List of Microfinance Banks in Nigeria (2026): Names, Types and CBN Licensing Guide
Are you searching for an updated list of microfinance banks in Nigeria? Microfinance banks provide important financial services to individuals, traders, small businesses, artisans, farmers, and other customers who may have limited access to conventional banking.
Unlike commercial banks, microfinance banks generally concentrate on financial inclusion, smaller-scale banking services, savings, and loans for individuals and microenterprises.
In Nigeria, microfinance banks are licensed and regulated by the Central Bank of Nigeria (CBN), while eligible customer deposits are protected under the Nigeria Deposit Insurance Corporation (NDIC).
This guide explains the types of microfinance banks operating in Nigeria, provides examples of established institutions, and shows you how to check whether a microfinance bank is currently authorised.
What Is a Microfinance Bank?
A microfinance bank is a financial institution licensed to provide banking and financial services primarily to individuals, low-income earners, microenterprises, and other eligible customers.
Microfinance banks support financial inclusion by offering products such as:
- Savings accounts.
- Current accounts where authorised.
- Microloans and business financing.
- Domestic fund transfers.
- Fixed deposit products.
- Digital payment services.
- Other approved financial services.
For example, a trader who needs funds to purchase additional inventory may approach a microfinance bank for financing.
Similarly, a small business owner may use a microfinance bank to receive customer payments and manage business finances.
How Many Microfinance Banks Are in Nigeria?
Nigeria has hundreds of microfinance banks operating under different licence categories.
The National Association of Microfinance Banks reported the following figures for October 2025:
| Microfinance Category | Number |
|---|---|
| National microfinance banks | 11 |
| State microfinance banks | 105 |
| Tier 1 unit microfinance banks | 291 |
| Tier 2 unit microfinance banks | 433 |
| Total reported | 840 |
These figures represent the association’s October 2025 report, not a verified November 2026 total.
The number of licensed institutions can change when banks receive licences, merge, change their names, or have their authorisations withdrawn.
For example, the CBN revoked the licences of 46 microfinance banks on 1 July 2026, according to an announcement by the NDIC.
Therefore, older lists should not be treated as a complete record of currently licensed microfinance banks.
List of Microfinance Banks in Nigeria
Below are selected examples of microfinance banking institutions in Nigeria.
| S/N | Microfinance Bank | General Banking Focus |
|---|---|---|
| 1 | Kuda Microfinance Bank | Digital retail banking |
| 2 | Moniepoint Microfinance Bank | Business and digital banking |
| 3 | LAPO Microfinance Bank | Microfinance and financial inclusion |
| 4 | AB Microfinance Bank | Small-business loans and savings |
| 5 | Accion Microfinance Bank | Microfinance and business services |
| 6 | NPF Microfinance Bank | Retail and microfinance services |
| 7 | NIRSAL Microfinance Bank | Microfinance and development-related financing |
| 8 | Baobab Microfinance Bank | Microenterprise financial services |
| 9 | Mutual Trust Microfinance Bank | Microfinance services |
| 10 | Abia State University Microfinance Bank | Community and institutional banking |
| 11 | Abubakar Tafawa Balewa University Microfinance Bank | Community and institutional banking |
| 12 | Abucoop Microfinance Bank | Community and microfinance services |
This is a selection of known microfinance-bank names, not an exhaustive list or a certification that every institution above retains an unrestricted operating licence on the publication date.
For a current licensing check, consult the CBN’s supervised financial institutions information and the NDIC’s insured-banks directory before depositing money.
Popular Microfinance Banks in Nigeria
1. Kuda Microfinance Bank
Kuda is a digital-first microfinance bank operating in Nigeria.
Its banking services are primarily accessed through a mobile application.
Customers can use supported features to open accounts, transfer money, manage savings, pay bills, and access other financial products.
Kuda identifies itself as a CBN-licensed microfinance bank, with eligible deposits insured by the NDIC.
Official website: https://www.kuda.com
2. Moniepoint Microfinance Bank
Moniepoint is widely associated with digital banking and financial services for individuals and businesses.
Its services include business payments, account management, transfers, and other financial products offered through its banking and technology platforms.
Moniepoint’s financial services are especially relevant to merchants and businesses seeking digital payment solutions.
Customers should distinguish the specific licensed banking entity from the wider Moniepoint business and its other financial service products.
Official website: https://moniepoint.com
3. LAPO Microfinance Bank
LAPO Microfinance Bank is an established name in Nigeria’s microfinance sector.
It has focused on financial inclusion and services for individuals, entrepreneurs, and small businesses.
Its activities are associated with savings mobilisation, microcredit, and financial products designed for underserved customers.
4. AB Microfinance Bank
AB Microfinance Bank provides banking products designed for entrepreneurs and small-business owners.
Its services include savings, current accounts, fixed deposits, microloans, SME loans, and housing-related financing.
The bank also provides digital banking through its myABflex application.
Official website: https://www.ab-mfbnigeria.com
5. Accion Microfinance Bank
Accion Microfinance Bank is another established institution associated with financial services for microenterprises and underserved customers.
As with other microfinance institutions, prospective customers should compare account requirements, loan terms, fees, and eligibility before applying.
6. NPF Microfinance Bank
NPF Microfinance Bank is a Nigerian microfinance institution associated with savings, loans, and other banking services.
Customers interested in its products should verify the institution’s current offerings and applicable account requirements through official channels.
7. NIRSAL Microfinance Bank
NIRSAL Microfinance Bank has been involved in financial services associated with small businesses, agricultural activities, and government-linked financing programmes.
Loan availability, programme participation, and eligibility requirements depend on the particular product and prevailing conditions.
Customers should not assume that all previously advertised government intervention loans remain open for applications.
Examples of Community and Institutional Microfinance Banks
Nigeria also has microfinance banks established to serve particular communities, institutions, or geographic areas.
Examples appearing in the NDIC’s microfinance directory include:
| S/N | Microfinance Bank | Location Recorded |
|---|---|---|
| 1 | AACB Microfinance Bank | Anambra State |
| 2 | AB Microfinance Bank | Lagos State |
| 3 | Abatele Microfinance Bank | Anambra State |
| 4 | ABC Microfinance Bank | Edo State |
| 5 | Abia State University Microfinance Bank | Abia State |
| 6 | Abigi Microfinance Bank | Ogun State |
| 7 | Abokie Microfinance Bank | Kaduna State |
| 8 | Abubakar Tafawa Balewa University Microfinance Bank | Bauchi State |
| 9 | Abucoop Microfinance Bank | Abuja |
| 10 | Accion Microfinance Bank | Lagos State |
The recorded locations refer to directory information and do not necessarily represent every current branch or service location.
Types of Microfinance Banks in Nigeria
Microfinance banks operate under categories that determine their geographical scope.
1. Tier 1 Unit Microfinance Banks
These are unit microfinance banks authorised to operate within prescribed geographical limits, particularly in urban or more densely banked areas.
Their branch and operating permissions are subject to CBN regulations.
2. Tier 2 Unit Microfinance Banks
Tier 2 unit microfinance banks are designed to serve rural, unbanked, and underserved areas within approved operating limits.
They help extend access to formal financial services in communities where banking infrastructure may be limited.
3. State Microfinance Banks
A state microfinance bank is authorised to operate within a particular state or the Federal Capital Territory, subject to applicable licensing and branch approvals.
4. National Microfinance Banks
National microfinance banks have broader geographical authorisation and may operate across multiple states, subject to regulatory requirements.
A national licence does not necessarily mean that the institution has branches in every Nigerian state.
Benefits of Microfinance Banks in Nigeria
Microfinance banks provide several economic and social benefits.
Financial Inclusion
They offer formal financial services to individuals and businesses that may otherwise depend heavily on cash transactions or informal lenders.
Small-Business Financing
Microfinance banks can provide eligible entrepreneurs with funds for purchasing equipment, increasing inventory, or expanding their operations.
Savings Mobilisation
They encourage customers to save money through formal banking accounts and other approved savings products.
Support for Rural Communities
Community-oriented microfinance institutions can improve access to banking services outside major commercial centres.
Employment and Entrepreneurship
By providing suitable financing and banking services, microfinance institutions can support business activities and livelihood opportunities.
Are Microfinance Banks Safe in Nigeria?
Licensed microfinance banks are supervised by the Central Bank of Nigeria, and eligible deposits in insured institutions receive NDIC protection.
The NDIC’s maximum deposit insurance coverage for microfinance banks is ₦2 million per depositor per insured microfinance bank.
However, customers should understand that deposit insurance is subject to eligibility rules and coverage limits.
Regulation and deposit insurance do not eliminate all financial risks.
Before depositing money, confirm the institution’s identity, current regulatory status, and account terms.
How to Check if a Microfinance Bank Is Licensed by CBN
You can verify a microfinance bank by following these steps:
- Visit the Central Bank of Nigeria’s official website at https://www.cbn.gov.ng.
- Open the supervised financial institutions information.
- Search for the institution’s registered legal name.
- Visit the NDIC insured-banks directory at https://ndic.gov.ng/insured-banks.
- Check NDIC announcements concerning failed banks or revoked licences.
- Confirm that the bank’s official contact information matches the institution you intend to use.
Do not rely solely on a social media advertisement, a loan agent, or the name displayed in an app store.
How to Choose a Microfinance Bank in Nigeria
When selecting a microfinance bank, consider its regulatory status, financial products, account charges, digital banking services, and customer support.
If you need a business loan, compare the annualised cost of borrowing, repayment schedule, fees, collateral requirements, and penalties.
If you want a savings account, examine the applicable interest rate, withdrawal conditions, deposit insurance arrangements, and minimum balance requirements.
You should also check whether the institution operates in your area or provides the digital services you need.
Frequently Asked Questions
What Are the Popular Microfinance Banks in Nigeria?
Examples include Kuda Microfinance Bank, Moniepoint Microfinance Bank, LAPO Microfinance Bank, AB Microfinance Bank, Accion Microfinance Bank, NPF Microfinance Bank, and NIRSAL Microfinance Bank.
Is Kuda a Microfinance Bank?
Yes. Kuda identifies itself as a CBN-licensed microfinance bank that primarily provides digital banking services.
Is Moniepoint a Microfinance Bank?
Moniepoint provides banking services through its microfinance banking entity, alongside other payment and financial technology services.
Can Microfinance Banks Give Loans?
Yes. Licensed microfinance banks can provide approved loans and other forms of financing to eligible customers.
Can I Open a Microfinance Bank Account Online?
Some microfinance banks support digital account opening, while others require in-person registration or additional identity verification.
Does NDIC Insure Microfinance Bank Deposits?
Yes. Eligible deposits at insured microfinance banks are protected up to the applicable NDIC coverage limit, currently ₦2 million per depositor per bank.
Conclusion
Microfinance banks play an important role in Nigeria’s financial system by supporting financial inclusion, savings, entrepreneurship, and small-business financing.
The list of microfinance banks in Nigeria includes digital-first institutions, established microfinance providers, and community-oriented banks.
However, the banking sector changes over time, and older lists may include institutions whose licences have been revoked.
Always confirm a microfinance bank’s current CBN licensing status and NDIC insurance position before opening an account or depositing money.
For the most reliable updates, consult the Central Bank of Nigeria and Nigeria Deposit Insurance Corporation directly.
List of Microfinance Banks in Nigeria 2026 (CBN Guide)