Microfinance banks provide banking services to low-income people, they have been seen as banks created to fight poverty in countries. They help small and medium-scale enterprises (SMSE) with loans and also help unemployed individuals. Microfinance banks are also called micro-credit, they are known to provide easier financial services than the commercial banks. With Microfinance banks, the average citizen can easily borrow funds without unnecessary delays.
There are hundreds of microfinance banks. However, thee few have proven to be part of the best microfinance banks in Nigeria because of their lack of bureaucracy, SMSE empowerment, and the trust they obtained from their customers.
1. AB Microfinance Bank
The AB microfinance bank is a foreign bank founded in 2012, which now has branches all over the country with its headquarters in Ikeja, Lagos. Besides its provision of banking services, the AB microfinance bank provides loans to small businesses, start-up companies, and low-income individuals. They aim towards empowering all entrepreneurs and businesses. In addition to giving out loans, AB microfinance bank monitors how the loans are spent to ensure that the borrowers judiciously spend the business money rightly.
2. LAPO Microfinance Bank
Licensed by CBN in 2010, LAPO Microfinance bank has focused on developing small businesses in Nigeria. With over 1 million entrepreneurs empowered, LAPO microfinance bank has provided entrepreneurs with reliable microfinance services. The ability to listen to clients and meet their needs, has made LAPO Microfinance Bank one of the best and most popular microfinance banks in Nigeria.
3. Accion Microfinance Bank
Accion Microfinance Bank got licensed by the CBN in 2007, and since then, it has provided top-notch microfinance services to SME’s and entrepreneurs. Accion Microfinance bank has the sole mission to empower micro-entrepreneurs and low-income earners through its financial services. They are mostly known to give loans to petty traders and collective SME entrepreneurs. The Accion microfinance headquarter is located in Ikorodu, Lagos state.
4. FBN Microfinance Bank
FBN Microfinance bank is a subsidiary of the commercial bank- First Bank of Nigeria. It was founded in 2009 and is one of the seven microfinance banks in Nigeria to be awarded a national microfinance banking license. The FBN Microfinance bank is known to give loans to businesses on the verge of failure or collapse. They have their headquarters in Lagos and have branches all over the country.
5. Fina Trust Microfinance Bank
Fina Trust microfinance bank received its license by the CBN in 2009, and is now seen as one of the most trustworthy microfinance banks in Nigeria. Fina Trust has focused on providing microfinance services to small businesses and assisting in the development and growth of local SME’s. The Fina Trust Microfinance bank is also known for its conducive banking environment and excellent customer service. Its headquarter is located in Ikeja, Lagos.
6. Altitude Microfinance Bank
Another remarkable microfinance bank in Nigeria is the Altitude Microfinance Bank. They were founded in 2004, and has the aim to support the less privileged through loans. It has its license from the CBN and also economically empower entrepreneurs and low-income earners. The Altitude Microfinance bank headquarter is located in Lagos.
Besides the microfinance banks in Nigeria, Sycamore also provides loans to small businesses and entrepreneurs in Nigeria. They provide easily processed loans with a good repayment plan at a low-interest rate. Visit www.sycamore.ng for more.