List of microfinance banks in Lagos

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