Looking to grow your small business in Nigeria? Here’s a guide to the top microfinance banks offering SME loans in Nigeria, featuring 10 perfect options tailored to help your enterprise thrive.
Small and medium-sized enterprises (SMEs) are the country’s economic backbone, but they often lack access to funding opportunities. To solve that problem, a small group of regulated and licensed microfinance banks has developed from small group lending institutions into serious small and medium-sized enterprises (SMEs) partners with specialized products, quick approval process, and payment networks.
Top Microfinance banks offering SME loans in Nigeria
Listed below are the top microfinance banks offering SME loans in Nigeria. As stated in the topic, the Top Microfinance banks offering SME loans in Nigeria for now.
- Lapo Mfb
- AB Mfb
- Accion Mfb
- Baobab Mfb
- Moniepoint Mfb
- Fina Trust Mfb
- Mutual Trust Mfb
- Seedvest Mfb
- Advance Lafayette Mb
- Grooming Mfb
1. LAPO Microfinance Bank
LAPO is one Top Microfinance banks offering SME loans in Nigeria. It is one of the major and prominent Microfinance banks across the nation, with an enormous customer base and an SMEs financing option that is easy to learn and understand, which you can also apply online. For many emerging businesses and petty traders that need a simple process and predictable conditions, LAPO is often the first choice.
LAPO offers SMEs loans with limits up to #10,000,000 per facility. It provides a repayment period of up to 12 months and an online application platform that defines the documentation and KYC. It was created for SMEs that want a clear, simple, and consistent cash flow support.
You will still pass through credit assessment, have your bank records or statements ready, and business proof, as mentioned in the application portal.
2. AB Microfinance Bank
This is also one of the Top Microfinance banks offering SME loans in Nigeria. AB is majorly known in Lagos state and other metropolitan areas for its organized funding processes and clear pricing. Their small and medium-sized enterprises (SMEs) loan page is extremely thorough for a Microfinance Bank.
They offer SMEs loans from #3,000,001 up to #20,000,000 and also provide a repayment window of 6 – 24 months with equal monthly repayments. Their interest is usually 3% monthly.
AB’s platform also records microloans with no compulsory savings, and no certified financial statements is needed, which can be a springboard before progressing to the SME financial solution.
It is best for SMEs that can record cash inflow/outflow and enjoy a bank that lays out fees and collateral simply upfront. You will still need to pass through KYC, evidence of business ownership,and asset evaluation for larger and huge tickets. You can begin from their general loan platforms.
3. Accion Microfinance Bank
Accion Microfinance Bank has gradually enlarged beyond small disbursements into a full small and medium-sized enterprises (SMEs) banking, opening SMEs platforms and issuing product-level conditions for entrepreneurs. They offer SME capital loans with a repayment period of up to 24 months, interest usually 4.5% monthly. It provides a wide business financing options with recent extensions and an SME targeted platform.
It is the best option for SMEs to find banks that offer fees and rates, and also invest in an SME network. Collateral is generally needed for the loan facility. Have your CAC documents, insurance, bank statements, and guarantors ready.
4. Baobab Microfinance Bank
Baobab is one of the little Microfinance banks actively promoting high potential for business loans, making it more appealing if you have surpassed microloans but do not want administrative hurdles.
They provide loans ranging from #50,000 up to #50,000,000, subject to financial capacity and confirmable business cash inflow/outflow.
They majorly focus on enterprises that are already in the business and also provide public communication, which strengthens your business. It is best for trading and service enterprises with a credible record and inventory that will support a broader line without moving to a commercial bank. You must expect an on-ground evaluation of your activities and pledging assets appropriate to the ticket size.
5. Moniepoint Microfinance Bank
Moniepoint’s core is enterprise banking and merchant acquiring, so it has a rich transaction record to authorize business liquidity loans, specifically for POS businesses.
They provide business liquidity to help merchants bridge cash inflow/outflow gaps. The Bank is fully CBN licensed and NDIC-insured. It is best for business owners who use Moniepoint for banking and do not want huge paperwork. You should know that pricing and limits will vary based on your transaction record with Moniepoint. Creating steady revenues on their rails will enhance their eligibility
6. Fina Trust Microfinance Bank
Fina Trust ( part of the LOLC group) unveils SME specific limits and a longer repayment period than many competitors, which will help you if you need time to repay your loans gradually. They provide SME loans with a repayment period of up to 2 years. You can receive up to #15 million individually and #70 million for corporates.
They offer product catalogue that displays additional business-friendly options. It is the best fit for SMEs who want to buy equipment or need a much longer financial runway than 6 – 12 months to repay.
You will expect standard KYC, bank statements, and security relevant to the amount and whether you are borrowing as an individual or a licensed company.
7. Mutual Trust Microfinance Bank
Mutual Trust markets quickly to small and medium-sized enterprises (SMEs) and issues requirements in simple and plain language, including documents like CAC and BVN. They provide an SME loan roadmap with quick approvals, positioned to finance extension or equipment. Required documents are CAC, BVN, and KYC.
They provide loans of #1 million and above and ask for 6 months’ bank statements and collateral records. It is the best for registered SMEs that want simple and clear documentation. You need to know that quick SME loans are risk-priced, show the purpose of funds, keep your bank statements clean, and you are ready to commit suitable security for larger financing.
8. Seedvest Microfinance Bank
Seedvest merges general SMEs loans with specialized products like agric group loans, essential If your financing needs correlate with seasonal cycles or purchase orders. They provide loans up to #30 million with quick processing after approval.
They provide an agric-oriented program or scheme for crop farmers, also NDIC’s listings confirm that Seedvest is an insured Microfinance Bank. It is best for SMEs seeking agric-linked loans with a bank comfortable in those niches. You should know that documentation will vary by product. LPO finance specifically needs the purchase order from a verified transaction partner’s performance record.
Other Top Microfinance banks offering SME loans in Nigeria are:
9. Advans Lafayette Microfinance Bank: It is unarguably one of the Top Microfinance banks offering SME loans in Nigeria, with offices in Nigeria and other African countries.
10. Grooming Microfinance bank
How to secure loans at the Top Microfinance banks offering SME loans in Nigeria
- Prepare a clear business plan and gather necessary documents like identification, business registration, and financial statements.
- Build a good relationship with the bank by maintaining a positive credit history and engaging regularly with loan officers.
- Choose banks that offer flexible repayment plans and personalized support to make the loan process smoother.
Conclusion
Nigeria’s Microfinance Bank ecosystem in 2025 is far more small and medium-sized enterprises (SMEs) friendly than it was even a few years ago. If you are a small manufacturer who needs a longer repayment period or a licensed service business pushing into huge contracts, you will now correlate your need to a commercial bank’s specific borrowing capacity.
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