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.
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.
Full List Of MicroFinance Banks in Nigeria (Approved BY CBN)
- Alvana Microfinance Bank Limited
- A.D.A Microfinance Bank Limited
- Amaifeke Microfinance Bank Limited
- Amazu Microfinance Bank Limited
- Amba Microfinance Bank Limited
- Amegy Microfinance Bank Limited
- AMJU-Unique Microfinance Bank Limited
- Amoye Microfinance Bank Limited
- Amram Microfinance Bank Limited
- Amucha Microfinance Bank Limited
- Amuro Microfinance Bank Limited
- Anchorage Microfinance Bank Limited
- Aniocha Microfinance Bank Limited
- Anointed Microfinance Bank Limited
- Anya Microfinance Bank Limited
- Aogo Microfinance Bank Limited
- Apa Microfinance Bank Limited
- Apeks Microfinance Bank Limited
- Apex Trust Microfinance Bank Limited
- Apple Microfinance Bank Limited
- Aramoko Microfinance Bank Limited
- Arochukwu Microfinance Bank Limited
- Arondizuogu Microfinance Bank Limited
- Asha Microfinance Bank Limited
- Aspire Microfinance Bank Limited
- Asset Matrix Microfinance Bank Limited
- Assets Microfinance Bank Limited
- Associated Investment Trust Microfinance Bank Limi
- Astra Polaris Microfinance Bank Limited
- Atlas Microfinance Bank Limited
- Atyap Microfinance Bank Limited
- Auchi Microfinance Bank Limited
- Avunegbe Microfinance Bank Limited
- Avyi Microfinance Bank Limited
- Awe Microfinance Bank Limited
- Awgbu Microfinance Bank Limited
- Awka Microfinance Bank Limited
- Awka-Etiti Microfinance Bank Limited
- Awkuzu Microfinance Bank Limited
- Ayete Microfinance Bank Limited
- AZSA Microfinance Bank Limited
- Babba Microfinance Bank Limited
- Babura Microfinance Bank Limited
- Bakassi Microfinance Bank Limited
- Balera Microfinance Bank Limited
- Balogun Ajikobi Microfinance Bank Limited
- Balogun Fulani Microfinance Bank Limited
- Balogun Gambari Microfinance Bank Limited
- Bam Microfinance Bank Limited
- Bawyi Microfinance Bank Limited
- Bayajidda Microfinance Bank Limited
- Bayetin MFB Microfinance Bank Limited
- Bejin-Doko Microfinance Bank Limited
- Berachah Microfinance Bank Limited
- Best Star Microfinance Bank Limited
- Bestway Microfinance Bank Limited
- Bethel Microfinance Bank Limited
- Bethesda Microfinance Bank Limited
- BFL Microfinance Bank Limited
- Birni Microfinance Bank Limited
- BishopGate Microfinance Bank Limited
- Biyama Microfinance Bank Limited
- Biztrust Microfinance Bank Limited
- Blue Intercontinental Microfinance Bank Limited
- Blue Ridge Microfinance Bank Limited
- Bmazazhin Microfinance Bank Limited
- BOI Microfinance Bank Limited
- Boji Boji Microfinance Bank Limited
- Boluwaduro Microfinance Bank Limited
- Bonded Microfinance Bank Limited
- Bonghe Microfinance Bank Limited
- Borgu Microfinance Bank Limited
- Borstal Microfinance Bank Limited
- Bosak Microfinance Bank Limited
- Bowen Microfinance Bank Limited
- Bowman Microfinance Bank Limited
- Brass Microfinance Bank Limited
- Briyth Covenant Microfinance Bank Limited
- Broadview Microfinance Bank Limited
- Brooks Microfinance Bank Limited
- Bungudu Microfinance Bank Limited
- Bunkasa Microfinance Bank Limited
- Business Support Microfinance Bank Limited
- Busu Microfinance Bank Limited
- Calabar Microfinance Bank Limited
- Calm Microfinance Bank Limited
- Capstone Microfinance Bank Limited
- Cardinal Rock Microfinance Bank Limited
- Caretaker Microfinance Bank Limited
- Cash Cow Microfinance Bank Limited
- Castle Microfinance Bank Limited
- Catland Microfinance Bank Limited
- Cedar Microfinance Bank Limited
- Chanelle Microfinance Bank Limited
- Chartwell Microfinance Bank Limited
- Chelsea Microfinance Bank Limited
- Chevron Employee Co-operative MFB
- Chibueze Microfinance Bank Limited
- Chidera Microfinance Bank Limited
- Chigbe-Yaji Microfinance Bank Limited
- Chikum Microfinance Bank Limited
- Chimham Microfinance Bank Limited
- Chrisore Microfinance Bank Limited
- Chukwunenye Microfinance Bank Limited
- CIT Microfinance Bank Limited
- Citadel Microfinance Bank Limited
- City Mission Methodist Microfinance Bank Limited
- Civic Microfinance Bank Limited
- Coalcamp Microfinance Bank Limited
- Coastline Microfinance Bank Limited
- Coconut Avenue Microfinance Bank Limited
- Combined Benefits Microfinance Bank Limited
- Compass Microfinance Bank Limited
- Complete Trust Microfinance Bank Limited
- Confidence Microfinance Bank Limited
- Confluence Microfinance Bank Limited
- Conpro Microfinance Bank Limited
- Consumer Microfinance Bank Limited
- Coral Microfinance Bank Limited
- Corestep Microfinance Bank Limited
- Cosmopolitan Microfinance Bank Ltd
- Covenant University Microfinance Bank Limited
- Cowries Microfinance Bank Limited Credit Plus
- Microfinance Bank Limited
- CreditLink Microfinance Bank Limited
- Creekline Microfinance Bank Limited
- Crest Microfinance Bank Limited Crowned
- Eagle Microfinance Bank Limited
- CRUTECH Microfinance Bank Limited
- Crystabel Microfinance Bank Limited
- CSD Microfinance Bank Limited
- Dadin Kowa Microfinance Bank Limited
- Daffo Mangai Microfinance Bank Limited
- Dambatta Microfinance Bank Limited
- Daniels Global Microfinance Bank Limited
- Dangizhi Microfinance Bank Limited
- Darazo Microfinance Bank Limited
- DCFA-Universal Microfinance Bank Limited
- Decency Microfinance Bank Limited
- DEC-Enugu Microfinance Bank Limited
- Desmonarchy Microfinance Bank Limited
- Destiny Microfinance Bank Limited
- Diobu Microfinance Bank Limited
- Dolphin Microfinance Bank Limited
- Dominion Microfinance Bank Limited
- Dutse Microfinance Bank Limited
- Eagle Flight Microfinance Bank Limited
- East Gate Microfinance Bank Limited
- Eastman Microfinance Bank Limited
- e-Barclays Microfinance Bank Limited
- Ebedi Microfinance Bank Limited
- Ebonyi State University Microfinance Bank Limited
- Ebu Microfinance Bank Limited
- Echo Microfinance Bank Limited Edo Microfinance Bank Limited
- Eduek Microfinance Bank Limited
- Edumana Microfinance Bank Limited
- Egbe Microfinance Bank Limited
- Ehor Microfinance Bank Limited
- Ejiamatu Microfinance Bank Ltd
- Ekimogun Microfinance Bank Limited
- Ekondo Microfinance Bank Limited
- Ekuombe Microfinance Bank Limited
- Ekwulobia Microfinance Bank Limited
- Elim Microfinance Bank Limited
- Endwell Microfinance Bank Limited
- Enterprise Microfinance Bank Limited
- Enugu-Ukwu Microfinance Bank Limited
- Equator Microfinance Bank Limited
- Equinox Microfinance Bank Limited
- Eruwon Microfinance Bank Limited
- Esan Microfinance Bank Limited
- Eso-E Microfinance Bank Limited
- Estate Microfinance Bank Limited
- Ethics Microfinance Bank Limited
- Everest Microfinance Bank Limited
- EWT Microfinance Bank Limited
- Excel Microfinance Bank Limited
- Excellent Microfinance Bank Limited
- Ezebo Microfinance Bank Limited
- Fadan Chawai Microfinance Bank Limited
- Fahimta Microfinance Bank Limited
- Faith Microfinance Bank Limited
- Fame Microfinance Bank Limited
- FBN Microfinance Bank Limited
- FCE Obudu Microfinance Bank Limited
- FEDETH Co-op Microfinance Bank Limited
- FEDPOLY Microfinance Bank Limited
- Fidfund Microfinance Bank Limited
- FIMS Microfinance Bank Limited
- Finatrust Microfinance Bank Limited
- Finex Microfinance Bank Limited
- First Ideal Microfinance Bank Limited
- First Index Microfinance Bank Limited
- First Lowland Microfinance Bank Limited
- First Mutual Microfinance Bank Limited
- First Option Microfinance Bank Limited
- First Royal Microfinance Bank Limited
- Fiyinfolu Microfinance Bank Limited
- Flourish Microfinance Bank Limited
- All Workers Microfinance Bank Limited
- Aloaye Microfinance Bank Limited
- Altitude Microfinance Bank Limited
- Acuity Microfinance Bank Limited
- Adaigbo Microfinance Bank Limited
- Ajiya Microfinance Bank Limited
- Bama Microfinance Bank Limited
- Bancorp Microfinance Bank Limited
- Barnawa Microfinance Bank Limited
- Bauchi Investment Corporation MFB Limited
- Addossar Microfinance Bank Limited
- Ajose Microfinance Bank Limited
- Afotamodi-Ogunola Microfinance Bank Limited
- Mainstreet Microfinance Bank Limited
- Ajuta Microfinance Bank Limited
- Akalabo Microfinance Bank Limited
- Akokwa Microfinance Bank Limited
- Ajeko Microfinance Bank Limited
- Galilee Microfinance Bank Limited
- West-End Microfinance Bank Limited
- Wetland Microfinance Bank Limited
- Woliwo Microfinance Bank Limited
- Yabo Microfinance Bank Limited
- Yauri Emirates Microfinance Bank Limited
- Chidera Microfinance Bank Limited
- Wesley (fmr. City Mission Methodist) Microfinance Bank Limited
- CUB Microfinance Bank Limited
- Eagle Microfinance Bank Limited
- Ebu Microfinance Bank Limited
- Ejiamatu Microfinance Bank Limited
- Commonwealth Microfinance Bank Limited
- Fortress Microfinance Bank Limited
- Gracefield Microfinance Bank Limited
- Hillspring (Gworok) Microfinance Bank Limited
- Consistent Trust (Ijesa Isu Confidence) Microfinance Bank Limited
- EK-Reliable (Ikole Ekiti) Microfinance Bank Limited
- Ilutuntun-Osoro Microfinance Bank Limited
- Isale Oyo Microfinance Bank Limited
- Ivie Microfinance Bank Limited
- Sanga Microfinance Bank Limited
- KCMB Microfinance Bank Ltd
- Lavender Microfinance Bank Limited
- Bokkos Microfinance Bank Limited
- Shield Microfinance Bank Limited
- Nanka Microfinance Bank Limited
- Ningi Microfinance Bank Limited
- Noble Microfinance Bank Limited
- Ideato Microfinance Bank Limited
- New Vision Microfinance Bank Limited
- Orsuihiteukwa Microfinance Bank Limited
- Pace-Setter Microfinance Bank Limited
- Safeline Microfinance Bank Limited
- Shepherd Trust Microfinance Bank Limited
- CEMCS Microfinance Bank Limited
- Ajaye-Jebwo Microfinance Bank Limited
- Avuenegbe Microfinance Bank Limited
- Uga Microfinance Bank Limited
- Blucon Microfinance Bank Limited
- Savings Corp Microfinance Bank Limited
- Custodian Microfinance Bank Limited
- Hadejia Microfinance Bank Limited
- Sapida Microfinance Bank Limited
- Galilee (Well Woman) Microfinance Bank Limited
- Neu-Kom Microfinance Bank Limited
- Green Energy Microfinance Bank Limited
- NOUN (National Open University) Microfinance Bank Limited
- Oros Capital Microfinance Bank Limited
- Cherish Microfinance Bank Limited
- Ada Microfinance Bank Limited
- Egbemoha Microfinance Bank Limited
- Bauchi CFA Microfinance Bank Limited
- Zumwa Microfinance Bank Limited
- Tattali Microfinance Bank Limited
- Tanadi Microfinance Bank Limited
- Light Microfinance Bank Limited
- Masoyi Microfinance Bank Limited
- Bibajinre Microfinance Bank Limited
- Surelife Microfinance Bank Limited
- Banex Microfinance Bank Limited
- Good Shepherd Microfinance Bank Limited
- Babcock Microfinance Bank Limited
- Akuchukwu Microfinance Bank Limited
- Vantage Microfinance Bank Limited
- AMML Microfinance Bank Limited
- Orilonise Microfinance Bank Limited
- Unibadan Microfinance Bank Limited
- Kwali Microfinance Bank Limited
- Royal Life Key Microfinance Bank Limited
- Okebola NUT Microfinance Bank Limited
- Dawakin Tofa Microfinance Bank Limited
- Albasu Microfinance Bank Limited
- Chronicles Microfinance Bank Limited
- Gaya Microfinance Bank Limited
- Golden Funds Microfinance Bank Limited
- Goldman Microfinance Bank Limited
- Gombe Microfinance Bank Limited
- Good Neighbors Microfinance Bank Limited
- Grand Fortress Microfinance Bank Limited
- Grants Microfinance Bank Limited
- Grassroot Microfinance Bank Limited
- Green Acres Microfinance Bank Limited
- Green-Bank Microfinance Bank Limited
- Greenfield Lagos Microfinance Bank Limited
- Greenland Microfinance Bank Limited
- Elo-Emede Microfinance Bank Limited
- Megapraise Microfinance Bank Limited
- Solid Allianz Microfinance Bank Limited
- Mark De-Rock Microfinance Bank Limited
- Madobi Microfinance Bank Limited
- KMC Microfinance Bank Limited
- Shanon Microfinance Bank Limited
- Bundi Microfinance Bank Limited
- Dorben Microfinance Bank Limited
- Boig Microfinance Bank Limited
- Safe Haven Microfinance Bank Limited
- Femaz Microfinance Bank Limited
- Mutual Trust Microfinance Bank Ltd
- Viva Microfinance Bank Limited
- Waila Microfinance Bank Limited
- Warji Microfinance Bank Limited
- Wase Microfinance Bank Limited
- Wealthbasket Microfinance Bank Limited
- Galilee Microfinance Bank Limited
- West-End Microfinance Bank Limited
- Wetland Microfinance Bank Limited
- Woliwo Microfinance Bank Limited
- Women Development Initiative MFB Limited
- Wudil Microfinance Bank Limited
- Yabo Microfinance Bank Limited
- Yauri Emirates Microfinance Bank Limited
- Transizzi Microfinance Bank Limited
- Transwealth Microfinance Bank Limited
- Treasures Microfinance Bank Limited
- Triple A Microfinance Bank Limited
- True Bond Microfinance Bank Limited
- Trust Microfinance Bank Limited
- Trustfund Microfinance Bank Limited
- Trusthouse Microfinance Bank Limited
- TSM Microfinance Bank Limited
- U & C Microfinance Bank Limited
- Ubulu Microfinance Bank Limited
And more
There are over 916 Microfinance banks in Nigeria that offer loans, Morgage and Insurance.
To find a reliable one is to know the MFB close to you and is willing to give you a loan or other micro bank services.
In Summary:
Hope this article helps you find a local Microfinance bank near you that can able to lend you money and other credit facilities that you want, you can also use their online mobile app to access and create an account with them.
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