Top Five Microfinance Banks in Nigeria 2024

The Definitive Guide to the Top Five Microfinance Banks in Nigeria 2024

A comprehensive overview of the top five microfinance banks in Nigeria in 2024 based on market share, digital innovation, loan portfolio, and customer base.


Microfinance banks play a crucial role in providing essential financial services to low-income earners, unbanked, and underserved groups in Nigeria. With over 900 licensed microfinance banks, they work to close the financial inclusion gap as only 64% of the adult population has access to formal banking. This guide analyzes the top five Microfinance Banks based on metrics like market share, digital innovation, loan portfolio, and customer base.

1. KuDa Microfinance Bank

Formerly known as Kudimoney, KuDa Microfinance Bank has revolutionized digital banking in Nigeria. Backed by $90 million in capital, its user-friendly app offers seamless services and has gained immense popularity. KuDa’s commitment to financial inclusion through technology has fueled its rapid growth, redefining microfinance banking. Its simplified processes and personalized customer experiences have cemented its place as a leading Microfinance bank in Nigeria.

2. LAPO Microfinance Bank

Established in the 1980s, LAPO Microfinance Bank was created to help less privileged Nigerians cope with economic hurdles. Since then, it has transformed into one of the most notable MFBs thanks to ensuring low-income households’ financial empowerment. As a national microfinance bank with over 500 branches, LAPO provides sustainable services across 34 states, establishing itself as a pioneering Microfinance bank.

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3. ACCION Microfinance Bank

Founded in 2006, ACCION aims to empower micro-entrepreneurs and low earners through ethical and profitable services. It offers loans for small businesses, property purchases, education, and more. Through its mobile and USSD channels, customers can access up to ₦150,000 quick loans, cementing ACCION’s role in bridging Nigeria’s financial inclusion gap as a leading Microfinance Bank.

4. Mutual Trust Microfinance Bank

Rebranded in 2016, Mutual Trust Microfinance Bank provides best-in-class services using cutting-edge technology and experienced staff, who handle loan applications approved within 10 hours. Its flexible repayment plans allow easy loan repayment without stress. Mutual Trust continues redefining microfinance with innovations that ensure a better client experience, securing its position among the top five microfinance banks in Nigeria.

5. Assets Microfinance Bank

Set up by the CBN, Assets Microfinance Bank offers personal, business, and payday loans along with savings and investments. Its products focus on empowering Nigerian enterprises through accessible financing solutions. With detailed information on its website, Assets strives to meet evolving customer needs, cementing its status as one of Nigeria’s most promising Microfinance Banks In Nigeria.

Frequently Asked Questions

What products and services do microfinance banks offer?

Microfinance banks provide essential services like savings accounts, lending (business/personal loans), domestic transfers, and more tailored for low-income individuals, micro-businesses, and SMEs.

How many microfinance banks are in Nigeria?

As of 2024, Nigeria has over 900 licensed microfinance banks regulated by the Central Bank of Nigeria.

Which bank has the largest microfinance network?

LAPO Microfinance Bank has over 500 branches, establishing the most extensive network across 34 Nigerian states.

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Which bank is leading financial technology innovations?

KuDa Microfinance Bank is revolutionizing digital banking through its user-friendly app, cementing its position at the forefront of fintech advancements.

How can I access loans from a microfinance bank?

Visit the bank’s branch or website to begin a quick, secure application process evaluated within hours to potentially receive financing.


The Nigerian microfinance industry empowers millions through accessible solutions. This guide analyzed KuDa, LAPO, ACCION, Mutual Trust, and Assets Microfinance Banks as the leading Top Five Microfinance Banks based on comprehensive metrics. While fulfilling critical roles in closing financial gaps, these MFBs employ innovative strategies that uplift livelihoods through customized services. Their continued progress shapes a vibrant, inclusive financial system.


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