How Many Microfinance Banks Are in Nigeria

How Many Microfinance Banks Are in Nigeria. A bank is a type of financial institution that accepts deposits from the general public, generates demand deposits, and makes loans at the same time. The bank can carry out lending operations directly or indirectly via capital markets.

How Many Microfinance Banks Are in Nigeria

Most jurisdictions regulate banks heavily because they are crucial to both the financial stability and the economy of a nation. A system known as fractional reserve banking, in which banks keep liquid assets equivalent to only a portion of their current liabilities, has been institutionalized in the majority of nations. Banks are typically required to maintain a certain level of capital based on the Basel Accords, an international set of capital rules, in addition to additional regulations aimed at ensuring liquidity.

In many ways, banking in the modern sense developed as a continuation of the ideas and notions of credit and lending that had their origins in the ancient world during the fourteenth century in the rich cities of Renaissance Italy. Numerous financial families, including the Medicis, the Fuggers, the Welsers, the Berenbergs, and the Rothschilds, have been influential throughout history. Banca Monte dei Paschi di Siena, which was formed in 1472, is the oldest retail bank still in operation. Berenberg Bank is the oldest merchant bank still in operation (founded in 1590).

The establishment of well-targeted programs to boost the access of the poor and low-income earners to production factors, notably credit, is essential for Nigeria to experience robust economic growth. The goal of microfinance is to reach out to those who are underserved by traditional financial institutions, such as the poor and low-income earners. At the end of the fourth quarter of 2021, 36% of adults (18 years and older) were totally excluded financially. So, with the Central Bank of Nigeria’s oversight and regulation, microfinance banks provide ways for those who are financially excluded to receive loans.

How Many Microfinance Banks Are in Nigeria?

  • AB MICROFINANCE BANK

Address: No. 9, Oba Akran Road, Ikeja.

  • ACCION MICROFINANCE BANK

Address: Elizade Plaza, 4th Floor, No. 322A, Ikorodu Road, Anthony, Ikeja.

  • ADDOSSAR MICROFINANCE BANK

Address: No. 32 Lewis Street, Lagos Island.

  • AL-BARAKAH MICROFINANCE BANK

Address: No. 67, Ladipo Street, opposite Ladipo Police Post, Mushin.

  • ASHA MICROFINANCE BANK

Address: No. 11, Boyade Oluwole Street, off Awolowo Way, Ikeja.

  • ASSET MICROFINANCE BANK

Address: No. 44, Apata Street, Shomolu.

  • ASSET MATRIX MICROFINANCE BANK

Address: No. 68, Herbert Macaulay Way, Ebute Metta.

  • ASSURED MICROFINANCE BANK

Address: Million Park Plaza, No. 96, Ayangburen Road, Ojogben Junction, Ikorodu.

  • AZSA MICROFINANCE BANK

Address: No. 37, Osolo Way, Ajao Estate, Off Muritala Muhammed International Airport, Ikeja.

  • B C KASH MICROFINANCE BANK

Address: No. 119, Ikorodu Road, Onipanu.

  • BAINES CREDIT MICROFINANCE BANK

Address: Plot 100, Igbosere Road, Lagos Island.

  • BANCORP MICROFINANCE BANK

Address: Idemili House (BBA), International Tradefair Complex, Badagry Expressway.

  • BERACHAH MICROFINANCE BANK

Address: Plot 1, CMD Road, Ikosi, Ketu.

  • BISHOPGATE MICROFINANCE BANK

Address: No. 39, Agege Motor Road, Moshalashi, Surulere.

  • BLUE RIDGE MICROFINANCE BANK

Address: No. 84, Abule Nla Road, Ebute-Metta.

  • BOCTRUST MICROFINANCE BANK

Address: No. 32, Lawson Street, off Moloney Street, Lagos Island.

  • BOI MICROFINANCE BANK

Address: No. 23, Marina, P. O. Box 2357, Lagos Island.

  • BOI G MICROFINANCE BANK

Address: No. 33, Idumagbo Avenue, Lagos Island.

  • BOSAK MICROFINANCE BANK

Address: Plot 8, Cocoa Industries Road, Ogba, Ikeja.

  • BOWEN MICROFINANCE BANK

Address: Baptist Academy Compound, Obanikoro.

  • BOWMAN MICROFINANCE BANK

Address: No. 1, Bode Onifade Street, Ewu-Tuntum, Oshodi-Isolo Local Government Area.

  • BRIDGEWAY MICROFINANCE BANK

Address: No. 49 A, Lafiaji Way, Dolphin Estate, Ikoyi.

  • BRIYTH-COVENANT MICROFINANCE BANK

Address: No. 15, Muritala Muhammed Way, Oyingbo, Adekunle, Lagos Mainland.

  • BROADVIEW MICROFINANCE BANK

Address: No. 52, Odunlami Street, Lagos Island.

  • CAPITALMETRIQ SWIFT MICROFINANCE BANK

Address: U-Mudi Energy Mall, KM 50, Bankole Bus-Stop, Lekki-Epe Expressway, Ibeju-Lekki.

  • CAPSTONE MICROFINANCE BANK

Address: No. 187, Igbosere Road, Lagos Island.

  • CARBON MICROFINANCE BANK

Address: No. 642C, Adeyemo Alakija, Victoria Island

  • CASHCONNECT MICROFINANCE BANK

Address: No. 19, Olubunmi Rotimi Street, Lekki Phase 1.

  • CEDAR MICROFINANCE BANK

Address: No. 91, Itire Road, Surulere.

  • CHANELLE MICROFINANCE BANK

Address: No. 7, Oduduwa Crescent, GRA, Ikeja.

  • CHANGAN RTS MICROFINACE BANK

Address: No. 83, Iju Road, Ifako Ijiaye.

  • CHASE MICROFINANCE BANK LIMITED

Address: Suite 4, Dolphin Plaza, Dolphin Estate, Osborne Road, Ikoyi.

  • CHEVRON EMPLOYEE CO-OPERATIVE MICROFINANCE BANK (CEMCS)

Address: No. 6, Udeco Medical Road, off Chevron Drive, Lekki-Epe Expressway.

  • CIT MICROFINANCE BANK

Address: No. 22, Berkley Street, off King George V Road, Onikan.

  • CITY MISSION METHODIST MICROFINANCE BANK

Address: Fourth Floor, Wesley House, Marina, Lagos Island.

  • CONPRO MICROFINANCE BANK

Address: Block 0116-123, Ikota Shopping Complex, Victoria Garden City, Lekki.

  • CORESTEP MICROFINANCE BANK

Address: Nos. 22/24, Ago Palace Way, Okoto.

  • COWRIES MICROFINANCE BANK

Address: 5th Avenue, House 3 by DI Close, Festac Town.

  • CREDIT AFRIQUE MICROFINANCE BANK

Address: No. 154, Awolowo Road, Ikoyi.

  • CROSSOVER MICROFINANCE BANK

Address: No. 63B, Raymond Njoku Street, Ikoyi.

  • CROWNED EAGLE MICROFINANCE BANK

Address: No. 132, Isawo Road, Owutu, Ikorodu.

  • DAVODANI MICROFINANCE BANK

Address: Jolaade House, No. 28, Ogudu Road, opposite Access Bank, Ojota, Kosofe.

  • DAYLIGHT MICROFINANCE BANK LIMITED

Address: No. 23A, Adeyemi Lawson Street, Falomo, Ikoyi.

  • ECHO MICROFINANCE BANK

Address: Nos. 57/59, Isawo Road, Owutu, Ikorodu.

  • EDFIN MICROFINANCE BANK

Address: No. 152, Ogunlana Drive, Surulere.

  • EMPIRE TRUST MICROFINANCE BANK

Address: No. 14, Ogunlowo Street, off Obafemi Awolowo Way, Ikeja.

  • ENRICH MICROFINANCE BANK

Address: No. 12, Fatolu Street, Mushin.

  • EVERGREEN MICROFINANCE BANK

Address: No. 10A, Bosun Adekoya, Lekki Phase 1.

  • EYOWO MICROFINANCE BANK

Address: Maanah Plaza, First Floor, No. 19, Araromi Street, Lagos Island.

  • FFS MICROFINANCE BANK

Address: No. 30, Ijaiye Road, Ogba, Ikeja.

  • FUNATRUST MICROFINANCE BANK

Address: No. 46, Toyin Street, Ikeja.

  • FINEX MICROFINANCE BANK

Address: Investment House, Nos. 21-25, Broad Street, Lagos Island.

  • FIRMUS MICROFINANCE BANK

Address: QBA’s Place, KM 47, Ajah-Epe Expressway, Farm Bus-Stop, Ajah.

  • FIRST OPTION MICROFINANCE BANK

Address: No. 42, Kogberegbe Street, opposite Isolo General Hospital, Isolo.

  • FIYINFOLU CO-OPERATIVE BANK

Address: Suite 5, LSDPC Shopping Complex, Bode Thomas Street, Alaka, Surulere.

  • FLOURISH MICROFINANCE BANK

Address: 13th Floor, Reinsurance Building, No. 46, Marina, Lagos Island.

  • FORTRESS MICROFINANCE BANK

Address: No. 20, Obokun Street, off Coker Road, Ilupeju.

  • GIANT STRIDE MICROFINANCE BANK LIMITED

Address: KM 21, 1030 Badagry Expressway, Mebanu, Cele-Nica Bus-Stop, Ojo.

  • GLOBAL INITIATIVE MICROFINANCE BANK

Address: No. 35, Okesuna Street, Lafiaji, Lagos Island.

  • GLORY MICROFINANCE BANK

Address: Plot 295, Ijegun-Ikotun Road, Ijegun, P. O. Box 1503, Ikeja.

  • GOLD MICROFINANCE BANK

Address: Block C, Suite 1&2, Local Airport Office Complex, No. 118, Agege Motor Road, by Ikeja Along Bus-Stop, Ikeja.

  • GOOD NEIGBOURS MICROFINANCE BANK

Address: Plot 4, Oyetubo Street, off Obafemi Awolowo Way, Ikeja.

  • GREEN ENERGY MICROFINANCE BANK

Address: No. 22, Commercial Road, Apapa.

  • GREENVILLE MICROFINANCE BANK

Address: No. 135, Igando Road, Ikotun-Egbe, Alimosho Local Government Area.

  • GTI MICROFINANCE BANK

Address: No. 4, Tinubu Street, Central Business District, Lagos Island.

  • HACKMAN MICROFINANCE BANK

Address: No. 6A, Shola Oguntade Close, Lekki Phase 1, Lekki.

  • HALMOND MICROFINANCE BANK

Address: Suites 139/46, Ikota Shopping Complex, Victoria Garden City.

  • HEADWAY MICROFINANCE BANK

Address: No. 1, Atunwa Street, off Unity Road, Ikeja.

  • IBILE MICROFINANCE BANK

Address: No. 121, Obafemi Awolowo Way, Ikeja.

  • IKORODU DIVISION MICROFINANCE BANK

Address: No. 4, Sagamu Road, Ikorodu.

  • IRL MICROFINANCE BANK

Address: No. 30A, Afolabi Aina Street, off Alade Shopping Complex, Ikeja.

Security and confidence in the economy are goals of the financial system. In the event if banks were let to fail and consumers lost their money, there would be a generalized financial panic and many people would withdraw their funds and keep them in cash. A withdrawal of funds would reduce the amount of money available for lending. For this reason, central banks serve as the lender of last resort.

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