Top 10 Microlending Companies Empowering Market Women and Traders in Nigeria
In Nigeria’s bustling informal economy, market women and small-scale traders are the backbone of commerce. Yet, access to timely and affordable credit remains a persistent challenge. Fortunately, a growing number of microlending institutions and fintech innovators are stepping up to bridge this gap, offering tailored financial solutions that empower these entrepreneurs to thrive.
Below is a curated list of the top 10 microlending companies making significant strides in supporting Nigeria’s informal sector:
With a longstanding commitment to poverty alleviation, LAPO Microfinance Bank has been instrumental in providing microloans to low-income Nigerians, especially women. Their Scale2Save partnership emphasizes financial inclusion, promoting savings culture and easy access to credit for women entrepreneurs.
Formerly known as TeamApt, Moniepoint offers digital banking services tailored for small businesses. Their working capital loans have been pivotal in supporting women-owned enterprises, addressing the critical funding gap without the usual hassles of traditional loan applications.
BOI’s Government Enterprise and Empowerment Program (GEEP) provides zero-interest microloans through initiatives like TraderMoni and MarketMoni. These programs specifically target market women and traders, offering loans ranging from ₦10,000 to ₦50,000 to support their businesses.
4. Kuda Bank
As Nigeria’s first neobank, Kuda offers a mobile-first platform that combines savings, lending, and payment services. Their user-friendly interface and low fees have made them popular among young entrepreneurs and traders seeking convenient banking solutions.
5. Mamamoni
Founded by social entrepreneur Nkem Okocha, Mamamoni is a fintech social enterprise that supports rural and urban slum women with vocational skills and mobile loans. Their model combines empowerment training with access to finance, fostering sustainable livelihoods.
6. Entourage Integrated Trust Limited
Established in July 2014, Entourage Integrated Trust Limited is a Nigerian financial services company specializing in microfinance, lending, leasing, and investment solutions. Operating across 29 states with its headquarters in Lagos, the company provides financial support to individuals and MSMEs, particularly market women and traders.
Prospa offers a digital banking platform designed for small and medium-sized enterprises (SMEs). Their services include business accounts, loans, invoicing, and expense management tools, all accessible via a mobile app. This integrated approach simplifies financial management for traders and entrepreneurs.
FSDH provides gender-focused business loans aimed at supporting women entrepreneurs. Their loan products come with competitive interest rates, flexible repayment plans, and advisory services to aid business growth.
9. Babban Gona
While primarily focused on agriculture, Babban Gona’s cooperative model supports smallholder farmers with training, inputs, and financial services. Their approach has empowered many rural entrepreneurs, including women, to increase productivity and income.
AB Microfinance Bank offers a range of financial products tailored to micro, small, and medium-sized enterprises. Their services include microloans, housing finance, and savings products, all designed to support the growth of informal businesses.
These institutions are at the forefront of financial inclusion in Nigeria, providing essential support to market women and traders. Through innovative products and services, they are transforming the economic landscape, one entrepreneur at a time
