online microfinance loans in nigeria

“List of online microfinance loans in Nigeria” is very important to many small business owners and individuals seeking financial assistance.

Online microfinance loans have provided much-needed funds to individuals with limited access to traditional banking services. With the advent of technology, online microfinance loan platforms have emerged, making it easier for people to access financial resources from the comfort of their homes or offices.

In this article, we will provide you with a comprehensive list of the top online microfinance loan platforms in Nigeria, which can help you make informed decisions about where to obtain financing for your business or personal needs.

What is Microfinance?

Microfinance is a financial service provided to low-income individuals or small business owners needing access to traditional banking services. It involves providing small loans, typically ranging from a few thousand to millions, and other financial services such as savings accounts, insurance, and money transfers.

Microfinance is designed to help individuals and small business owners improve their financial situation, create employment opportunities, and promote economic development in their communities.

Microfinance institutions (MFIs) typically operate in developing countries and are funded by government agencies, non-governmental organizations (NGOs), or private investors. Microfinance aims to provide financial inclusion for those typically excluded from the formal financial sector and to help them build a path toward financial independence and stability.

What You Should Know About Online Microfinance Loans in Nigeria

Online microfinance loans are a type of loan that is available through online platforms or mobile applications. They are designed to provide small loans to individuals or small business owners needing access to traditional banking services. Here are some things you should know about online microfinance loans:

They are convenient: With online microfinance loans, you can apply for a loan from the comfort of your home or office. You do not have to visit a physical branch or complete lengthy paperwork.

They have a quick approval process: Online microfinance loans have a faster approval process than traditional loans. Once you submit your application, you can receive approval within minutes or hours, and the funds can be disbursed to your Account almost immediately.

They have higher interest rates: Online microfinance loans usually have higher rates than traditional loans. This is because they are designed to cater to individuals with poor credit scores or no credit history, and they pose a higher risk to the lender. It has been noticed that the interest rate charged by MFIs ranges from 20 to 70%, with 30% of the industry average.

Choice: You have access to a wide range of lenders, so you can compare interest rates and terms and choose the best one for you.

Transparency: You can see exactly how much you’re borrowing, the interest rate, and when the loan needs to be repaid.

Flexibility: You can choose a repayment schedule that best suits your needs.

10 Best Online Microfinance Loans in Nigeria

Having conducted thorough research on many online microfinance loans in Nigeria, I know the following is the most reputable and trusted ones:

  • LAPO Finance

One of the highly reputable online microfinance loan companies in Nigeria, LAPO Microfinance Bank is a financial institution that offers a variety of financial products and solutions to support micro, small, and medium enterprises, as well as low-income households.

The bank is a subsidiary of the Lift Above Poverty (LAPO) Organization, a non-governmental organization focused on alleviating poverty. LAPO Microfinance Bank was established in response to the consequences of implementing the Structural Adjustment Program (SAP) in the late 1980s.

In April 2007, the organization was incorporated, and it received a license from the Central Bank of Nigeria (CBN) to operate as a regulated state microfinance bank in 2010. In 2012, the bank became a national microfinance bank, expanding its operations to 34 of the 36 states in Nigeria and the Federal Capital Territory, Abuja.

With a wide network of over 500 branches, LAPO Microfinance Bank provides financial services to micro, small, and medium enterprises and low-income earners across the country.

Required Documents

  • Duly completed application form
  • 2 guarantors
  • A valid means of ID (national ID, driver’s license, voter’s card, or international passport)
  • Loan application letter
  • Current utility bill
  • 4 recent passport-size photographs.

LAPO Finance Loan Products and Features

LAPO Finance has four loan products. These loan products, their features, and benefits are listed below:

SME Loan

Features

  • Facility amount up to N5,000,000
  • Methodology: Individual
  • Duration: 12 months

Benefits

  • Flexible repayment structure
  • No collateral
  • Training in basic financial management, business planning, and customer relations
  • Access to funds for business expansion
  • Expert financial advice is available

Regular Loan

Features

  • Methodology: Individual lending but group liability
  • Duration: 8 months
  • Charitable Trusts
  • Facility range: N30,000 (minimum) to N150,000 (maximum)
  • Grace period: 2 weeks
  • Repayment frequency: Weekly
  • Clients must belong to a union

Benefits

  • Access to funds for business expansion
  • No collateral
  • strengthen client’s enterprise, e.g., Mid-term and Asset loan
  • Access to other business loan products to
  • Flexible repayment structure
  • Training in basic financial management, business planning, and customer relations
  • Low-interest rate
  • Expert financial advice is available

Agricultural Loan

Loan size is between ₦30,000- ₦1,000,000

Features

  • Methodology: Individual, group, and corporate
  • Duration: 1-12 months
  • Facility range: N50,000 (minimum) to N500,000 (maximum)
  • Grace period: 30-60 days
  • Prospective clients must be practicing farmers with verifiable evidence of existing farm investments.

Benefits

  • Flexible repayment structure
  • Provides capital for farming activities
  • Low-interest rate
  • No collateral
  • Expert financial advice is available

Asset Loan

Features

  • Methodology: Individual and group
  • Duration: 11 months
  • Facility range: N20,000 (minimum) to N400,000 (maximum)
  • Grace period: 1 month

Benefits

  • Quick access to funds for the purchase of business assets
  • Flexible repayment structure
  • No collateral
  • Flexible repayment structure
  • Low-interest rate
  • Expert financial advice is available

Loan USSD Code: *371#

Contact Details

Head Office Address: LAPO Place, 15A Ikorodu-Ososun Road, Lagos State.

Tel: +(234) 813 984 0230

WhatsApp Number: 081 5055 3264

Email Address: info@lapo-nigeria.org

  • Mutual Trust Microfinance Bank

Mutual Trust Microfinance Bank is a reputable microfinance institution that has spearheaded the transformation of microfinance in Nigeria since April 2016.

Formerly known as Mark de Rock Microfinance Ltd, the bank changed management and has since provided outstanding financial services by utilizing cutting-edge technology and highly skilled personnel.

One of the bank’s outstanding features is its ability to offer online microfinance loans in Nigeria. The loan application process is simple and can be completed in under 10 minutes. The bank also boasts a fast turnaround time for loan application reviews and approvals, taking less than ten hours.

In addition, Mutual Trust MFB provides a flexible repayment plan that allows customers to repay their loans quickly and stress-free. The bank’s mobile app can be downloaded from Google Play Store or Apple App Store, making it convenient for customers to access their services anytime, anywhere.

Requirements:
  • You must be a confirmed federal civil servant in Nigeria with an active duty status.
  • Your monthly net pay after deductions must be good enough to qualify you for a loan from us.
  • You must be active on the Federal Government of Nigeria’s payroll.
  • You must present your National Identification Number (NIN).
  • BVN
  • Last month payslip
  • Official ID card.
  • Account officer code.

Mutual Microfinance Loan Products and Features

Mutual Microfinance has three loan products. These loan products, their features, and benefits are listed below:

10 Hours Prompt Cash Loans

Features and Benefits:

  • Fixed loan repayment period ranging from 3 to 24 months.
  • Attractive interest rates of 3% to 4%.
  • No collateral is required.

For more information on the requirements and loan application form, click this link.

Mutual Plus Loan

Features and Benefits:

  • Repayment periods range from 3 to 24 months.
  • Interest rates are between 3% and 4%.

To see the loan application form, click on this link.

Contact Details

Head office: Plot 797, Ademola

Adetokunbo Crescent, Wuse 2, Abuja.

Email: mails@mutualtrustmfb.com

Tel: 08071895576, 07067321724

The list of microfinance loans is complete with one of the best microfinance banks in Nigeria, Kuda Bank. In recent years, Kuda Bank has become one of the most sought-after online microfinance banks.

Kuda Microfinance Bank was founded by Babs Ogundeyi and Musty Mustapha in 2019. The bank is licensed by the Central Bank of Nigeria (CBN) and is headquartered in Lagos, Nigeria. Kuda Microfinance Bank offers a range of financial services to its customers, including savings accounts, current accounts, and loans.

Kuda Microfinance Bank is a fully digital bank, meaning that all transactions and interactions with the bank are done through its mobile app. The app is available on Android and iOS platforms and can be downloaded from the Google Play Store or the Apple App Store.

One of the standout features of Kuda Microfinance Bank is its loan offering, known as an overdraft. The bank offers loans to its customers in the form of overdrafts. The most interesting part? The interest is very low and has a long repayment period; plus, you can always reschedule the repayment date only if you incur overdue charges.

To be eligible for a Kuda Microfinance overdraft loan, you must meet certain requirements, these are:

  • Depending on your mobile device, you must first download the app from Google Play Store or Apple Store.
  • Create an account with Kuda Microfinance Bank and complete the registration.
  • You must use the bank app regularly to qualify for an overdraft.

Let me explain everything you need about the Kuda MFB overdraft and how to qualify for the loan product.

The Overdraft facility is linked to your Account and will allow you to withdraw money over your available balance up to a stipulated limit.

Features and Benefits:

  • 90 days tenor
  • Maturity date:30 days from the disbursement date
  • 3% interest rate of the overdraft facility amount accruing daily until fully repaid.
  • The loan amount starts from 50k.

Contact Details

Head office: 151 Herbert Macaulay Way, Yaba, Lagos,

Nigeria

Email: help@kuda.com

  • AB Microfinance Bank

AB Microfinance Bank is a licensed microfinance bank operating across several states in Nigeria. The bank’s headquarters is in Lagos, with branches spread across Lagos, Oyo, Ogun, Ondo, Anambra, and Abia States.

AB Microfinance Bank’s primary goal is to support entrepreneurs in improving their business opportunities by providing them with easy access to affordable loans. The bank is also dedicated to enhancing the financial status of everyone through its deposit accounts.

AB Microfinance Bank is a limited liability company registered in Nigeria under the 2002 Companies. The Allied Matters Act and the Central Bank of Nigeria regulate it as a fully-fledged microfinance bank. It is limited to residents in OYO, OGUN, LAGOS, ONDO, ANAMBRA, and ABIA States in Nigeria only.

Requirements
  • The applicant must be a Nigerian Resident.
  • Applicants must be the owner of the business.
  • Applicants must be 21 or above.
  • Business must be in the operating area.
  • And exercising consequently for the past 12 months.
  • Applicants must be currently exercising.
AB Microfinance Loan Products

AB Microfinance Bank offers three loan products. These three loan products, their features, and their requirements are listed below:

Microloan

Features and Benefits

  • Loans currently range from N15,000 to N5,000,000.
  • Maximum maturity is 18 months;
  • Repeat customers can apply for up to N5,000,000 under microloans.
  • Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property, etc.)
  • Flexible documentation requirements.
  • No mandatory deposits/savings.
  • No audited financial statements are required.
  • Long-standing clients with impeccable repayment records qualify for successive interest rate discounts and faster loan processing.
  • No borrower groups – you are responsible only for your loan.
  • Free SMS Reminder for your Monthly Repayments
  • Upon submission of all required documents, loan disbursement is guaranteed within 3 working days.

Apply here.

SME Loan

Features and Benefits

  • Disbursement fee of 1.0% of the loan amount
  • The maturity period is from 6 to 24 months, with equal monthly installments
  • Loans from N3,000,001 to N 20,000,000 for your existing business
  • Competitive Interest Rate starting from 3.0% monthly on reducing balance
  • A broad range of collateral items accepted
  • Upon submission of all required documents, loan disbursement is guaranteed within 3 working days.
Read Also:  Digital Lending in Nigeria - FCCPC Guidelines 2023

To apply for the SME Loan, click on this link.

Housing Loan

Features and Benefits

  • Housing loans are designed for home renovation, shop renovation, and construction of buildings, either house or shop.
  • The housing loan currently ranges from N300,000 to N3,000,000, with a maximum maturity of up to 24 months.
  • Flexible documentation requirements
  • No borrower groups – you are responsible only for your loan.
  • No mandatory deposits/savings
  • No audited financial statements required
  • Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property, etc.)
  • Free SMS Reminder for your Monthly Repayments
  • Upon submission of all required documents, loan disbursement is guaranteed within 3 working days.

Apply here.

USSD Codes: *389*755#

Contact Details

Office address: 28 Akintoye Shogunle Street, Ikeja, Lagos.

Email: customercare@ab-mfbnigeria.com

Tel: (+234)902 496 9999, (+234)902 496 9778.

  • Fina Trust Microfinance Bank

Fina Trust Microfinance Bank, a member of LOLC Group with a corporate Head Office in Colombo – Sri Lanka, is one of Nigeria’s foremost Microfinance Banks. Its operating license was secured from the Central Bank of Nigeria (CBN) in September 2009 as a Microfinance Bank and commenced operations in October 2009.

Fina Trust Microfinance Bank offers short to medium-term financing for working capital & asset purchase needs. Finance is available for various legitimate contracts awarded by government agencies and reputable private organizations in the country.

Requirements

  • You must first open an account with Fina Trust Microfinance
  • For group loans, group members must reside in the same location.
  • There must be a group guarantor for a group loan.
  • Potential customers must provide two credible guarantors.

Fina Trust Microfinance Loan Products

Fina Trust Microfinance Bank offers four loan products. These three loan products, their features, benefits

SME Loan

Features and Benefits

  • Offers up to N20,000,000 loan amount.
  • Flexible repayment plan
  • Flexible interest rate.
  • Up to a maximum of 24 Months tenure.
  • Flexible conditions.
  • Prompt response time with efficient service delivery
  • Access to Digital channels for withdrawals and repayments.

Fina Edu Loan

Features and Benefits:

  • Flexible conditions.
  • Up to N20,000,000 loan amount.
  • Flexible interest rate.
  • Up to a maximum of 24 Months tenure.
  • Flexible repayment plan.
  • Prompt response time with efficient service delivery.
  • Access to Digital channels for withdrawals and repayments.

Fina Micro Loan

Features and Benefits:

  • Up to N5,000,000 loan amount.
  • Flexible repayment plan
  • Flexible interest rate.
  • Up to a maximum of 12 Months tenure.
  • Flexible conditions
  • Prompt response time with efficient service delivery
  • Access to Digital channels for withdrawals and repayments.

Fina Salary Advance

Features and Benefits:

  • Up to N5,000,000 loan amount.
  • Flexible repayment plan
  • Prompt response time with efficient service delivery
  • Flexible interest rate.
  • Up to a maximum of 6 Months tenure.
  • Flexible conditions
  • Access to Digital channels for withdrawals and repayments.

Fina Asset Financing

Features and Benefits

  • Up to N20,000,000 loan amount.
  • Flexible repayment plan
  • Prompt response time with efficient service delivery
  • Flexible interest rate.
  • Up to a maximum of 24 Months tenure.
  • Flexible conditions.
  • Access to Digital channels for withdrawals and repayments.

To choose any loan products and apply, click on this link.

Contact Details

Head office: 46, Toyin Street, Ikeja, Lagos State, Nigeria.

Email: inquiry@finatrustmfbank.com

Tel: +234-9062020040

  • VFD Microfinance Bank

VFD Microfinance Bank, commonly called V-Bank, has positioned itself as the go-to MFB for fashion-forward individuals, just like KUDA Bank. It was established in 2009 and began operations in 2011 as a subsidiary of VFD Group. V-Bank has gained popularity as a leading provider of online microfinance loans in Nigeria.

VFD Microfinance Bank provides loans to salary earners, entrepreneurs, and businesses with competitive rates, fast processing, and flexible repayment structures. The maximum loan amount you can get from VFD Microfinance Bank is N2,000,000, with an interest rate of 4%.

Requirements

  • Application form
  • A valid means of Identity
  • Proof of employment
  • Passport photograph
  • Bank statements for the past 6 months
  • BVN/ proof of bank account ownership.

VFD Loan Products and Their Features

Employee Loan

Features and Benefits

  • Funds are made available within 6 working hours of such an application
  • Competitive interest rate
  • Paycheck period of 12 months
  • A repayment deduction is made by the company/employer from the employee’s salary.

Overdraft Facilities

Features and Benefits

  • Competitive rate
  • Interest is only charged on the amount drawn
  • Quick approval period
  • The flexibility of repayments is based on the customer’s cash flow.

LPO Financing

Features and Benefits

  • Finance up to 70% of the cost of items to be supplied
  • Enables suppliers to fulfill their orders without the provision of security
  • Competitive rate
  • Quick approval period
  • The maximum period of 180 days, depending on the term of the LPO

Invoice Discounting

Features and Benefits

  • Provides additional working capital
  • Immediate access to the proceeds of sales
  • financing up to 90% of the invoice value
  • Competitive interest rate.

VFD Microfinance Bank USSD Code for Loan:

The USSD code for accessing loans and other options for VFD is *5037#.

Contact Details

Office address: 5th Floor, Elephant House, 214 Broad Street, Marina, Lagos.

Email: support@vbank.ng

Tel: +234 1 227 1396.

  • Assets Microfinance Bank

Asset Microfinance Bank (MFB) is a financial institution in Nigeria that was founded in 2009 and licensed by the Central Bank of Nigeria. Their mission is to enhance the financial freedom of Nigerian citizens by offering more affordable and safer loans. With a team of over 30 employees, the bank aims to make loans quicker and more accessible to those who need them.

Requirements

  • A valid BVN
  • A personal email account
  • Be at least 18 years of age
  • A personal bank account
  • A Debit Card with at least 3 months of Validity

Assets Microfinance Bank Loan Products

Assets Microfinance Bank boast a variety of loan products ranging from SME loan to Microloan. These loan products and they’re listed below:

SME Loan:

Features and Benefits

  • Loan amount ranges from N1, 000,000 – N5,000,000
  • Financial statements for corporate clients
  • 5% rate of interest
  • 1% Admin fee
  • Important securities like a Motor vehicle or C of O)
  • Lastly, 180-240 days Maximum Tenor.

Microloan

Features and Benefits

  • 6% rate of interest
  • Tenor days of 180 days maximum
  • An admin fee of 1%
  • No cheques for customers and guarantor
  • Stock hypothecation
  • Loan amounts range from N50,000 to N499,000.

Macro loans:

Features and Benefits

  • 5% rate of interest
  • Tenor days of 180-240 days maximum
  • An admin fee of 1%
  • Stock hypothecation
  • Cheques required for customers and guarantors
  • Given to small business owners.
  • The loan amount ranges from 500,000 – 1,000,000.

Contact Details

Office Address: 1b, Rockdrive, Lekki Phase 1, Lagos Nigeria

Email: contact@assets-mfb.com

Tel: 016329482

  • Advans La Fayette MicroFinance Bank

Advans Group is a prominent microfinance organization that operates in nine different countries worldwide. Its services are tailored towards small businesses and other clients in need of financial assistance. The countries where Advans currently operates include Cameroon, Cambodia, Democratic Republic of Congo, Cote d’Ivoire, Ghana, Myanmar, Pakistan, Nigeria, and Tunisia.

Advans provides a wide range of financial services to its clients, including micro loans, SME loans, savings plans, current accounts, insurance, transfers, and more. The organization strives to offer personalized financial solutions to help its clients grow their businesses and achieve their personal or professional goals. Advans regularly updates its services to ensure that its clients can find the products they need.

The organization adopts a client-centric approach, which means that it listens to its clients’ feedback to improve its services continually. Advans tailors its services to the specific needs of each of its target segments, ensuring that its clients receive the best possible service.

Requirements

  • Proof of business ownership (Shop receipt, CAC documents, etc).
  • Valid ID card, 3 passport photographs.
  • Guarantor – May have his/her own business or working with a private company within the private sector
  • Proof of residency (e.g. Utility bills).

Advans Loan Products and Features

Advans La Fayette MicroFinance Bank has four loan products that one can avail themselves with. The four loan products of Advans La Fayette MFB are listed below:

Advans 48

Features and Benefits:

  • Repayment: 1-3 months
  • Get loan in 2 days or less
  • Loans from ₦150,000 – ₦750,000
  • 1% processing fee
  • 99% insurance fee
  • No need to save before getting a loan
  • First- time clients are only entitled to a 500,000 NGN loan ceiling.

Apply Now

Advans Business

Features and Benefits

  • Nigerian or Non- Nigerian (resident for 10 years)
  • Flexible collateral requirements
  • Rapayment: 6-24 months
  • Loans from ₦10,000,000 – ₦75,000,000
  • 1% processing fee
  • 99% insurance fee
  • No need to save before getting a loan

Apply Now

Advans Further

Features and Benefits

  • Loan amount ranges from 5 m NGN and pay back in 24 months
  • Loans from ₦1,500,001 – ₦5,000,000
  • 1% processing fee, 0.99% insurance fee
  • No need to save before getting a loan
  • Amount is determined according to your repayment capacity.

Apply Now

Advans Together

  • Loans from ₦50,000 – ₦1,000,000 per member
  • 1% processing fee
  • 99% insurance fee
  • No need to save before getting a loan
  • Flexible repayment
  • 2 to 5 members per group loan

Apply Now

Contact Details

Email:customerservice@advans-lfmfb.com

Tel: 0700 023 8267

  • Ekondo Microfinance Bank

EMFB, originally established as a Community Bank in Calabar, Cross River State, Nigeria, had its modest beginnings in 1997. The Central Bank of Nigeria introduced a new regulatory framework for microfinance banks in 2007, and EMFB became the first Community Bank to make the transition to a Microfinance bank.

EMFB has grown from a single-unit branch bank to become a state Microfinance bank, and has carefully selected strategic locations for its branches in order to efficiently serve its valued customers in the most economically active areas of the state.

Requirements

  • A valid BVN
  • A personal email account
  • Be at least 18 years of age
  • A personal bank account
  • A Debit Card with at least 3 months Validity

 

Ekondo MFB Loan Products

Ekondo MFB has many loan products that are available for individuals with little or no income. These loan products and their features are listed below:

Ekondo Housing Loan

Features and Benefits:

  • Methodology: Individual/Group
  • Duration: 2 years
  • Facility amount: N1,000,000 (maximum)
  • Grace period: 1 month
  • No collateral
  • Lower interest rate
  • Flexible repayment structure
  • Expert financial advice available

Ekondo Fast Cash

Features and Benefits

  • 24 Hours Ready Cash
  • No Security
  • Account Opening (Optional)
  • No Guarantor
  • Available for only Cross River State civil servants.

Ekondo Salary Advance Scheme

Features and Benefits

  • Designed for civil servants in the Cross River State.
  • Clients may request for overdrafts
  • Loans can be given to civil servants using salary as collaterals
  • Loans may extend to 3 years and beyond

Micro Loan

Features and Benefits

  • This loan is granted to small scale traders.
  • Loan amount starts from N50,000 to N500,000.

Apply Here

Contact Details

Office address: Davandy House 43, Murtala Mohammed Highway, Calabar, Cross River State, Nigeria.

Email: info@ekondomfbank.com

Tel:+234 803 974 2037

Accion Microfinance Bank

Accion MFB is another reputable microfinance bank in Nigeria that is offering personal and business loans to individuals who are financially incapacitated. The company was founded in  2006, and began operations in May 2007 on license from the Central Bank of Nigeria.

Accion MFB has various loan products available for business owners, employees and students. Let us take a look at each of these loan products and their feature.

Accion MFB Loan Products and Features

SME Capital Loan

Features and Benefits

  • Competitive Interest Rate.
  • Opportunity to grow business with Accion MfB.
  • monthly Repayment Plan.
  • Opportunity of higher loan amount based on repayment performance record.

Brighta Loan

Features and Benefits

  • Loan amount starts from N50,000 to N150,000.
  • 8% interest rate.
  • Loan repayment period ranges from 1 to 3 months.

My School Plus Loan

Features and Benefits

  • Borrower can access loan up to N5,000,000.00
  • 9% per
  • 1 year repayment period.

Brighta Solar Loan

Features and Benefits

  • Competitive interest rate.
  • Option to select from a variety of solar power providers.
  • Easy Loan procedure.
  • Affordable and convenient loans.
  • Steady power supply.
  • One year warranty for solar hardware.
  • After sale support services.

My SME Education Loan

Features and Benefits

  • Competitive interest rate.
  • Easy loan procedure.
  • Working capital and asset loan for schools.
  • Quarterly repayment plan.
  • Opportunity to grow your educational business with Accion MfB.

Accion MFB USSD loan codes is *572#

Contact Details

Office: 154 Ikorodu Road, Onipanu, Lagos, Nigeria

Email: info@accionmfb.com

Tel: (234) 1 271-9326

Frequently Asked Questions

Is a microfinance bank under CBN?

Yes, all microfinance banks are licensed by CBN.

What type of loan is microfinance?

Microfinance loans are small or microloans given to individuals who may need access to commercial bank loans.

How long does it take to get a loan from microfinance banks?

The time it takes for one to have their loan amount disbursed to them depends on the microfinance bank.

Bottom Line

Microfinance loans have played a significant role in the economic development of Nigeria, particularly in providing financial services to the unbanked and underserved population.

The list of microfinance loans available in Nigeria ranges from individual loans to group loans and agricultural loans. These loans have helped to create job opportunities, reduce poverty, and empower the Nigerian people to become financially independent.

Individuals and small business owners need to research and compare the various microfinance loans available to them to make informed decisions and choose the one that best suits their needs. Overall, the availability of microfinance loans in Nigeria has significantly contributed to the growth and development of the country’s economy.