While the country’s economic downturn has caused numerous Microfinance Banks (MFBs) to close their doors, there are still some MFBs operating today that are serving the needs of those with modest incomes.
The top three microfinance institutions are LAPO MFB, AB and LOVONUS. By incorporating technology into their goods and services, these banks have set themselves apart from the competition.
LAPO Microfinance Bank
The Lift Above Poverty (LAPO) Organization, a non-governmental organization with an emphasis on eradicating poverty, has an offshoot called LAPO Microfinance Bank. As a result of the effects of the Structural Adjustment Program (SAP)’s execution, it was started in the late 1980s.
The firm was established in April 2007 and granted authorization by the Central Bank of Nigeria (CBN) to function as a regulated State Microfinance Bank in 2010. In 2012, it was designated a National Microfinance Bank.
In 34 of Nigeria’s 36 states, including the Federal Capital Territory of Abuja, the LAPO Microfinance Bank offers a variety of financial products and solutions to support micro, small, and medium-sized businesses and members of low-income households. It also boasts a large branch network with more than 500 locations.
Enjoy the individualized support you require from LAPO Microfinance Bank, which includes longer hours of access to our specialized business service team and long-term business financial planning, according to the bank.
The bank provides loans to Small and Medium Enterprises (SMEs) online. A customer can access a credit facility with a maximum value of N10 million and a maximum term of 12 months.
AB Microfinance Bank
Leading financial organization AB Microfinance Bank Nigeria’s goal is to offer a wide range of financial services to Nigeria’s small and medium-sized businesses as well as the lower socioeconomic classes.
AB offers affordable interest rates, no hassle loans to people and SMEs in need. It is dedicated to enhancing financial accessibility throughout the nation and has a license from the Central Bank of Nigeria.
“With the help of this AB Microfinance service, business owners can quickly acquire loans in Nigeria. The loan amount runs from $15,000 to $3 million, with a maximum duration of 18 months, according to the bank.
Because AB Microfinance offers additional services similar to those of commercial banks, it is considerably simpler to use their services.
Lovonus Microfinance Bank
With a 10-year existence, Lovonus is one of Nigeria’s top-performing and most recognizable banking companies. Lagos is home to Lovonus Microfinance Bank’s expanding operations.
The banking sector has seen significant growth for Lovonus Microfinance Bank over the years. In the banking sector, the bank is one of the biggest financial services.
Through a variety of channels, it offers Nigerian customers corporate, commercial, SME, consumer, and personal (retail) banking services.
On its website, the bank claimed, “We have demonstrated expertise and capacity in key economies across Nigeria, including oil and gas, infrastructure finance, agric, and commodity/export.”
The bank keeps a total of 10,000 accounts, works online in real time, digitizes its processes, and maintains a high level of liquidity.