Loma Bank

What Loma Bank does

Loma Bank, operating as Loma MFB (Loma Microfinance Bank), is a Nigerian digital microfinance bank headquartered in Ekiti State and licensed by the Central Bank of Nigeria with deposits insured by the NDIC up to ₦200,000 per depositor. Founded in 2023, the company offers a mobile-first platform spanning personal savings and current accounts, physical and virtual debit cards (Loma Card), salary advances up to ₦200k or 50% of monthly salary, fixed deposits with 3–24 month tenures, POS merchant acquiring, and cross-border payments. Underpinning the stack is facial-recognition onboarding, biometric authentication, 3D Secure card transactions, and SSL/TLS encryption aligned to ISO 27001 and the Nigeria Data Protection Regulation.

The business operates through four go-to-market motions: a direct-to-consumer mobile app for retail banking, a self-serve business sign-up flow for SMEs, a direct enterprise sales motion for merchants and corporates (including staff salary-advance schemes), and a Banking-as-a-Service API that lets fintechs and merchants generate accounts, issue white-label physical and virtual cards, and process payments under their own brand. Revenue is diversified across interest on savings and fixed deposits, salary-advance and business-loan interest, card and POS transaction fees, BaaS / API platform fees, and ancillary service charges.

The entity is privately held, has raised a single disclosed round of $180,000 (November 2023), and operates with a team of 11–50. No revenue, customer count, or transaction volume figures are disclosed; ownership and cap-table information is not publicly available, and the company's strategic posture is best characterized as an early-stage licensed microfinance bank attempting to scale via embedded-finance distribution alongside direct retail acquisition.

Name

Loma Bank

Legal name

Loma MFB (Loma Microfinance Bank)

Website

https://lomabank.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Loma Bank is a Nigerian CBN-licensed digital microfinance bank offering mobile-first personal and business banking, debit cards, salary advances, fixed deposits, and cross-border payments, alongside a Banking-as-a-Service API for fintechs and merchants seeking white-label card and account issuance.

Ownership category

akta.pro rank

Product category

Digital Microfinance Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221), Commercial Banking (52211), Finance and Insurance (52)

SIC

Finance Services (6199), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

SME Cash Management & Payments (Merchant, ACH/Wires, Payroll) (FSABABAD), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD)

Keywords

• Digital banking
• Microfinance banking
• Banking-as-a-service
• Payment solutions
• Salary advance lending

Headquarters

HQ city

Ado-ekiti

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Interest on Savings and Fixed Deposits: Earned on customer savings and current accounts; fixed deposit tenures available across 3–24 months at competitive interest rates. Interest accrues immediately on cash deposits at branches or upon receipt via other channels.
2. Loan Interest and Salary Advance: Revenue from personal salary advances (up to ₦200k or 50% of monthly salary) and business loans, marketed as low-interest with quick disbursement. Includes employer-partnered salary advance programs.
3. Card and POS Transaction Fees: Charges on card payments (ATM withdrawals, POS, online), cross-border payments, and merchant POS terminals. Marketed as competitive with no hidden fees.
4. BaaS / API Platform Fees: Revenue from fintechs and merchants using Loma's white-label API for account generation, branded card issuance, and payment processing infrastructure.
5. Service Charges and Fees: Fees disclosed on the website for services such as paper statement requests and other ancillary banking services.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels4 records

Core offering

Loma Bank is a Nigerian digital microfinance bank (Loma MFB) that provides mobile-first personal and business banking services, including interest-bearing savings and current accounts, physical and virtual debit cards, fixed deposits (3–24 months), salary advances and business loans, POS terminals, and local and cross-border payments. Layered on top of this, Loma sells a Banking-as-a-Service API and white-label card issuance that enable fintechs and merchants to generate accounts and issue branded cards under their own name on Loma's infrastructure.

Product overview

Loma Bank is a Nigerian digital microfinance bank (Loma MFB) offering a single integrated platform that combines a personal-banking mobile app, business-banking services, a card-issuance infrastructure, and a Banking-as-a-Service API for partners. At the centre is the Loma App, the consumer entry point for the Savings and Current accounts, Loma Card (physical and virtual debit cards), Loans and Salary Advance, and Fixed Deposits/Investments. Around this core, Loma extends a Business Banking suite that includes payment receiving, POS pre-ordering, cross-border payments, and a Salary Advance product that companies can offer to staff. Layered on top is the Loma Business API and the Custom Card on Demand service, which let merchants and fintechs generate accounts, issue branded physical or virtual cards, and embed Loma's card and payment infrastructure into their own platforms. Regulatory pillars underlying all offerings are the CBN operating licence and NDIC deposit insurance (up to ₦200,000 per depositor).

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Salary advance disbursement of up to ₦200,000 within minutes
• +4 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability3 records

Feature9 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Central Bank of Nigeria (CBN)coreOthersCBN is the primary regulator that licenses Loma MFB and sets the KYC, payment, and operational rules Loma operates under. The site states "We are licensed by [CBN logo]" and references compliance with CBN guidelines on mistaken/unauthorized payments and account opening.
• National Deposit Insurance Commission (NDIC)coreOthersNDIC insures all deposits in Loma Microfinance Bank accounts up to ₦200,000 per eligible depositor in the event of a successful claim. The site displays "insured by [NDIC logo]" alongside the CBN license.
• Nigeria Data Protection Commission (NDPC) / Nigeria Data Protection Regulation (NDPR, 2019)minorOthersThe privacy policy is made pursuant to the Nigeria Data Protection Regulation (2019) and other relevant Nigerian laws; NDPC oversight shapes Loma's data-handling, consent, and breach-notification practices.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Market position

Strengths4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/lomabank
• Facebookfacebook.com/LomaBankng

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Loma Bank