basically focused on supporting small businesses which lack financial stability to grow. Statistics from Central Bank of Nigeria (CBN) on the number of microfinance banks in Nigeria, shows that 1013 banks are officially registered and recognized which help in funding small businesses in Nigeria and provide microfinance loans.
What is microfinance bank?
Before we finally unveil the List of Top Micro-finance Banks in Nigeria, let’s first of all give a clear meaning of a microfinance bank to the benefit of those who do not have full knowledge of what a microfinance bank is.
In a simple term, a microfinance bank as the name implies, is a type of a bank that provides small/micro loans to it’s customers who operate small businesses. In otherwords, these small businesses go for microfinance banks for loans, basically because they do not need huge amount of money to grow their businesses. These loans are given to them in little amount for a certain period of time.
List of Top Registered Microfinance Banks in Nigeria
AB microfinance bank was instituted in 2012 and it’s a foreign bank. The bank is best at offering it’s clients with complete range of funding small businesses with micro loans. If you have a small business you need a little amount of money to develop, you can apply for loan from this bank. AB microfinance bank Nigeria has it’s central office at Lagos, Nigeria.
This bank provides virtually all kinds of banking services in the world of microfinance and was officially licensed by the Central Bank of Nigeria. Just like other banks, Mainstreet microfinance bank helps it’s clients;
- Consolidate their positions in the markets
- Providing financial assistance to clients
- Development of technologies
- Strengthening of social and economic ties in the area.
Accion microfinance bank limited was established in 2007 and officially licensed by CBN. It’s primary objective is to provide microfnibnance services to it’s clients who operate small businesses.
Fina trust microfinance bank happens to be the most trustworthy microfinance among other microfinance banks in Nigeria. The bank is known for providing microfinance services like providing small financial assistance to small businesses owners to groom their businesses. This bank was officially licensed by CBN and began operation in 2009. The bank is also centered in grooming local SME’s.
ADDOSSER Microfinance Bank Limited was registered in May 2008 and has it’s role to be providing microfinance services to small and even medium-sized businesses by expanding their financial ground grounds. The bank also offers financial assistance to small businesses to help groom them to a higher standard. Statistically, in recent years the amount of financial assistance offered to their clients is about N13Billion. So far, ADDOSER microfinance bank at this time one of the largest banks in it’s region, providing financial services to over 80,000 customers.
MMT began it’s operation in 2012 and the management is always happy seeing their clients growing from small firms to large companies. MMT offers micro loans to small and medium-sized business. MMT does not just give you loan and leave you, they also do proper follow up to see you succeed in your area of business.
90% of the MMT’s attention goes to the microfinance of women working in small enterprises, according to the international program of assistance to groups of women in small businesses.
Finca has it’s central office in Owerri, Imo state and began it’s operation in Nigeria 2014. One of the primary goals of this company is the development of microfinance business in all the Southeastern and Southwestern states of Nigeria.
FINCA Microfinance Bank LTD offers its customers the following;
- Microfinance for small and medium-sized businesses
- Insurance payments
One of the outstanding and successful microfinance banks in Nigeria is Fortis Microfinance Bank. The company began to provide banking services in October 2007 and was officially registered under CBN in 2015. The company afterward grew to be reorganized into the Public limited company in 2011.
LAPO is one of the leading microfinance banks in Nigeria and has focused its attention on microfinance, to ensure the creation and development of small businesses in the country. LAPO Microfinance Bank has for many years channel it’s attention to providing entrepreneurs with access to microfinance services. In 2010 LAPO Microfinance Bank received an official license from CBN, since then, the bank has been able to help more than 1 million entrepreneurs in Nigeria.
Rehoboth Microfinance Bank
It seems this bank took an oath to always help and stand by its clients in the development of their small business.
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