Microfinance Bank (MFB) is any company licensed by the Central Bank of Nigeria CBN to carry on the business of providing financial services such as savings and deposits, loans, domestic funds transfer, and non-financial services to microfinance clients.
Microfinance banks are similar to commercial banks in Nigeria. Just that microfinance banks are smaller than thank commercial banks.
One of the important of microfinance banks is that they give loans to individuals, business owners with collection.
On this webpage, I will share some 10 best Microfinance bank apps in Nigeria and how to get them.
5 Best Microfinance Bank Apps in Nigeria
1. Kuda Microfinance Bank app
Kuda Bis is the best digital bank in Nigeria, Kuda Bank operates under microfinance banks in Nigeria.
Kuda Bank is now known as Kudi Money. It’s free to open and use.
Kuda Bank transfer is Free, zero card maintenance, automatic saving, and customer care service is very active. Kuda Bank started its operation in Nigeria in 2017.
If you’re not using Kuda Bank, you’re missing a lot. Download the Kuda Microfinance bank app and enjoy the best offer.
2. Fina Trust Microfinance Bank
Fina Trust Microfinance Bank is another best Microfinance bank apps in Nigeria.
Fina Trust Microfinance Bank started operation in Nigeria in 2009. It is licensed by CBN to operate under the Nigerian Microfinance Banks.
Fina Trust Microfinance Bank offers services like giving quick loans, salary advances, SME loans, education loans, and financial asset financing for their customers.
The Fina Trust Microfinance Bank app is worth using. If you have yet to open an account with them, hurry up and open Fina Trust Microfinance Bank.
3. Mutual Trust Microfinance Bank App
Mutual Trust Microfinance Bank is another best Microfinance bank apps in Nigeria with the best features.
Mutual Trust Microfinance Bank has over 100 thousand customers across Nigeria. With Mutual Trust Microfinance Bank, you can access loans up to 3 million naira in less than 10 hours.
Mutual Trust Microfinance Bank is another best Microfinance bank apps in Nigeria you can work with customers.
4. AB Microfinance Bank App
AB Microfinance Bank app is another top-notch bank app on our list.
With AB Microfinance Bank, you can get business, Individual loans, and Housing loans. AB Microfinance Bank opens savings and current accounts.
AB Microfinance bank app is the best in terms of customer care service support.
5. VFD Microfinance Bank App
bank (V by VFD or V) is a virtual bank and platform
powered by VFD Microfinance Bank and was launched on March 25, 2020.
VFD Microfinance Bank was created to offer free online
banking. Currently, the bank has onboarded more
than 500,000 active individuals and businesses on its
mobile banking platform across Nigeria.
FAQs
What are microfinance bank apps in Nigeria?
Microfinance bank apps in Nigeria are mobile applications provided by microfinance banks that enable users to access banking services digitally. These apps allow customers to perform various banking transactions such as opening accounts, transferring money, paying bills, applying for loans, and saving, all through their smartphones. They offer an alternative to traditional banking by providing services conveniently at the users’ fingertips.
What makes a microfinance bank app the best in Nigeria?
The best microfinance bank apps in Nigeria are characterized by their user-friendly interfaces, fast and secure transactions, and a wide range of banking services. These apps ensure ease of use, making banking simple and convenient for customers. Additionally, factors like strong customer support, low transaction fees, and reliable mobile platforms that are optimized for both Android and iOS also contribute to their ranking as top apps.
How secure are microfinance bank apps in Nigeria?
Microfinance bank apps in Nigeria typically implement robust security measures to protect users’ personal and financial information. These measures may include encryption, two-factor authentication, and biometric security features such as fingerprint or facial recognition. However, it is crucial for users to download apps from trusted sources (like official app stores) and use strong, unique passwords to ensure maximum security.
Can I apply for a loan using a microfinance bank app in Nigeria?
Yes, many microfinance bank apps in Nigeria offer loan facilities directly through their platforms. Customers can apply for various types of loans, including personal loans and business loans, without needing to visit a branch. The loan application process is usually straightforward and may require the submission of basic information such as identification documents and proof of income. The approval process is often faster compared to traditional banks, providing quick access to funds.