Financial empowerment for every Lagosian
Everything you need to grow
Instant loan approvals
Apply in minutes and receive approval decisions in under an hour. Our AI-powered credit scoring evaluates your application using alternative data, so you don't need a traditional credit history to qualify.
Flexible repayment plans
Choose weekly, bi-weekly, or monthly repayment schedules that match your cash flow. Adjust your plan anytime through the app, and never worry about hidden fees or penalties for early repayment.
Community savings circles
Join or create savings groups with neighbors and friends. Pool resources, earn interest, and access group loans with better rates. Track contributions and payouts in real-time through your dashboard.
Financial literacy tools
Access free video courses, budgeting calculators, and personalized tips to build your financial confidence. Learn how to manage debt, save for goals, and grow your small business—all inside the app.
Benchmarks
How MicroBank Lagos compares to traditional lenders
| Metric | MicroBank LagosThis product | Traditional Bank | Informal Lender |
|---|---|---|---|
| Average approval time | 45 minutes | 5–7 business days | Same day |
| Minimum credit score required | None | 650+ | None |
| Average interest rate (annual) | 18% | 24% | 60–120% |
| Loan amounts available | ₦5,000 – ₦500,000 | ₦100,000+ | ₦2,000 – ₦50,000 |
| Mobile-first experience | Yes | Limited | No |
Internal data analysis, Q1 2024 — based on 2,400 loan applications and market survey of 18 Lagos-area lenders. Full methodology available at microbanklagos.ng/research.
The true cost of a ₦100,000 loan
Over 12 months · ₦100,000 principal
MicroBank Lagos
Typical informal lender
₦79,000 less over one year — 40% savings compared to informal lending
Common questions about our loans
We believe in complete transparency. Here's how our loan process, fees, and terms actually work—no fine print, no surprises.
What do I need to apply for a loan?
A valid government ID, proof of address in Lagos, and a mobile phone number. If you're self-employed, we'll ask for basic business information. No bank statements or credit history required.
How quickly can I get my money?
Once approved, funds are disbursed to your mobile wallet or bank account within 2 hours during business days. Most approvals happen in under 45 minutes.
What happens if I miss a payment?
We offer a 7-day grace period with no penalty. After that, a small late fee applies, and we'll work with you to adjust your repayment schedule. We never report to credit bureaus without giving you a chance to resolve the issue first.
Can I increase my loan limit over time?
Yes. Every on-time payment builds your trust score. After three successful repayments, most borrowers qualify for a 25–50% increase. Top borrowers can access up to ₦500,000.
Are there any hidden fees?
No. The interest rate and total repayment amount are shown upfront before you accept the loan. There are no origination fees, service charges, or prepayment penalties.