Top 20 List Of Online Microfinance Banks In Nigeria 2024
Online banks in Nigeria, Top 10 online banks in Nigeria, Mobile banking apps in Nigeria, Best online bank in Nigeria, List of online banks in Nigeria approved by CBN. Microfinance banks (MFB) is a company authorized by the Central Bank of Nigeria (CBN) to provide banking services such as savings, transfers, and other services. They provide small loans, saving accounts, and other financial services to help individuals grow their businesses. Microfinance banks often focus on serving low-income individuals and communities, helping them improve their financial situation and achieve their goals. Here are the Top online banks in Nigeria
  1. NIRSAL Microfinance bank
  2. ACCION Microfinance Bank
  4. BOI Microfinance Bank
  5. Kuda Bank
  6. Sparkle Microfinance Bank
  7. Mutual Trust Microfinance Bank
  8. Lapo Microfinance Bank
  9. AB Microfinance Bank

NIRSAL Microfinance Bank

NIRSAL Microfinance Bank (NMFB) is a financial institution established by the Central Bank of Nigeria (CBN) in partnership with the Nigerian Agricultural Lending Promotion Risk Sharing System (NIRSAL). It was created to provide financial services to small and medium-sized enterprises (SMEs), especially agriculture, and individuals who cannot access banking services. NMFB aims to promote financial inclusion by providing banking services to the underserved, including small farmers, traders, artisans, and small businesses. One of the main objectives of NMFB is to provide financing and support to agriculture, which plays an important role in the Nigerian economy. It offers loans, insurance, and consultancy services to farmers and agricultural businesses to increase production and improve their health.

ACCION Microfinance Bank

Founded in 2006, Accion MfB Limited started its operations in May 2007 under the license granted by the Central Bank of Nigeria. ACCION started as a microfinance non-governmental organization (NGO). However, in 2020, it upgraded to a national banking institution. Through its mobile app and digital lending platforms, ACCION is making banking more accessible. History: ACCION Microfinance Nigeria was founded in 2006. Digital services: ACCION is the first microfinance bank to offer a full-service digital banking platform.


VFD Microfinance Bank, also known as VBank, is a part of VFD Group Plc, offering digital banking services, fast loans, investment opportunities, and microinsurance. VBank specializes in user-friendly mobile banking. Company: VFD Group, a prominent Nigerian fintech company. Digital Services: VBank provides digital solutions for opening accounts, borrowing money, and transferring funds.

BOI Microfinance Bank

BOI Microfinance Bank is a limited liability company registered in Nigeria under the 2002 Companies and Allied Matters Act, and it is regulated by the Central Bank of Nigeria. It provides a wide range of financial services to small and medium-sized businesses, as well as low-income individuals and groups. BOI Microfinance Bank aims to support entrepreneurs by offering easy access to loans and valuable business advice to promote long-term growth. It also offers different savings options for customers of all levels.

Kuda Bank 

Kuda Bank is a digital bank headquartered in Nigeria. The bank, valued at $500 million, ranks seventh among Nigeria’s most valuable banks. Kuda offers financial services through its app and has offices in London, Cape Town, and Lagos. Benefits of opening a Kuda bank account: Free shipping to your location on credit cards, free online and offline payment, and an Automatic savings account earn 15% annual interest. Also, see: Zenith Bank USSD Codes And Transfer Codes 2024

Sparkle Microfinance Bank

Sparkle Microfinance Bank is approved by the Central Bank of Nigeria (CBN) to operate as a financial institution. Additionally, all deposits made in the bank are protected and insured by the Nigerian Deposit Insurance Corporation (NDIC).

Vbank (V by VFD)

Vbank (V by VFD) is a digital bank owned by VFD Microfinance Bank, a member of the VFD Group. Vbank features: Fast account opening in 2 minutes, no documents required Instant account provision Unlimited withdrawal, deposit, loan, and financing options Products, and more. Vbank is available in the Google Play Store and Apple Store application.

Lapo Microfinance Bank

LAPO is the biggest microfinance bank in Nigeria, serving more than 6 million customers across the country through its 340 branches. It offers microloans, savings accounts, microinsurance, and other services specifically designed for small business owners and low-income families. Net Worth: NGN 353 billion (~ USD 700 million) Impact: Helped start over 1 million new businesses through microcredit programs

AB Microfinance Bank

AB Microfinance Bank is a limited liability company incorporated in Nigeria under the 2002 Companies and Allied Matters Act and is fully regulated by the Central Bank of Nigeria (CBN) as a microfinance bank. Established to help entrepreneurs by providing them with easy access to affordable loans. Additionally, the bank’s major aim is to improve the financial well-being of everyone through its deposit accounts. It operates as a limited liability company incorporated in Nigeria under the 2002 Companies and Allied Matters Act and is fully regulated by the Central Bank of Nigeria as a microfinance bank. This microfinance bank is growing rapidly in Nigeria, with more than 200 branches spread across all 36 states of the country. It provides quick loans for both businesses and individuals, as well as microinsurance, savings accounts, and other services. Established: 2008 Customer Base: Serves over 1 million customers nationwide.


FairMoney is a microfinance bank focusing on digital companies authorized as microfinance banks by the CBN. It offers instant loans up to one million naira, as well as bank accounts and credit cards. FairMoney issues more than 10,000 loans every day and initiates a loan every eight seconds.


Carbon is a digital bank licensed by CBN Digital that offers loan and investment opportunities as well as merchant services such as credit cards. A Carbon app account supports P2P payment, bill payment, and mobile payment.


Formerly known as TeamApt, Moniepoint is a CBN-licensed microfinance bank that provides digital financial services.


Piggyvest is a CBN-licensed banking and insurance company through the Nigerian Deposit Insurance Corporation (NDIC). It offers savings and investment tools that offer fixed, flexible, target-oriented, and savings plans, as well as early to medium-risk investment opportunities between 6 and 12 months.


Mint is approved by CBN and owned by Finex Microfinance Bank Ltd. It offers checking and savings accounts, low-interest loans, and personal account tracking. There are no maintenance or checking account fees, and the savings account offers a savings goal with up to 36.5% interest.


Eyowo is a digital microfinance bank licensed by the CBN. It brings together all the financial tools you need to pay, get paid, invest, and save in one place. The bank aims to promote financial inclusion by providing financial services to every Nigerian with a mobile phone number.


Fundall is a Portfolio Credit Limit, which allows you to borrow money without affecting your savings, especially for investments. It allows you to grow your money easily by offering a variety of investment options such as fixed savings plans, low-risk financial markets, and mutual funds. You can increase your savings and reach your financial goals easily by into this app.


VBank, also known as V from VFD, is a digital bank based in Lagos, Nigeria. It is owned by VFD Microfinance Bank, part of VFD Group. It has many products and services such as fixed savings, quick loans, debit cards, etc. VBank offers a free Account with a Verve debit card, access to credit, advanced verification, and financing through its app or USSD code.


Opay is a well-known fintech company founded by Zhou Yahui in 2018, the company has gained a reputation for working primarily on security, transparency, and user satisfaction. Opay ensures the security of the user’s finances. Opay offers a variety of services such as money transfers, bill payments, and airtime.


OneBank is a digital bank owned and operated by Sterling Bank. Key Features of OneBank: Fast account opening without documents Savings, investments, and loans Payments.


ALAT is Nigeria’s first fully digital bank, owned and operated by Wema Bank. It is user-friendly and requires little information to open an account; only phone number and BVN. ALAT’s main features: Fast account opening without documents Instant account number Savings, transfers, loans and products Virtual USD cards, and more.

In conclusion

Online microfinance banks in Nigeria are regular banks, but they operate mainly online. They offer services like savings accounts and loans to small businesses. These online banks use technology to make banking easier and cheaper, helping many people to have access to financial services. We have listed most of the online banks in Nigeria, so you can choose to bank with any of the banks above.

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