Compare business loans in Nigeria
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Cheapest (government DFI)
Bank of Industry (BOI)
★★★★★
≈9%/yr (subsidised)
Interest
From ₦5m (SME schemes to ₦1bn)
Loan Amount
3–5 years (moratorium up to 12mo)
Term
Federal govt development bank
Provider
≈30–40 working days
Processing
Registered SMEs with a solid plan
Best For
large
Amount Tier
Pros
- Single-digit interest (≈9%/yr) — far cheaper than commercial credit
- Large amounts and 3–5-year terms with a moratorium
- Government-backed; apply directly on boi.ng (no paid facilitators)
Cons
- Slow: roughly 30–40 working days to process
- Needs CAC registration, business plan, feasibility and collateral
- Not for urgent cash-flow gaps
Fees, eligibility & documents
Fees
InterestApprox. 9%/yr (subsidised)
Other chargesProcessing/appraisal/commitment fees may apply
Term3-5 years; moratorium up to 12 months
Eligibility
- A CAC-registered business
- Trading history / bank statements
- A Tax ID (your NIN or CAC number)
Documents needed
- CAC certificate
- Recent bank statements
- Valid director ID; a business plan for larger facilities
Best for long tenors
Development Bank of Nigeria (DBN)
★★★★☆
Concessional (set by your bank/MFB)
Interest
MSME-scale (via your lender)
Loan Amount
Longer tenors (up to ~10 years)
Term
Federal wholesale development bank
Provider
Through participating banks/MFBs
Access
Longer-term MSME finance
Best For
large
Amount Tier
Pros
- Longer tenors than commercial loans
- On-lent through licensed banks/MFBs (regulated)
- Serves MSMEs that banks often overlook
Cons
- You can't borrow from DBN directly — apply via a participating bank/MFB
- Final rate and terms depend on that intermediary
- Still needs registration and business records
Fees, eligibility & documents
Fees
InterestConcessional (set by your bank/MFB)
AccessVia a participating bank/MFB (not direct)
TermLonger tenors (up to ~10 years)
Eligibility
- A CAC-registered business
- Trading history / bank statements
- A Tax ID (your NIN or CAC number)
Documents needed
- CAC certificate
- Recent bank statements
- Valid director ID; a business plan for larger facilities
Best for existing merchants
Moniepoint (business loans)
★★★★☆
By profile (above a DFI)
Interest
Working-capital scale
Loan Amount
Short-term
Term
CBN microfinance bank
Provider
Often none for smaller amounts
Collateral
Existing Moniepoint merchants
Best For
small
Amount Tier
Pros
- Fast decision based on your transaction history
- Often no separate collateral for smaller loans
- CBN-licensed microfinance bank (deposits NDIC-insured)
Cons
- Best rates need a Moniepoint transaction record
- Costlier than a BOI/DBN facility
- Short terms — for cash flow, not big capex
Fees, eligibility & documents
Fees
InterestBy profile (above a DFI)
CollateralOften none for smaller amounts
TermShort-term working capital
Eligibility
- A CAC-registered business
- Trading history / bank statements
- A Tax ID (your NIN or CAC number)
Documents needed
- CAC certificate
- Recent bank statements
- Valid director ID; a business plan for larger facilities
FairMoney (SME loans)
★★★★☆
By credit profile (runs high)
Interest
Small-business scale
Loan Amount
Short-term
Term
CBN microfinance bank
Provider
Light / none for small amounts
Collateral
Fast, small bridging loans
Best For
small
Amount Tier
Pros
- Fast in-app decision and disbursal
- CBN-licensed microfinance bank (deposits NDIC-insured to ₦2m)
- Little or no collateral for smaller amounts
Cons
- Rates run high for thin-credit borrowers
- Small amounts and short terms
- Requires BVN and data access
Fees, eligibility & documents
Fees
InterestBy credit profile (runs high)
CollateralLight/none for small amounts
TermShort-term
Eligibility
- A CAC-registered business
- Trading history / bank statements
- A Tax ID (your NIN or CAC number)
Documents needed
- CAC certificate
- Recent bank statements
- Valid director ID; a business plan for larger facilities
Renmoney (SME loans)
★★★★☆
≈2.5–4%/mo
Interest
Up to ₦6,000,000
Loan Amount
Longer (up to ~24 months)
Term
CBN microfinance bank
Provider
Larger amounts, lower fintech rates
Best For
large
Amount Tier
Pros
- Larger amounts and longer terms than payday apps
- Lower rates than most instant-loan apps
- CBN-licensed microfinance bank
Cons
- Slower and stricter than instant apps
- Still costlier than a BOI/DBN facility
- Needs verifiable income or business turnover
Fees, eligibility & documents
Fees
InterestApprox. 2.5-4%/mo
AmountUp to ₦6,000,000
TermLonger (up to ~24 months)
Eligibility
- A CAC-registered business
- Trading history / bank statements
- A Tax ID (your NIN or CAC number)
Documents needed
- CAC certificate
- Recent bank statements
- Valid director ID; a business plan for larger facilities
CBN-licensed MFB
Accion Microfinance Bank
★★★★☆
Micro and SME business loans (working capital, asset finance) plus in-app instant loans
Loan Type
Structured instalments — varies by product and loan size
Tenor
Licensed by the Central Bank of Nigeria (stated on its site)
Licence
Instant for small in-app loans; branch-assessed for larger SME facilities
Speed
Small businesses that want a banking relationship and advisory support, not just cash
Best For
mfb
Type
Pros
- Two decades of MSME lending and 70+ branches across 12 states — physical support most digital lenders cannot offer
- Business advisory services alongside credit, which improves approval odds and financial management
- Backed by the global Accion network with a stated CBN licence
Cons
- Larger loans go through branch assessment — slower than app-only lenders
- Microfinance interest rates are well above commercial-bank pricing; confirm the rate sheet at a branch before committing
- Physical presence is concentrated in 12 states, so coverage is not nationwide
Fees, eligibility & documents
Fees
InterestMicrofinance-level pricing — higher than commercial banks, lower than most loan apps for equivalent amounts; get the current rate in writing from your branch or the app before accepting
Eligibility
- Operating micro, small or medium business (registered or informal, depending on product)
- BVN and basic KYC; trading evidence for business facilities
- Guarantor or collateral requirements vary with loan size
Documents needed
- Valid ID and BVN
- Evidence of business activity (shop, records, statements)
- Guarantor details for larger facilities
Widest branch reach
LAPO Microfinance Bank (SME Loan)
★★★★☆
SME loan plus micro/group business loans, agric and asset finance
Loan Type
Structured instalments — set per product at the branch
Tenor
National microfinance bank licence from the CBN (per independent records)
Licence
Branch-based assessment — days, not minutes
Speed
Informal and small traders outside big cities who need a lender that is physically present
Best For
mfb
Type
Pros
- Presence across 30+ states including rural and peri-urban areas most lenders ignore
- Track record measured in trillions of naira disbursed across SME, agric and consumer lending
- Serves informal businesses that banks and most digital lenders decline
Cons
- Applications run through branches with guarantor requirements — much slower than digital lenders
- Microfinance rates are significantly higher than commercial-bank SME products
- Its website publishes little product detail, so you must visit a branch to get concrete terms
Fees, eligibility & documents
Fees
InterestMicrofinance-level pricing — expect materially more than a commercial bank; insist on the full repayment schedule in writing at the branch before signing
Eligibility
- Operating small or medium enterprise (SME Loan); micro loans serve informal traders, often via groups
- Valid ID and BVN
- Guarantors and/or savings history with LAPO commonly required
Documents needed
- Valid ID and BVN
- Evidence of business operation
- Guarantor details; product-specific requirements set at the branch
Bank rate
GTBank (QuickCredit for Small Business)
★★★★☆
Digital small-business loan against account turnover
Loan Type
Monthly instalments — confirm the current maximum with the bank
Tenor
Product of Guaranty Trust Bank, a CBN-licensed commercial bank
Licence
Fast for pre-qualified customers via GTBank digital channels
Speed
Small businesses already banking with GTBank that want cheap working capital
Best For
bank
Type
Pros
- Commercial-bank pricing — substantially cheaper than microfinance or digital SME lenders
- No separate application bureaucracy for pre-qualified customers; drawn through GTBank's digital channels
- Sits inside a full business-banking relationship (accounts, POS, collections)
Cons
- Only for existing GTBank business customers — turnover in your GTBank account drives your limit
- Newer businesses or those banking elsewhere will not qualify
- The bank publishes little public detail on the product page; terms only become clear once you are pre-qualified
Fees, eligibility & documents
Fees
InterestBank-level monthly rate — among the lowest available for SME credit in Nigeria; confirm the current rate and any insurance/management fees on your offer before drawing down
Eligibility
- Active GTBank business account with consistent turnover
- Satisfactory credit bureau record
- Pre-qualification is at the bank's discretion based on account behaviour
Documents needed
- Generally none — the bank relies on your account history and BVN/RC records
Sterling Bank (business loans)
★★★★☆
Working capital, asset/lease finance, contract & LPO finance, distributorship finance
Loan Type
Structured per facility — agreed during assessment
Tenor
Products of Sterling Bank, a CBN-licensed commercial bank
Licence
Online application, then bank assessment — days, not minutes
Speed
Registered SMEs with contracts, distributorships or asset needs beyond simple cash loans
Best For
bank
Type
Pros
- Four distinct facility types cover real SME needs — LPO/invoice finance and distributorship finance are rare in digital-lender line-ups
- Commercial-bank pricing, far below microfinance and app-based SME credit
- Straightforward online application to start the process
Cons
- Not instant — applications go through bank credit assessment
- Amounts, rates and tenors are not published upfront; terms emerge only during assessment
- A Sterling business account and formal registration are effectively required
Fees, eligibility & documents
Fees
InterestBank-level pricing set per facility and risk profile — no rates published upfront; negotiate and get the full term sheet before accepting
Eligibility
- Registered business, generally with a Sterling Bank account
- Trading history and financial records supporting the facility requested
- Contracts/LPOs or distributorship agreements for the specialised facilities
Documents needed
- CAC registration documents
- Bank statements and financial records
- Contract or LPO documentation where applicable
CBN-licensed MFB
Carbon for Business
★★★★☆
Working capital, asset finance and small flex loans for registered businesses
Loan Type
1-12 months (longer tenors for returning customers)
Tenor
Carbon Microfinance Bank (RC 1642222), licensed and regulated by the CBN; NDIC-insured deposits
Licence
24-48 hours to disbursement, per Carbon
Speed
Registered SMEs that need working capital in days without pledging collateral
Best For
digital
Type
Pros
- CBN microfinance-bank licence and NDIC-insured deposits — regulated footing most digital SME lenders lack
- No collateral on working-capital loans, with rates confirmed before you accept
- Repayments structured as daily, weekly or monthly auto-debits matched to cashflow
Cons
- Expensive relative to bank SME credit — advertised rates start around 3.99% per month, which annualises steeply
- Short tenors: months, not years — this is cashflow finance, not expansion capital
- Requires a registered business with about six months' trading history; auto-debit repayment can strain thin cashflow
Fees, eligibility & documents
Fees
InterestHigh — monthly-rate digital credit; Carbon advertises rates 'from 3.99% per month', so the annualised cost far exceeds bank lending. Check your exact offer before accepting
Eligibility
- Registered Nigerian business (CAC)
- Roughly six months or more of trading history
- Business bank account for assessment and auto-debit repayments
Documents needed
- CAC registration
- Bank statements
- BVN/director KYC in the app
Lendha
★★★★☆
Short-term business and inventory finance
Loan Type
Short — up to about six months
Tenor
Not confirmed against an official register during research — verify on the FCCPC approved-lender list before borrowing
Licence
Approval within hours, per Lendha
Speed
Small traders (including unregistered businesses) needing quick stock finance
Best For
digital
Type
Pros
- Accepts unregistered businesses with as little as six months of operation — a segment banks ignore
- Advertises approval within hours with a simple online application
- Inventory-financing focus fits market traders and retail shops
Cons
- Short maximum tenor makes this strictly working-capital money, and monthly-rate pricing plus processing fees annualise expensively
- Regulatory standing could not be confirmed from official sources during research — verify before borrowing
- A smaller lender than the banks and MFBs here, with a thinner public track record
Fees, eligibility & documents
Fees
InterestHigh — monthly-rate digital credit with a processing fee on top; the short tenor keeps the effective annual cost well above bank lending. Confirm the full cost on your offer before accepting
Processing feeCharged upfront as a percentage of the loan — check the current figure on lendha.com
Eligibility
- Business (registered or unregistered) operating for at least about six months
- BVN and bank statements for assessment
- Nigerian resident owner
Documents needed
- BVN and valid ID
- Bank statements
- Evidence of business/shop operation
Broad SME range
UBA (SME loans and advances)
★★★★☆
Working capital, asset finance, micro business loan, overdrafts, sector schemes
Loan Type
12 months (working capital); 30–90 days (overdraft); longer for some schemes
Tenor
Commercial bank (CBN-licensed)
Licence
Standard bank credit process; existing customers move faster
Speed
Registered SMEs that already bank with UBA and need ₦5m–₦50m
Best For
bank
Type
Pros
- Published amounts and tenors — rare transparency for a Nigerian bank SME desk
- Micro business loan priced at 0.75% monthly per UBA's site, with up to ₦5 million available
- Interest-rate concessions for women-owned businesses, per UBA's site
Cons
- Bank SME credit in Nigeria remains expensive — UBA's own green-financing tier lists 33–35%, a fair signal of where naira SME rates sit; confirm your quoted rate
- Requires the business to be registered for at least a year with a 3-month UBA banking relationship for the main facilities, per its site
- 12-month working-capital tenor is short for slow-cycle businesses
Fees, eligibility & documents
Fees
InterestMicro business loan: 0.75% monthly; SME green financing: 33–35% — both per ubagroup.com this session. Other facilities are priced at application; confirm the live offer.
Eligibility
- Business registered for at least 1 year (per UBA's site)
- Banking relationship with UBA of at least 3 months (per UBA's site)
- Sector eligibility applies for asset finance and scheme loans
Documents needed
- CAC registration documents
- Bank statements and financials
- Valid ID/BVN of directors as requested
FCMB (SME loans)
★★★★☆
Working capital, asset finance, invoice discounting, LPO finance, quick loans
Loan Type
Facility-dependent; agreed at application
Tenor
Commercial bank (CBN-licensed)
Licence
Quick Loan is digital; structured facilities follow a standard credit process
Speed
Trading and contracting SMEs that need invoice or LPO finance as well as working capital
Best For
bank
Type
Pros
- Unusually broad facility menu — invoice discounting and LPO finance suit contractors and suppliers
- Established SME banking franchise with nationwide branches
- Digital Quick Loan available for smaller, faster needs
Cons
- No amounts, tenors or rates are published on the public pages — everything is quoted at application, and naira SME credit is costly
- Structured facilities involve full credit assessment and usually security or domiciliation of receivables
- You will likely need to move your business banking to FCMB to access the best terms
Fees, eligibility & documents
Fees
InterestNot published on fcmb.com — quoted per facility. Nigerian SME lending prices off a high prime rate; confirm the live offer and all fees before drawing down.
Eligibility
- Registered business (CAC)
- Business account with FCMB (or willingness to open one)
- Trading history, contracts or invoices to support the facility requested
Documents needed
- CAC registration documents
- Bank statements and management accounts
- Invoices/LPOs for receivables-backed facilities
Micro and SME specialist
AB Microfinance Bank
★★★★☆
Micro loans, SME loans, housing loans
Loan Type
Flexible instalment terms on reducing balance
Tenor
Microfinance bank (CBN-licensed)
Licence
Fast for repeat borrowers; loan officers assess new businesses in person
Speed
Market traders and small businesses without formal accounts that banks would decline
Best For
mfb
Type
Pros
- Lends to informal traders and small businesses that commercial banks typically turn away
- Reducing-balance repayment stated on its site — you pay interest only on what you still owe
- International microfinance shareholders and a long Lagos track record
Cons
- Microfinance credit is among the most expensive regulated lending in Nigeria — rates are not published, so compare the quoted monthly rate carefully
- No loan amounts or tenors published on the public site
- Branch network is concentrated in Lagos and a handful of states
Fees, eligibility & documents
Fees
InterestNot published on ab-mfbnigeria.com — quoted at the branch. MFB business loans typically carry monthly rates well above bank lending; confirm the live offer and total repayment.
Eligibility
- Operating business (registration not always required for micro loans)
- Verifiable business premises and cash flow — loan officers visit
- Valid ID and BVN
Documents needed
- Valid government-issued ID and BVN
- Evidence of business activity (stock, records, premises)
- Guarantor requirements vary by loan size
Advans La Fayette Microfinance Bank
★★★★☆
SME and micro business loans
Loan Type
6–24 months (per its site)
Tenor
Microfinance bank (CBN-licensed)
Licence
Branch-based assessment; faster for repeat clients
Speed
Growing SMEs in Oyo/Lagos and the south-west that need more than typical MFB limits
Best For
mfb
Type
Pros
- Advertises credit lines up to ₦150 million — unusually high for a Nigerian MFB, per its site
- Part of the international Advans group with a decade of Nigerian operating history
- Published 6–24 month tenors give room for real working-capital cycles
Cons
- Interest rates are not published, and MFB lending in Nigeria is expensive — insist on the full repayment schedule before signing
- Physical footprint is strongest in the south-west; borrowers elsewhere may not be served
- Larger facilities will require security, guarantors and a demonstrated banking relationship
Fees, eligibility & documents
Fees
InterestDescribed as "competitive" on advanslafayette-mfb.com; the actual monthly rate is quoted at application. Confirm the live offer and any fees.
AmountUp to ₦150 million, tenor 6–24 months — per advanslafayette-mfb.com this session; limits are profile-dependent
Eligibility
- Operating business with verifiable cash flow
- Business documentation scaled to loan size (registration for larger facilities)
- Valid ID and BVN
Documents needed
- Valid government-issued ID and BVN
- Business records/bank statements
- Collateral or guarantors for larger amounts
AGSMEIS window operator
NIRSAL Microfinance Bank
★★★★☆
Micro/SME loans; operator of government intervention windows (e.g. AGSMEIS)
Loan Type
Scheme- and product-dependent
Tenor
National microfinance bank (CBN-licensed)
Licence
Slower than commercial lenders — scheme applications involve training and documentation stages
Speed
Small businesses chasing subsidised intervention credit when a window is open
Best For
mfb
Type
Pros
- When intervention windows are open, pricing is far below commercial rates — that is the whole point of the schemes
- Nationwide branch network plus an online application portal
- CBN-backed institution, so scheme terms are standardised rather than negotiated
Cons
- Intervention schemes open and close without much notice — do not assume AGSMEIS or any programme is accepting applications until you confirm on nmfb.com.ng
- Application processes are slow and paperwork-heavy (training certificates, business plans), and demand vastly exceeds supply
- Outside subsidised windows, its ordinary micro/SME lending is priced like other MFB credit — which is expensive
Fees, eligibility & documents
Fees
InterestScheme-dependent; intervention windows carry subsidised regulated rates set by the CBN when open. No current rates are published in a form we could verify this session — confirm directly with NIRSAL MFB.
Eligibility
- Nigerian-registered or registrable small businesses; agribusiness focus for AGSMEIS-type schemes
- Completion of a CBN-recognised entrepreneurship training programme has historically been required for AGSMEIS applications — confirm current requirements
- Valid ID, BVN and business documentation
Documents needed
- Government-issued ID and BVN
- CAC registration (where applicable) and business plan
- Training certificate where a scheme requires it
