Top Ten Microfinance Banks In Nigeria
What is a microfinance bank and it's history
in Nigeria ? What are the roles of microfinance banks?
What are the names of the top ten microfinance in Nigeria? Whatever is your question is,this post will tell you everything you need to know about about microfinance banks in Nigeria.
Microfinance banks are small banks that help small businesses grow,however they do not have the capital or popularity of the commercial banks.
Most Microfinance banks only have one or few branches.
The concept of microfinance is basically the act of providing micro loan to poor entrepreneurs and small businesses owners that lack the access and knowledge of banking.
For many people,microfinance is an avenue to promote and support small micro-entrepreneurs and small business owners.
In Nigeria the Central Bank of Nigeria has licensed almost one thousand micro finance banks with the aim of alleviation and eradication of poverty through micro-finance banking services that will provide loans and support to small scale entrepreneurs and business owners.
The downside of collecting loans from microfinance banks in that many low income earners might not be able to pay back the borrowed loan within the alloted period of time.
Listed below are some of the top microfinance banks in Nigeria.
Top 10 Microfinance Banks In Nigeria
1. AB Microfinance Bank
AB Microfinance Bank Nigeria was founded in 2002.
The Bank is owned by foreigners,the bank is based in Lagos state.
AB Microfinance Bank offers different financial services to micro, small and medium-sized enterprises ( MSMEs) and also gives out loans.
The headquarters of the bank is located at no 11, Oba Akran Avenue, Ikeja Lagos, it also has other branches.
2. Mainstreet Microfinance Bank
Mainstreet Microfinance Bank is one of the top microfinance banks in Nigeria.This bank was formerly called Afribank microfinance bank.
--This bank is licensed by the Central Bank of Nigeria (CBN) to provide Micro-Financial Banking services to the Nigerian public.
Mainstreet Microfinance Bank is headquartered at
94, Broad Street, Lagos Island, Lagos.
3. Fina Trust Microfinance Bank
Fina Trust Microfinance Bank is one of Nigeria's top Microfinance banks.
Fina Trust Microfinance Bank provides services such as Micro Loans,Retail Banking,Investment Banking,Cash Management,Micro Loans,Consumer Loans,MSME Loans,fina Cards Services,Mobile Banking,In-Branch Banking,One-Click Airtime top up Etc
Fina Trust Microfinance Bank is headquartered in Lagos state at 44,Toyin Street, Ikeja, Lagos.
4. Accion Microfinance Bank Limited
Accion microfinance bank helps to empower micro-entrepreneurs and low income earners by providing them with financial services and loans.
---Accion Microfinance Bank Limited was established in 2006,and ever since,it has been providing financial services in a sustainable, ethical and profitable manner to the Nigerian public.
Accion Microfinance headquarters is located at the 4th floor, Elizade Plaza, 322, Ikorodu Road, Anthony, Lagos.
5. Altitude Microfinance Bank
Established in 2004,Altitude Microfinance bank is rated as one of the best Microfinance Banks in Nigeria.
The bank is located at JP Plaza, Central Zone C Aspamda Trade fair complex, Badagry Expresway, Lagos.
6. Rehoboth Microfinance Bank
Rehoboth microfinance bank is one of the fastest new microfinance banks in Nigeria.
Rehoboth Microfinance Bank was established in 2008.
Rehoboth Microfinance Bank is located at 13, Aweh crescent, Onipanu, Lagos.
7. FBN Microfinance Bank
FBN Microfinance Bank has the vision to become the market leader in the provision of microfinance and related financial services In Nigeria.
FBN Microfinance Bank Ltd (FBNMFB) kicked off in March 2008 and is a subsidiary of FirstBank. Currently
FBN Microfinance Bank Ltd (FBNMFB) was acquired by Letshego Holdings Limited from its parent company,FBN Holdings Plc.
FBNMFB's head office is located at 305 Herbert Macaulay Road Yaba, Lagos, Nigeria.
8. Fortis Microfinance Bank Plc
Fortis Microfinance Bank Plc is rated as one of the best microfinance banks in Nigera.
--Fortis Microfinance Bank Plc was licensed by the Central Bank of Nigeria (CBN) in 2007 and is also listed on the Nigerian Stock Exchange.
The microfinance bank is headquartered at Media House, plot 2135, Herbert Macaulay Way, Wuse Zone 5, Abuja.
9. Addosser Microfinance Bank
Addosser Microfinance Bank is a microfinance bank that targets micro Entrepreneurs and small business owners by offering them quality banking services and opportunities to access loans.
Established in 2008,Addosser Microfinance Bank is headquartered in Lagos state at 32, Lewis Street, Lagos Island.
10. Lapo Microfinance Bank
LAPO Microfinance Bank is one of the top microfinance banks in Nigeria with the mandate of creating a major impact on the social and economic empowerment of low income earners.
--LAPO Microfinance Bank has a product called the SME Loan which is designed to support Small and Medium Scale Enterprises (SMEs) operators in Nigeria.
The bank was established in 2010 and was licensed in 2012,LAPO Microfinance Bank is located at 18, Dawson Road, Benin City, Edo State.