In response to the current economic realities which have witnessed recent spikes in fuel, electricity, and other prices, Nigeria's largest microfinance bank, LAPO Microfinance Bank with over 7,000 staff has announced a 25% and 12.5% increment in the salaries for junior and senior staff respectively across the country.. ...

The main goal of microfinance is to alleviate poverty in the population through credit provision and carrying out financial training while banks focus more on profitability and growth. Microfinance loans are of lower interest rates and better repayment terms while bank loans are of comparatively higher interest rates.

While the wind of economic downtown has swept away some Microfinance Banks (MFBs) in the country, there are others that are meeting the needs of the low-income earners. The top five Microfinance Banks are LAPO MFB, AB, Baobab, Lovonus, Addosser MFB.

Microfinance Bank (MFB) License: Unit MFBs: N50,000. State MFBs: N100,000. National MFBs: N250,000.