15 Sep 2025
Microfinance Banks in Nigeria (licensed by the Central Bank of Nigeria, CBN) are specialized financial institutions focusing on providing financial services ? savings, small/short-term loans, payment services etc. ? especially to the under-banked, low-income individuals and micro/small enterprises. The sector has grown rapidly: as of December 2024 there were 729 licensed MFBs (of various tiers) and total industry assets rose substantially. This list ranks them not just by size, but by innovation, reach (branches / agent / POS network), customer satisfaction & inclusion, digital adoption, and regulatory/ratings performance. Sources include Nairametrics, NaijaCompare, BrandNewsDay, Agusto & Co., official bank websites, and sector-reports.
A digital-first MFB that became very popular among young Nigerians. Known for its user-friendly app (“bank of the free”), lower fees and simplified access. It’s leading in innovation, speed, and digital banking.
More infoOne of the oldest, with strong presence in low-income households, often winning “Microfinance Bank of the Year” awards, with wide branch / field network.
More infoKnown for serving SMEs, robust POS / agent network, strong growth, regulatory compliance, and excellent digital payments infrastructure.
More infoAlso strong, especially in underserved communities; combines micro-loans, savings, and digital platforms, with backing by international partners and good regulatory ratings.
More infoFocuses on small businesses & individuals with reliable service, mobile & digital banking, and has good presence in multiple states.
More infoKnown for flexible repayment, fast loan approvals, and putting clients first; developing its digital and branch network well.
More infoOffers SME loans, savings, education loans; has innovation in product offering and partnerships; growing digital footprint.
More infoA prominent lender in consumer credit and small business credit, often noted for ease of loans, though sometimes higher cost; growing presence.
More infoStrong in digital micro-lending and savings; known for app-based access, often cited among top digital MFBs.
More infoHas positioned itself well with a digitised banking model, good app, services for savings, loans & payments; appealing to tech-savvy users.
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