List Of MFB Loan Apps in Nigeria 2023 (CBN Approved)
Micro Finance Bank (MFB) in Nigeria is any financial institution that is licensed by the Central Bank of Nigeria (CBN) to operate as a mobile banking service (small-scale bank) that can provide the following financial services such as savings, deposits, loans, domestic funds transfer and non-financial services like sales of airtime and data online.
However, the rise of loan apps are tremendously increasing and a lot of people doubt the legitimacy of some loan app in Nigeria. That is why in this article, we are going to take a deep look at the MFB loan app in Nigeria and more details about these loan apps. Where and how to download them from?
There are over 916 licensed microfinance banks in Nigeria aimed to offer banking needs to under-served groups like market women and unemployed youths such as Loans, saving and fund transfers etc.
But, there are the most well-known and top best microfinance banks in Nigeria which will be the focus of this content.
Note: this is not the hierarchy of Microfinance banks in Nigeria or any legal rating/ranking of these banks, we randomly give our listing.
Here are lists of the top best microfinance banks in Nigeria and App ratings on the App Store, number of downloads and a company overview.
Overview Of MicroFinance Bank in Nigeria
Most of the Microfinance banks we will mention here might be familiar to you and probably you have them installed on your device as of now.
- Okash by Opay under Blueridge Microfinance Bank
- Palmpay Limited
- MoniePoint MicroFinance Bank
- Kuda Bank MicroFinance Bank
- FairMoney MicroFinance Bank
- Branch International Limited By Century Microfinance Bank Limited
- Lapo Microfinance Bank
- VFD Microfinance Bank
- PalmCredit
- Mutual Trust Microfinance Bank
- ACCION Microfinance Bank
- Grassroot MicroFinance Bank Limited
- Grants Microfinance Bank Limited.
These are some top popularly known ones, now let’s list all Microfinance Bank in Nigeria by CBN alphabetically.
This research is backed up by three major sources we reviewed; the CBN portal, the NDIC website and App Store.
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List Of MFB Loan Apps in Nigeria Explained
FairMoney MicroFinance Bank:
Fairmoney is a digital loan app in Nigeria registered as a Microfinance bank to operate and disburse loans, and bank and unbank services such as selling Airtime and Data through the app. Registered with Corporate Affairs Commission as FairMoney Microfinance Bank and approved by NDIC licensed by the Central Bank of Nigeria (CBN).
Furthermore, the Fairmoney App is among the top digital banking/loan app in Nigeria with over 10M+ downloads on the Google Play store and 582k+ reviews of 4.3 ratings out of 5.
Download the Fairmoney app from the App Store of your device.
Branch By Century Microfinance Bank Limited:
Branch App is an online loan app in Nigeria and also an online banking app in Nigeria that lets you transfer money gives you 2% cash back for every bill you pay, invest to earn up to 15% returns, and borrow money. It is the ultimate cash app with over 40 million downloads and counting.
MoniePoint MicroFinance Bank
MoniePoint MFB is a digital banking app that is majorly known for P.O.S business but also offers loans to businesses with some requirements and set rules; like the applicant must be a Moniepoint merchant and has a good transaction history using the P.O.S machine of MoniePoint.
Well, the Loan service is not different from the app but has to be manually applied for and reviewed by the Moniepoint team before they can grant you the loan amount you want.
Kuda Bank MicroFinance Bank
Kuda Bank MicroFinance Bank gives loans to its users depending on the status of the user account and track record, a manual verification is also carried out and reviewed.
Kuda Bank is well known for its fast fund transfer and saving options like the Piggyvest bank app but with some other differences like the P.O.S business feature.
Before applying for a loan, do ensure to read and understand the terms and conditions and interest rates they offer.
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