Top 15 Best Microfinance Banks in Nigeria 2023

In a nation as diverse and dynamic as Nigeria, access to financial services is crucial for both individuals and small businesses to thrive. Microfinance banks have emerged as the unsung heroes, bridging the financial gap for those who might otherwise be excluded from the traditional banking sector. In this article, we'll explore the top 15 microfinance banks in Nigeria, each playing a vital role in driving financial inclusion and economic empowerment.

LAPO Microfinance Bank

LAPO Microfinance Bank stands out as one of Nigeria's largest and most impactful microfinance institutions. With a strong focus on poverty alleviation and financial inclusion, it provides a wide array of financial services to both individuals and small businesses.

NPF Microfinance Bank

Established by the Nigeria Police Force, NPF Microfinance Bank has established a nationwide presence. It caters to the financial needs of a broad customer base, offering loans, savings accounts, and other banking services.

AB Microfinance Bank

AB Microfinance Bank is also one of the best microfinance banks in Nigeria 

The Microfinance Bank is celebrated for its dedication to serving micro, small, and medium-sized enterprises (MSMEs). It provides tailored financial solutions, including loans and savings products, to empower entrepreneurs.

Infinity Microfinance Bank

Also, if you are looking for the best microfinance bank in Nigeria, you should consider infinity Microfinance Bank. 

Infinity Microfinance Bank is a champion of financial inclusion, focusing on marginalized communities. They offer vital financial services, including loans and savings, to empower individuals and local businesses.

Addosser Microfinance Bank

Next on our list of the best microfinance bank in Nigeria is Addosser Microfinance bank. 

Addosser Microfinance Bank is known for its innovative financial solutions. It serves individuals and businesses with loans, savings accounts, and digital banking services.

FBN Microfinance Bank

FBN Microfinance Bank, a subsidiary of First Bank of Nigeria Limited, provides comprehensive financial services tailored to the unique needs of micro, small, and medium-sized enterprises.

RenMoney Microfinance Bank

RenMoney Microfinance Bank is a symbol of financial empowerment for individuals and small businesses in need of quick access to funds. Its rapid loan disbursement and personalized financial solutions make it a valuable partner for addressing immediate financial needs. For those seeking swift and efficient financial assistance, RenMoney Microfinance Bank remains a trusted choice on their path to financial well-being.

ABM MFB (Agribusiness and Microfinance Bank)

ABM MFB recognizes that agriculture is the backbone of Nigeria's economy. By providing tailored financial products and services to smallholder farmers and agribusiness owners, the bank plays a crucial role in nurturing agricultural prosperity and fostering financial inclusion.

Mainstreet Microfinance Bank

Mainstreet Microfinance Bank is a testament to the transformative power of microfinance in Nigeria. Its dedication to financial inclusion, customer satisfaction, and community development makes it an invaluable partner for individuals and small businesses seeking financial empowerment. For those with dreams of financial growth and prosperity, Mainstreet Microfinance Bank remains a trusted ally on their journey to success.

Page MFB

Page Microfinance Bank (Page MFB) is a dynamic and customer-focused institution in Nigeria's microfinance landscape. Renowned for its commitment to financial inclusion, Page MFB plays a pivotal role in providing accessible financial services to both micro-entrepreneurs and individuals, facilitating economic empowerment and growth.

Microcred Microfinance Bank

The bank offers a range of financial products and services, including microloans and savings accounts. These products are designed to cater to a broad spectrum of financial needs, from starting a small business to building a secure financial future.

ABU Microfinance Bank

ABU Microfinance Bank is a testament to the potential for microfinance institutions to serve as agents of both education and financial inclusion. Its unique blend of academia and finance offers a distinct advantage to its customers, whether they are students pursuing knowledge or individuals and entrepreneurs seeking financial opportunities. ABU Microfinance Bank continues to be a valuable contributor to the growth and development of education and finance in Nigeria.

NIRSAL Microfinance Bank

NIRSAL Microfinance Bank is committed to promoting financial inclusion within the agricultural sector. By extending financial services to smallholder farmers and agribusiness owners, it helps them access the resources they need to thrive.

Accion Microfinance Bank

Accion Microfinance Bank boasts a wide-reaching network of branches and service points across Nigeria. This extensive presence ensures that financial services are accessible to individuals and businesses in both urban and rural communities.

IMB MFB (Infinity Microfinance Bank)

At the heart of IMB MFB's mission is its dedication to financial inclusion. The bank recognizes that access to financial services is a fundamental right and a catalyst for economic growth. IMB MFB extends its reach to marginalized communities and individuals who may have limited access to traditional banking.

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Which microfinance bank is the best?

The best microfinance bank for you will depend on your needs and requirements. Some popular microfinance banks in Nigeria include LAPO Microfinance Bank, AB Microfinance Bank, Baobab Microfinance Bank, Lovonus Microfinance Bank, and Addosser Microfinance Bank.

Which microfinance is the best in Nigeria?

The best microfinance in Nigeria is a matter of opinion, but some popular microfinance institutions in Nigeria include LAPO Microfinance Bank, AB Microfinance Bank, Baobab Microfinance Bank, Lovonus Microfinance Bank, and Addosser Microfinance Bank.

What is the largest microfinance in Nigeria?

The largest microfinance bank in Nigeria is LAPO Microfinance Bank. It has over 1.1 million clients and 327 branches in 26 states in Nigeria.

Is PalmPay under microfinance bank?

No, PalmPay is not under a microfinance bank. It is a digital payment platform that offers mobile money transfer, bill payments, and airtime top-up. It does not offer loans or savings accounts.

Which banks owns PalmPay?

PalmPay is owned by a consortium of investors, including Visa, UBA Group, and Sequoia Capital. It is not owned by any single bank.


These top 15 microfinance banks in Nigeria are committed to providing accessible and affordable financial services, making a significant impact on the nation's economic development and the well-being of its people. When considering a microfinance bank, individuals and businesses should carefully assess the services, interest rates, and terms to align their financial goals with the most suitable institution.

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