Microfinance banks are financial institutions created for the purpose of fighting poverty in any country. In Nigeria, there are top microfinance banks that help individuals like farmers and those who have small and medium scale enterprises with loans to start their businesses.
It is believed that microfinance banks are not as complicated as the commercial banks, thereby an average citizen feels more comfortable borrowing from them than borrowing from commercial banks and since they are closer to the rural settlement of the country, small and medium scale entrepreneurs can obtain loan easily from these banks.
There are some top microfinance banks in Nigeria that are diligent, dedicated to service, ranked to be among the best and have earned clients/customers trust over the years. They don’t delay or have tedious procedures to obtain loan, we shall be listing ten(10) of these banks.
10 Best Microfinance Banks in Nigeria
1. AB Microfinance Bank
This is one of the best and oldest microfinance bank in Nigeria with branches all over the country. Created in 2008 by foreigners, this financial institution headquarters is located at 11, Oba Akran Avenue, Ikeja Lagos with other branches available.
AB microfinance bank doesn’t only give out quick loans but also ensures that a borrower makes judicious use of the amount of money borrowed.
2. Altitude Microfinance Bank
Second on the list with lots of experience in the banking industry, Altitude is a microfinance bank aimed at helping and supporting the less privileged people in the country by giving them loans which must be paid back.
The bank was founded in the year 2004 with its headquarters located at JP Plaza, Central Zone C ASPAMDA Trade fair complex, Badagry Expressway, Lagos. They are a force to reckon with when it comes is microfinance and banking.
3. Fina Trust Microfinance Bank
A tested and trusted bank, created in 2009. This bank possess all it takes to be regarded as one of the leading microfinance banks in Nigeria. It has a very conducive banking environment, dedicated staff, good and appropriate management of approach towards clients.
This bank gives loan from amount ranging from N10,000 to N100,000. The bank’s headquarters address is located at 44, Toyin Street, Ikeja, Lagos.
4. Accion MF Bank Limited
One of the best banks in the country when it comes to giving out loans in little amount. Accion bank was created in 2006 and their headquarters address is located on the 4th floor, Elizade Plaza, 322, Ikorodu Road, Anthony, Lagos state.
This bank gives loan to mostly petty traders. It also gives loan to group of people that comes together to form a unit with the assurance of paying back the loan at an agreed time with interest.
5. MFP Microfinance Bank
MFP microfinance bank is located in Sokoto state. It was created in 2005. This microfinance bank is one of the banks in Nigeria that render best service to its customers,with relatively low interest rate, good workers/customers relationship.
MFP microfinance bank is a tested and trusted bank that gives accurate and timely information on customers’ account.
Finally, this bank partners with Sokoto state government to help civil servants easily receive
their salaries from the bank instead of waiting for the government. MFP microfinance bank is more than ‘just’ a microfinance, it’s a mini commercial bank.
6. Addoser Microfinance Bank
Addoser is another financial institution that merits a place on our list. It was established in 2008 and is located in Lagos.
Addoser gives adds a lesser amount of interest compared to other microfinance banks. Talking about experience, Addoser has such which has kept it going from strength to strength.
7. Rehoboth Microfinance Bank
It was created by a group of business-minded people in Lagos. Rehoboth has over the years proven to be a bank that can be trusted and relied on.
Its one of the microfinance banks in Nigeria that ensures constant visitation to clients so as to check the progress of client’s business or work. Their head office address is at 13, Aweh crescent, Onipanu, Lagos.
8. Fortis Microfinance Bank
This is the first microfinance bank in Abuja (the capital state of the country). Fortis was created in 2007 and are one the best rated in the country.
9. Lapo Microfinance Bank
They are known for their top services, Lapo is one of the best and popular state microfinance banks in Nigeria. It comes into existence in 2010 and was licensed in 2012.
Lapo head office is located at 18, Dawson Road, Benin City, Edo State.
10. FBN Microfinance Bank
They are located in Lagos, FBN is a bank that deals with customers whose business is on the verge of collapsing. As a subsidiary of First Bank Nigeria, FBN renders help by giving loan to people.
To contact their head office, visit 305 Herbert Macaulay Road Yaba, Lagos, Nigeria. Tel: +234 1 8103708, Email: [email protected]