Microfinance banks in Nigeria
Did you know that there are microfinance banks in Nigeria? Just like the name implies, microfinance banks are financial institutions that offer loans to people on micro terms.
So, for people who may not have a consistent source of income, they can get this loan and get started with any business of their choice.
The loan bracket is also usually reasonable, to prevent scenarios where the people end up with a huge pile of debt.
If you also did a little statistical check, you’d discover that several people, especially those in the rural areas don’t have much access to financial services.
They are left with the option of seeking help from families, friends and other seemingly buoyant individuals that can help sponsor their plans.
These personal options, though great, could leave the person limited to a certain amount of money. And really, not too many people may be inclined towards letting go of huge sums of money for a certain period.
In such scenarios, what then is the way out? Again, the topic of microfinance banks is brought to limelight.
Check the following points for more specific services that microfinance banks offer to the populace;
- There is an increased chance for employment. This benefit especially is extended to those in the rural areas.
- There is a spike in the standard of living of the citizens in Nigeria. The reason is that more people get to boast of increment in their general productivity and efficiency.
- Small and medium-sized businesses get access to financial services like loans that can help them make more meaningful sales in the long run.
- Through these banks, the rural areas can get developed.
- The sector of the Nigerian populace that microfinance banks are meant for include people with low income, people that have no accounts in banks, the unlearned, those that have one physical challenge or the other, farmers based on subsistence, youths, etc.
- The loans offered by Microfinance banks are usually based on the person’s earnings or rate at which money flows in.
List of microfinance banks in Nigeria
Let’s check out a comprehensive list of the microfinance banks in Nigeria. Note that the list spans from the commonest ones out there to the least common.
- KUDA Microfinance bank
- LAPO Microfinance bank
- ACCION Microfinance bank
- Mutual Trust Microfinance bank
- Assets Microfinance bank
- Fina Trust Microfinance bank
- AB Microfinance bank
- VFD Microfinance bank
- Sparkle Microfinance bank
- Bank of Industry Microfinance bank
- Baines Credit Microfinance bank
- BC Cash Microfinance bank
- Pyramid Microfinance bank
- Bowen Microfinance bank
- Credit Express Microfinance bank
- First Option Microfinance bank
- Giant Strides Microfinance bank
- GTI Microfinance bank
- Magnet Microfinance bank
- Providence Microfinance bank
- YCT Microfinance bank
- Ultimate Microfinance bank
- Touch Gold Microfinance bank
- Stallion Microfinance bank
- Solid Trust Microfinance bank
- Reliance Microfinance bank
- Purple Money Microfinance bank
- Petra Microfinance bank
- Network Microfinance bank
- Island Microfinance bank
- Asset Microfinance bank
- Bishop Gate Microfinance bank
- Blue Ridge
- Cap Stone Microfinance bank
- Cardinal Rock Microfinance bank
- Day light Microfinance bank
- Enrich Microfinance bank
- First Option Microfinance bank
- Glory Microfinance bank
- Links Microfinance bank