How many microfinance banks are there in Nigeria?

List of 882 CBN Licensed Microfinance Banks in Nigeria as at September 30, 2018.

How many microfinance banks are there in Nigeria 2020?

According to data from the CBN, there are over 900 microfinance banks in the country with state, regional, and national licenses.

What are the microfinance banks in Nigeria?

Micro-Finance Banks

1 A.D.A Microfinance Bank Limited
2 AACB Microfinance Bank Limited
3 AB Microfinance Bank Limited
4 Abatete Microfinance Bank Limited
5 ABC Microfinance Bank Limited

What is the capital base of microfinance bank in Nigeria?


The minimum capital requirement for this category of MFB is N200,000,000 (Two Hundred Million Naira).

Who is the head of microfinance bank?


He holds an MBA in Finance from Ladoke Akintola University, Oyo State. He possesses up to fifteen years work experience out of which twelve years have been productively invested in growing the Microfinance market in Nigeria. He is both a Financial Consultant and a Coach!

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Is Kuda Bank under CBN?

Kuda is a full service digital microfinance bank that is duly licensed by the Central Bank of Nigeria (“CBN”). Our registered office is at 151 Herbert Macaulay Rd, Yaba, Lagos, Nigeria.

How can I get loan from microfinance bank in Nigeria?

The following are simple steps to getting a loan from most micro finance banks in Nigeria.

  1. Have A Genuine Reason Or Project For The Loan. Microfinance banks will never loan you money for frivolities. …
  2. Document It. …
  3. Open An Account With The Bank. …
  4. Service The Account For A Period Of Time. …
  5. Present A Collateral Or Its Documents.

How much does it cost to start a Microfinance Bank in Nigeria?

The CBN guidelines classify Microfinance Bank into 3 categories: UNIT MICROFINANCE BANK: This type of microfinance bank requires at least N20,000,000 (Twenty Million Naira as a capital base to start up and it is not permitted to operate by opening branches or money centers apart from the main bank office.

How do I start microfinance?

Start a micro lending company by following these 9 steps:

  1. STEP 1: Plan your business. …
  2. STEP 2: Form a legal entity. …
  3. STEP 3: Register for taxes. …
  4. STEP 4: Open a business bank account & credit card. …
  5. STEP 5: Set up business accounting. …
  6. STEP 6: Obtain necessary permits and licenses. …
  7. STEP 7: Get business insurance.


How much do I need to start a bank in Nigeria?

i. Non-refundable application fee of N500,000.00. ii Deposit of minimum capital of N 25 billion with Central Bank of Nigeria on application with evidence of deposit by each shareholder. The source of capital contribution by each shareholder/ subscriber would subsequently be verified by Bank Examiners.

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What are the types of microfinance?

There are various types of microfinance companies operating in India.

  • Joint Liability Group (JLG) …
  • Self Help Group (SHG) …
  • The Grameen Bank Model. …
  • Rural Cooperatives.


How can I start a bank in Nigeria?

Now there are two ways you can own a bank in Nigeria;

  1. You can either decide to buy a controlling stake in an already existing bank, whether a publicly quoted bank or a private owned bank; or.
  2. To start your own bank from scratch and build it according to your own plans.

What is a microfinance bank?

What is a Microfinance Bank (MFB)? Microfinance Bank (MFB) is any company licensed by the Central Bank of Nigeria CBN to carry on the business of providing financial services such as savings and deposits, loans, domestic funds transfer and non-financial services to microfinance clients.

How do I apply for an Accion loan?

  1. Register/log in on the Accion MFB Mobile App or Internet Banking platform (
  2. Click on Update profile and fill in the required fields until your profile is at 100%
  3. On the menu option, click on Loans.
  4. Go to New Loan.
  5. Fill in the fields required.

How can I check my balance in NPF Microfinance Bank?

Accion MfB USSD (*572#)

  1. Open Account With BVN. Dial *572# …
  2. Open Account Without BVN. Dial *572# …
  3. USSD Registration. Dial *572# and select option 2 to register. …
  4. Check Balance. Dial *572# and select option 5 to Check Balance. …
  5. Buy Airtime For Self. …
  6. Buy Airtime For Others. …
  7. Buy Data For Self. …
  8. Buy Data For Others.
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