List of microfinance banks in Lagos

Dec 18th, 2020

Microfinance banks are on a rapid increase rate in Nigeria due to their importance in reaching out to low-income earners. They provide banking services that would otherwise be inaccessible. As the business hub of the nation, a majority of microfinance banks are domiciled in Lagos. Read on to check out the complete list of microfinance banks in Lagos. Note that this list only includes licensed microfinance banks.

List of licensed Microfinance Banks in Lagos

  1. Ab Microfinance bank
  2. Addosser Microfinance bank
  3. Asset Microfinance bank
  4. Baines credit Microfinance bank
  5. BC Kash Microfinance bank
  6. Berachah Microfinance bank
  7. Billionaire blue bricks Microfinance bank
  8. Blueridge
  9. BOI Microfinance bank        
  10. Bishopgate Microfinance Bank
  11. Boctrust Microfinance Bank
  12. Bosak Microfinance Bank
  13. Bowen Microfinance Bank
  14. Bridgeway Microfinance Bank
  15. Broadview Microfinance Bank
  16. Capstone Microfinance Bank
  17. Cardinal Rock Microfinance Bank
  18. Cashconnect Microfinance Bank Ltd
  19. Cedar Microfinance Bank
  20. Chanelle Microfinance Bank
  21. CIT Microfinance Bank
  22. Corestep Microfinance Bank
  23. Cowries Microfinance Bank
  24. Credit Afrique Microfinance Bank
  25. Credit Express Microfinance Bank
  26. Crossover Microfinance Bank
  27. Daylight Microfinance Bank
  28. Desmonarchy Microfinance Bank limited
  29. Echo Microfinance Bank
  30. Edo Microfinance Bank
  31. Empire trust Microfinance Bank
  32. Enrich Microfinance Bank limited
  33. FFS Microfinance Bank
  34. Finatrust Microfinance Bank
  35. Finex Microfinance Bank
  36. First Option Microfinance Bank
  37. Flourish Microfinance Bank
  38. Fortress Microfinance Bank
  39. Giant strides Microfinance Bank
  40. Global Initiative Microfinance Bank
  41. Glory Microfinance Bank
  42. Green energy Microfinance Bank
  43. Hackman Microfinance Bank
  44. Headway Microfinance Bank
  45. High street Microfinance Bank
  46. GTI Microfinance Bank
  47. IBILE Microfinance Bank
  48. Ipodo-Ikeja Microfinance Bank
  49. Island Microfinance Bank
  50. Jessefield Microfinance Bank
  51. Kayvee Microfinance Bank
  52. Kudimoney Microfinance Bank
  53. Lawebod Microfinance Bank
  54. Leadcity Microfinance Bank limited
  55. Letshego Microfinance Bank
  56. Lifegate Microfinance Bank
  57. Links Microfinance Bank
  58. Magnet Microfinance Bank
  59. Main trust Microfinance Bank
  60. Mainstreet Microfinance Bank
  61. Manny Microfinance Bank limited
  62. Lovonus Microfinance Bank
  63. Maritime Microfinance Bank
  64. Mercury Microfinance Bank                                                                      
  65. Meridian Microfinance Bank
  66. Metro Microfinance Bank
  67. Mayfair Microfinance Bank
  68. Mofzin Microfinance Bank
  69. Moneytrust Microfinance Bank
  70. Mountain top Microfinance Bank
  71. Mutual Benefit Microfinance Bank
  72. Mkobo Microfinance Bank
  73. Moneywise Microfinance Bank
  74. Network Microfinance Bank
  75. New women Microfinance Bank
  76. NPF Microfinance Bank
  77. Okengwe Microfinance Bank
  78. Oros Capital Microfinance Bank
  79. Owotutu Microfinance Bank
  80. Parallex Microfinance Bank
  81. Parkway Microfinance Bank
  82. Pecan Trust Microfinance Bank
  83. Penny wise Microfinance Bank
  84. Personal trust Microfinance Bank
  85. Petra Microfinance Bank
  86. Projects Microfinance Bank
  87. Providence Microfinance Bank
  88. Primera Microfinance Bank
  89. Purple money Microfinance Bank
  90. Rhehoboth Microfinance Bank
  91. Renmoney Microfinance Bank
  92. Ric Microfinance Bank
  93. Richway Microfinance Bank
  94. Pyramid Microfinance Bank
  95. Qube Microfinance Bank
  96. Reliance Microfinance Bank
  97. Rigo Microfinance Bank
  98. Royal blue Microfinance Bank
  99. Royal Exchange Microfinance Bank
  100. Safe Gate Microfinance Bank
  101. Seed Capital Microfinance Bank
  102. Shalom Microfinance Bank
  103. Shepherd trust Microfinance Bank
  104. Snow Microfinance Bank
  105. Solid Allianze Microfinance Bank
  106. Solid trust Microfinance Bank
  107. Stallion Microfinance Bank
  108. Stateside Microfinance Bank
  109. Stellas Microfinance Bank
  110. Still waters Microfinance Bank
  111. Sunrise Microfinance Bank
  112. Supreme Microfinance Bank
  113. Surbpolitan Microfinance Bank
  114. Susu Microfinance Bank
  115. Touchgold Microfinance Bank
  116. Townserve Microfinance Bank
  117. Treasures Microfinance Bank
  118. TCF Microfinance Bank
  119. Ultimate Microfinance Bank
  120. VCL Microfinance Bank
  121. Verdant Microfinance Bank
  122. Verite Microfinance Bank               
  123. VFD Microfinance Bank
  124. Wesley Microfinance Bank
  125. Vineland Microfinance Bank
  126. Virtue Microfinance Bank                  
  127. XSLNCE
  128. YCT Microfinance Bank
  129. Zikado Microfinance Bank

What are the benefits of microfinance banks in Lagos?

Some benefits of using a microfinance bank in Nigeria are:

  1. Microfinance banks allow you to provide for your family through opportunities that may yield more income
  2. It serves the unbankable in the society
  3. Microfinance banks create jobs
  4. It helps the country’s economy grow
  5. The bank offers loan to the poor as well as a better repayment rate

How do I set up a microfinance bank in Lagos?

There are structural requirements that you should have before getting approval to start a microfinance bank in Lagos. These requirements vary depending on the focus region that your bank intends to cover.

The three categories available for microfinance banks in Nigeria are:

  1. Unity microfinance bank (only one main office, and a paid capital of N20,000,000)
  2. State microfinance banks (can have branches within a state and capital of N100,000,000)
  3. National microfinance banks (allowed to have branches all over Nigeria and must have a capital of N2,000,000,000).

After sorting out your category, you would need to write an application to the governor of the Central Bank of Nigeria. Along with this list, you are required to submit the following:

  1. Application fee of N50,000 for a unity mfb, N100,000 for state mfb, and N250,000 for national mfb
  2. A capital deposit to your microfinance bank share capital escrow account with the Central Bank of Nigeria
  3. Evidence that your capital was acquired through lawful means
  4. Detailed feasibility report
  5. A copy of the memorandum of association and articles of association
  6. Capital importation certificate if your capital was imported
  7. The details of your proposed board of directors
  8. Your list of proposed shareholders along with their addresses and the name of their banker’s addresses
  9. An intent letter which states that the bank’s subscribers are going to pay for their subscribed shares of your bank.

Conclusion

Lagos hosts the largest number of microfinance banks in Nigeria. You can always refer to the list above to know the one you have around. You can also read more about Microcred who rebranded to Baobab

Top Stories

Technology has made it easy for you to take

Featured

Compare and get QUICK loans from different lenders?

Get access to up to N10,000,000 (Ten Million
Naira) loan on the spot!

No Subscriptions.
No annual fees. No lock-ins.

Related Posts

Sep 24th, 2022

Technology has made it easy for you to take out emergency plans

Sep 24th, 2022

Every business has its ups and downs, hence, it is normal for

Sep 24th, 2022

Are you finding it difficult to find a good loan platform with
get loans

Need a loan :)

Get instant access to loans up to N10 million naira.
Click the button below to get started