Mkobo Microfinance Bank – What you should know

Last Updated on Dec 11th, 2023

Mkobo was established in 2015 as a microfinance bank and licensed by the Central Bank of Nigeria (CBN). However, they do not operate like traditional banks or microfinance banks, because they have no banking hall, nor do they accept cash.

Just like similar banks like Nirsal microfinance bank, mkobo focuses on providing financial services through secured and unsecured credits to small and medium-sized businesses in the country. They carry out all transactions electronically and it involves no cash.

Mkobo Loan

Why should I use Mkobo?

Mkobo provides one of the fastest micro loans in the country today, for those who do not have access to traditional financial services like banks.


  1. They require No collateral.
  2. Very little paperwork.
  3. Quick loan payout within 24 hours.

Also, note that to take a loan, they require guarantors, and your current employment status and details. 

What services are offered by Mkobo?

Mkobo has three different finance packages for you to choose from. They are:

  1. Emergency loans

An emergency loan designed specially for you as an employee of certain organizations (both private and public), to give you access to quick short-term loans. 

Getting this loan is quick and simple and takes only about 4 hours between your application and disbursement. You repay the loan from your monthly salary.


  • Easy application.
  • Quick access to money.
  • You as an employer is in control of which employee can access the loans.
  • Financial literacy – only loans you can afford are granted.

How to apply

  • All registered companies have a unique BP NUMBER. Contact your company’s HR for yours.
  • Proceed to complete the online application form on their website by following this link (
  • They will process your application after applying.
  • They would deposit requested money in your account within 24 hours.
  1. Asset finance

This service targets assets that help you generate income. Mkobo finances such an asset and requires you to use the asset as collateral for the loan.

Also, to access this loan, you must be a member of one organization within their partnership network.


  • Large loans are available, although still subject to each business partnership agreement.
  • No lengthy application process required, it is an instant decision and disbursement.
  • The asset you intend to purchase serves as collateral, therefore you do not have to look for another.
  • Flexible loan repayment terms (weekly or monthly). The loan term is a maximum of 12 months.
  1. Working capital loan

The last loan service offered by Mkobo is the capital loan. It targets experienced agents who work for licensed network managers.

As an agent, you can access up to N500,000 to be used to grow your business. To access this service, you must be an agent for a network manager within Mkobos’ partnership network and have been trading for at least 6 months. 


  • Instant decision and disbursement mean it does not take time.
  • No collateral is needed.
  • Flexible weekly or daily payment with a maximum term of 7 days.
  • Fair interest rates that decrease over time.

How do I apply for Mkobos’ working capital loan

Simply follow this link to their website to apply:

Mkobo Festivesave

A digital savings platform which makes regular savings for the festive periods (Eid, Easter, Christmas or New Year) simpler. They carry out the process through the use of automated recurring payment.

Festivesave encourages and helps people cultivate the habit of regular savings. It also rewards its customers with a cash bonus of up to 10% on their savings. 

Festivesave is available on the web and mobile.


Mkobo is one of the best and fastest microfinance institutions to take loans from. They have packages that cater to you as an individual employee, or agent of an organization.

Since all transactions are electronic, you go through minimal stress during the application and get disbursement within 24 hours.

Their services are very easy and quick to use with no collateral. You should patronize them today. 

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