Microfinance banks in Nigeria have become a game-changer for individuals, entrepreneurs, and small businesses seeking easy access to financial services. With hundreds of licensed microfinance banks in Nigeria, choosing the best one for savings, loans, or investments can be tricky. Whether you’re a student trying to save or a business owner in need of quick capital, this guide will walk you through the top 20 microfinance banks in Nigeria that stand out in 2025 for reliability, innovation, and customer satisfaction.
Understanding Microfinance Banks in Nigeria
Before diving into the list, let’s clear the basics. Microfinance banks in Nigeria are financial institutions licensed by the Central Bank of Nigeria (CBN) to provide banking and financial services to low-income earners and small-scale entrepreneurs. Their major aim is to promote financial inclusion — helping people who might not qualify for traditional bank loans to access funds, save securely, and grow financially.
According to the CBN list of microfinance banks in Nigeria, there are hundreds of active and licensed institutions spread across the country. These banks offer products such as savings accounts, business loans, microloans, and even digital banking services.
Top 20 Microfinance Banks in Nigeria (2025 Update)
1. LAPO Microfinance Bank
LAPO is arguably the most popular name among the top microfinance banks in Nigeria. Known for empowering low-income earners and women entrepreneurs, LAPO offers affordable loan products, savings accounts, and insurance options. It remains a leader in financial inclusion across rural and urban areas.
2. Accion Microfinance Bank
Accion Microfinance Bank focuses on innovation and digital banking. Customers can open accounts, save, or apply for loans seamlessly. The bank’s commitment to SMEs makes it one of the top 10 microfinance banks in Nigeria for business growth.
3. NIRSAL Microfinance Bank
Supported by the Central Bank of Nigeria, NIRSAL MFB offers business loans, salary loans, and the popular COVID-19 Targeted Credit Facility. It’s one of the most trusted loan microfinance banks in Nigeria for individuals and SMEs.
4. Mutual Trust Microfinance Bank
Mutual Trust MFB stands out for its competitive loan rates and savings options. It offers flexible repayment plans and mobile banking solutions that make saving and borrowing convenient.
5. Fina Trust Microfinance Bank
If you’re looking for digital convenience, Fina Trust offers seamless online banking services. It’s one of the few online microfinance banks in Nigeria with a user-friendly app and strong customer support.
6. Baobab Microfinance Bank
Baobab MFB operates in multiple African countries, providing accessible microloans and business funding. It’s among the top 5 microfinance banks in Nigeria due to its reliability and presence across several states.
7. Seedvest Microfinance Bank
Seedvest specializes in agricultural and small business loans. It has earned a reputation for supporting local farmers and startups, making it one of the top 20 microfinance banks in Nigeria for rural development.
8. VFD Microfinance Bank
VFD MFB, now rebranded as VBank, is a fully digital bank offering savings, transfers, and loans without the need for a physical branch. It ranks among the top microfinance banks in Nigeria for tech-savvy users.
9. Empire Trust Microfinance Bank
This bank focuses on personal and corporate banking solutions. Its simple account opening process and quick loan approval make it one of the licensed microfinance banks in Nigeria worth considering.
10. FBN Microfinance Bank
A subsidiary of First Bank, FBN Microfinance Bank combines the strength of a traditional bank with the accessibility of microfinance. It’s ideal for salary earners and small business owners.
11. AB Microfinance Bank
AB Microfinance Bank is part of an international group serving micro and small enterprises. With branches across Lagos, Oyo, and Ogun, it’s one of the most reliable loan microfinance banks in Nigeria.
12. Infinity Microfinance Bank
Infinity MFB provides flexible savings plans and quick access to business loans. Their focus on women’s empowerment and grassroots development earns them a top spot among the top 50 microfinance banks in Nigeria.
13. Rehoboth Microfinance Bank
Rehoboth offers affordable loan services and micro-savings options. Their community-oriented approach has made them one of the best microfinance banks in Nigeria for local entrepreneurs.
14. Advans La Fayette Microfinance Bank
With international backing, Advans La Fayette is one of the most stable and transparent microfinance banks in Nigeria. They specialize in SME funding and digital financial solutions.
15. Sparkle Microfinance Bank
Sparkle, though relatively new, has captured attention for its app-based banking and customer-focused features. It’s one of the top online microfinance banks in Nigeria for digital natives.
16. MicroCred Microfinance Bank
MicroCred focuses on financial inclusion and small business support. They offer loans, savings, and mobile banking services to both individuals and groups.
17. KC Microfinance Bank
KC MFB provides simple savings and loan products for individuals and cooperatives. It’s growing rapidly and is recognized on the CBN list of microfinance banks in Nigeria.
18. Hasal Microfinance Bank
Hasal MFB offers corporate and individual loans with competitive rates. It’s one of the few licensed microfinance banks in Nigeria with solid online banking integration.
19. Addosser Microfinance Bank
Addosser has been around since 2008, focusing on micro, small, and medium enterprises. It’s one of the top 20 microfinance banks in Nigeria for business owners who need flexible loan terms.
20. Peace Microfinance Bank
Peace MFB is known for its customer-first approach and savings incentives. Their strong presence across states makes them one of the most trusted microfinance banks in Nigeria.
Why Choose a Microfinance Bank in Nigeria?
Microfinance banks are not just for small businesses. Many Nigerians now prefer them for personal savings, salary accounts, and investment options because of their flexibility and accessibility. If you’ve ever asked, “how many microfinance banks are in Nigeria?” there are currently over 800 licensed microfinance banks, each offering different services and benefits.
Most of them also comply with the code of corporate governance for microfinance banks in Nigeria, ensuring transparency and customer protection. Additionally, with digital banking trends rising, several online microfinance banks in Nigeria now offer mobile apps for savings, loans, and transfers, no paperwork required.
Conclusion
The growth of microfinance banks in Nigeria has opened new financial doors for millions of Nigerians; from market traders to small business owners and students. Whether you’re seeking quick loans, reliable savings options, or digital banking convenience, these top 20 microfinance banks in Nigeria offer a solid starting point.
At Queposts, we’re committed to helping Nigerians make smart financial decisions by spotlighting trustworthy banks and digital platforms that simplify money management. Stay tuned for more financial guides and banking insights tailored to your needs.
