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Ikiodiete George
- 3 Min Read
Full List Of Cbn-Approved Microfinance Banks In Nigeria (2025)
Microfinance banks (MFBs) have become vital for individuals and small businesses seeking loans, savings options, and fast digital banking services. In Nigeria, all licensed microfinance banks must be approved by the Central Bank to legally operate.
This 2025 guide gives you a detailed look at the full list of CBN-approved microfinance banks — from nationwide powerhouses to community-based options and digital-only banking apps.
Categories of Microfinance Banks in Nigeria
Microfinance banks are categorized based on the scope of their operations:
| License Type | Operational Coverage |
| National MFBs | Operate across Nigeria |
| State MFBs | Operate within a single state |
| Unit MFBs | Operate within a local government area |
| Digital MFBs | Online-only; serve users via mobile/web |
1. National Microfinance Banks
These banks have the highest level of license and offer services across all states.
| Bank Name | Known Services |
| NIRSAL Microfinance Bank | Business loans, Agric loans, SME finance |
| Mutual Trust Microfinance Bank | Personal loans, savings, mobile banking |
| Accion Microfinance Bank | Small business support, mobile wallet |
| MIC Microfinance Bank | Loans, deposits, business advisory |
| Fina Trust Microfinance Bank | Digital lending, savings, financial tools |
2. State-Level Microfinance Banks
These are licensed to operate within one state only and often have multiple branches within that state.
| Bank Name | State-Based Reach |
| Addosser Microfinance Bank | Lagos |
| Mainstreet Microfinance Bank | Nationwide origin, state-level presence |
| Lapo Microfinance Bank | Edo & other select states |
| AB Microfinance Bank | Lagos & Oyo |
| Boctrust Microfinance Bank | Lagos |
| Infinity Microfinance Bank | Rivers, Lagos |
3. Unit Microfinance Banks
These operate within specific LGAs, towns, or communities, and often focus on education-related or cooperative-based services.
| Bank Name | Community Focus |
| Hasal Microfinance Bank | Abuja-based unit bank |
| ABU Microfinance Bank | Serves Ahmadu Bello University |
| Uniben Microfinance Bank | Serves University of Benin |
| Adeyemi Microfinance Bank | Focused on Adeyemi College community |
| FUTO Microfinance Bank | Serves FUTO students and staff |
4. Digital-Only Microfinance Banks
These banks are fully licensed but operate entirely online, offering mobile-friendly services such as savings, transfers, bill payments, and virtual cards.
| Digital MFB | Popular Features |
| Kuda Bank | Free transfers, saving tools, virtual card |
| FairMoney MFB | Instant loans, bill payments, airtime top-up |
| Moniepoint MFB | POS terminals, small biz support, agent banking |
| Sparkle MFB | Lifestyle tools, business banking, analytics |
| Sofri (Links MFB) | Savings, fixed deposits, fast mobile app |
| VFD Microfinance Bank | Investment accounts, banking app |
| PiggyVest MFB | Automated savings, fixed plans, secure vaults |
| Mint (Finex MFB) | Budgeting, savings, overdraft features |
| Eyowo | Send/receive money, cardless banking |
| PalmPay MFB | Airtime cashback, bill payment, POS service |
| OPay MFB | Transfers, bill payment, USSD banking |
Summary Table: Types of CBN-Licensed MFBs
| Category | Example Banks | Coverage Scope |
| National MFBs | NIRSAL, Accion, Fina Trust | Nationwide |
| State MFBs | Lapo, Addosser, AB, Boctrust | Single-state operations |
| Unit MFBs | Hasal, Uniben, FUTO | Local government or town |
| Digital-Only MFBs | Kuda, FairMoney, PalmPay, OPay, Sofri, Mint | Nationwide (online) |
How to Choose a Microfinance Bank That Works for You
When selecting an MFB, consider the following:
| Factor | What to Look Out For |
| Regulatory License | Confirm it’s listed as CBN-approved |
| Digital Access | Mobile app, USSD, or website for convenience |
| Service Type | Loans, savings, investments, business support |
| Customer Support | Active phone/email help desk |
| Reputation | Trusted by users, with real reviews online |
Final Thoughts
With hundreds of CBN-approved microfinance banks across Nigeria, finding a reliable, regulated, and trustworthyoption is easier than ever in 2025. Whether you're a business owner, student, or salary earner, there's an MFB that fits your need — from NIRSAL’s nationwide reach to PalmPay, OPay, and Kuda’s mobile-first convenience.
Ready to open an account, get a small business loan, or save with higher interest rates? Explore one of these licensed banks and enjoy safe, smart, and inclusive banking designed for every Nigerian.
