ACCION Microfinance Bank

What ACCION Microfinance Bank does

Accion Microfinance Bank Ltd. ("Accion MfB") is a Nigerian microfinance institution founded in 2006 and licensed by the Central Bank of Nigeria, with deposits insured under NDIC guidelines. Headquartered in Lagos, it operates 70–75 physical branches across 12+ Nigerian states (Lagos, Ogun, Oyo, Rivers, Anambra, Akwa Ibom, Abia, Delta, Edo, Kano, Kaduna, Abuja FCT, Ondo, Kwara) supplemented by an agency banking network, the AccionMonie mobile app, USSD (*572#) channel, merchant POS terminals, and an Accion Verve debit card. The bank serves over 674,000 customer accounts, primarily micro-entrepreneurs, low-income earners, women-led businesses, MSMEs, pensioners, and people living with disabilities, with a 50+ award track record in financial inclusion and an 18+ year operating history.

The product portfolio spans 13 savings products (Locked Savings at 10–21.5% p.a., Target Savings, Save2Loan, Bighta Investor FD, Spend & Save, Brighta Purse, Accion Star for minors, Brighta Together, etc.) and 13 loan products (Brighta Loan up to N500,000, MyOwn Loan series, MyOwn Home and Asset loans, SME Capital, School Fees, PayGo, MyAgent Loan, My Annuity Loan for pensioners, PLWD Loan, School Extra Loan). Loan interest rates range from 2.5% to 8% monthly reducing balance, with collateral-light and Save2Loan-backed structures designed for customers without conventional credit history.

Revenue is generated primarily through loan interest income, supplemented by fees from digital lending, savings account operations (COT charges, fixed deposits), merchant POS transaction commissions, and agency banking services. The bank holds technical-partner support from ACCION International for microfinance methodology and is certified to ISO 27001, ISO 22301, ISO 20000, and PCIDSS. In February 2026 it completed an oversubscribed N2.02 billion Series 1 Commercial Paper issuance on FMDQ Securities Exchange, signaling institutional investor confidence in its growth trajectory.

Name

ACCION Microfinance Bank

Legal name

Accion Microfinance Bank Ltd.

Website

https://accionmfb.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Accion Microfinance Bank is a CBN-licensed Nigerian microfinance institution serving over 674,000 micro-entrepreneurs, low-income earners, women-led businesses, and MSMEs across 12+ states via 75 branches, the AccionMonie app, USSD, and agency banking, offering savings and collateral-light loan products.

Ownership category

akta.pro rank

Product category

Microfinance Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (522110), Other Nondepository Credit Intermediation (52229)

SIC

National Commercial Banks (6021), Short-Term Business Credit Institutions (6153), Finance Services (6199)

akta.pro primary industry

Financial Inclusion & Basic Banking (Unbanked/Underbanked, Low-Fee Accounts) (FSABAAAL)

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), SME, Microfinance & Financial Inclusion Facilities (BPADACAI), Digital Wallets & Account Aggregation Hub (Multi-account, Stored Value) (FSAGAAAD)

Keywords

• Microfinance banking
• Micro enterprise loans
• Retail savings accounts
• Mobile banking
• Agency banking services

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices15 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Interest Income: Primary revenue from interest charged on microloans, SME loans, and working capital financing. Interest rates vary by product from 2.5% to 8% monthly reducing balance depending on loan type and customer segment.
2. Digital Lending (Brighta Loan): Instant digital loans up to N500,000 with 1-4 month tenors and 8-14% interest rates, disbursed through AccionMonie app with automated repayment collection.
3. Savings Account Fees: Revenue from savings account operations including COT charges on current accounts, fixed deposit management, and locked savings account services.
4. Merchant Transaction Fees: Commission income from merchant POS terminal transactions processing debit card payments for business owners.
5. Agency Banking Revenue: Income from agency banking operations including cash deposit/withdrawal services and value-added services through agent network.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels6 records

Core offering

ACCION Microfinance Bank provides retail microfinance banking services to micro-entrepreneurs, low-income earners, women-led businesses, MSMEs, pensioners, and people living with disabilities in Nigeria. Core offerings comprise interest-bearing savings accounts (including locked, target, fixed deposit, and current accounts), unsecured and asset-backed microloans and SME loans (ranging from ₦50,000 to ₦10 million), and digital banking channels via the AccionMonie mobile app, USSD *572#, debit cards, agency banking, and merchant POS terminals, distributed through 75 branches across 12+ states and an agent network.

Product overview

Accion Microfinance Bank is a licensed microfinance institution operating in Nigeria since 2007, offering a comprehensive suite of financial products and digital banking channels. The portfolio comprises savings products (Locked Savings, Save2Loan, Spend & Save, Target Savings, Brighta Future, SaveBrighta, Accion Star, Brighta Purse, Bighta Investor, Brighta Together, Brighta Plus, Brighta Extra, Brighta Social Investor), loan products (Brighta Loan, School Fees Loan, MyAgent Loan, PayGo Loan, My Annuity Loan, My SME Capital Loan, My SME Education Loan, MyOwn Asset Loan, MyOwn Home Loan, MyOwn Loan, MyOwn Loan Plus, PLWD Loan, School Extra Loan), and digital banking channels (AccionMonie App, USSD *572#, Debit Cards, Agency Banking, Merchant POS). The AccionMonie mobile app serves as the primary digital hub integrating account management, loans, savings automation, and bill payments, while the USSD channel provides accessibility for non-smartphone users. The bank operates through 70+ branches and agent network across 12+ Nigerian states.

Differentiator

Problem solved

Functional benefit

Brands

• AccionMonie App: Mobile banking application providing instant account opening, fund transfers, quick loans, and automated savings features.

Products and services

• Locked Savings Fixed-term savings account that locks funds for 30 days to 12 months, paying 10%–21.5% interest per annum with a minimum deposit of ₦10,000, designed for individual savers seeking higher yields for committed balances.
• Save2Loan Savings-backed loan eligibility product where users save ₦50,000–₦250,000 over three months to qualify for loans up to twice the amount saved, designed for micro-entrepreneurs building creditworthiness.
• Spend & Save Automatic savings feature that deducts 5%–25% of every transaction into a separate savings account, enabling micro-entrepreneurs and individuals to build savings passively.
• Target Savings
• Brighta Future Target savings account with a minimum 120-day savings period designed for future expenditure planning by individual savers.
• SaveBrighta Interest-yielding savings account with instant opening via USSD, mobile app, or website, offering referral rewards, hospital cash back, life insurance, and access to loans up to 2x the saved amount.
• Accion Star Dedicated savings account for children and youth under 18 years, operated by a parent or guardian, paying 0.10% above the regular savings rate.
• Brighta Purse Esusu-style daily collection savings product where officers collect daily deposits from sales, enabling micro-traders to build savings automatically with a ₦500 minimum opening balance.
• Bighta Investor (Fixed Deposit) Premium fixed deposit account requiring a minimum ₦100,000 investment and 30-day minimum tenure, paying negotiable interest rates between 3% and 11% per annum with no COT charges.
• Brighta Together Joint savings account for two or more individuals to save collaboratively towards shared goals, paying 4.95% interest on savings balances.
• Brighta Plus Hybrid savings account designed for loan operations with third-party withdrawal capabilities and a ₦1,000 minimum opening balance for individual borrowers.
• Brighta Extra Current Account Comprehensive current account with full commercial bank functionality including cheque facility, unlimited withdrawals, third-party withdrawals, and a ₦2,000 individual / ₦5,000 company minimum opening balance.
• Brighta Social Investor Social impact investment product where fixed deposits serve as collateral for loans to referred customers, with a minimum ₦150,000 investment and 6-month tenure for corporate investors.
• Brighta Loan Instant digital loan of up to ₦500,000 disbursed in minutes via the AccionMonie app with no paperwork or collateral required, offering 1–4 month tenure and 8%–14% interest.
• School Fees Loan Digital loan for school fees payment ranging from ₦50,000 to ₦500,000 at 5% interest over 1–4 months, requiring a valid school invoice.
• MyAgent Loan Short-term working capital loan for ACCION Microfinance Bank agency banking partners, ranging from ₦50,000 to ₦2 million over 1–3 months at 3%–3.5% reducing balance.
• PayGo Loan Short-term working capital loan for SMEs and FMCG businesses with flexible access to funds; 1–3 months tenure, 7.5% on outstanding balance or 6.5% for subsequent requests.
• My Annuity Loan Capital loan for pensioners starting post-retirement businesses, ranging from ₦50,000 to ₦2 million over up to 24 months at 4% monthly reducing balance with 1% insurance and 1% admin fee.
• My SME Capital Loan Working capital and asset finance facility for SMEs from ₦2 million up to the bank's approved limit, repayable on a monthly schedule.
• My SME Education Loan Working capital and asset finance for established SME schools from ₦2 million at 4.5% reducing balance, collateral-backed.
• MyOwn Asset Loan Asset financing loan for micro-entrepreneurs acquiring equipment such as solar panels, freezers, or generators, ranging up to ₦10 million at 4.5% interest over a 12-month tenor.
• MyOwn Home Loan Micro housing loan for home improvements, extensions, or construction of shops, schools, clinics, or bungalows, ranging from ₦200,000 to ₦10 million at 4.5% monthly interest over up to a 2-year tenure.
• MyOwn Loan Quick working capital loan for micro businesses ranging from ₦50,000 to ₦499,999 with no collateral required, 6.5% reducing balance interest, and a 4–12 month tenor.
• MyOwn Loan Plus Higher-tier working capital loan ranging from ₦500,000 to ₦1.999 million with flexible collateral requirements, 6–12 month tenor, and 6.5% reducing balance interest.
• People Living with Disability (PLWD) Loan Working capital loan for economically active individuals with disabilities ranging from ₦50,000 to ₦399,000 at 2.5% monthly interest with no collateral and 6 months to 1 year tenor.
• School Extra Loan Dual-purpose financing facility for private schools covering working capital and asset acquisition (vehicles, renovation, computers), up to ₦1,999,999 at 5.5% monthly interest over 6–24 months.
• AccionMonie Mobile App Mobile banking application for individual customers and micro-entrepreneurs enabling instant account opening, fund transfers, quick loans (Brighta and School Fees), automated savings (Target, Locked, Spend & Save, Save2Loan), airtime, data, and bill payments, available on the Play Store and Apple App Store.
• USSD Banking (*572#) USSD-based banking service allowing customers with limited or no internet access to open accounts, transfer funds, check balances, and conduct essential banking transactions from any mobile phone.
• Accion Verve Debit Card Naira-denominated Verve debit card providing customers 24/7 ATM access, POS, and web purchases accepted across all Nigerian bank-issued cards.
• Agency Banking Banking services delivered through human agents at neighborhood locations including cash withdrawal, cash deposit, airtime purchase, and bill payment, supported by a dedicated MyAgent Loan product for the agents themselves.
• Merchant POS Terminals Electronic payment terminals for merchants to accept debit card payments and bank transfers in real time, interoperable across all Nigerian banks, generating transaction-fee revenue.

Quantifiable outcome

• Over 674,000 customer accounts and 1M+ customers served
• +1 more outcomes

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered minor and core.

• FMDQ Securities Exchange LimitedminorOthers · 25 February 2026FMDQ approved quotation of Accion Microfinance Bank's N2.02 billion Series 1 Commercial Paper on February 25, 2026, providing cost-effective short-term funding to support micro-entrepreneurs and small businesses.
• ACCION InternationalcoreStrategic or Co-development PartnerTechnical partner providing expertise and methodology for microfinance operations. The management team is complemented by the expertise of ACCION International, which has helped establish core values, business philosophy, and methodology distinguishing Accion MfB as a leading microfinance bank in Nigeria.

Scale indicators9 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• LAPO Microfinance Bank: LAPO is one of Nigeria's largest licensed microfinance banks, headquartered in Lagos and serving low-income and micro-enterprise customers through a multi-state branch and agent network. It is the closest scale-and-model comparable to Accion MfB.
• Baobab Microfinance Bank (Nigeria): Baobab Microfinance Bank is a CBN-licensed MFB offering savings, loans and digital banking to MSMEs and underserved customers in Nigeria. It competes head-to-head with Accion MfB in the micro-enterprise and financial inclusion segment.
• Grooming Microfinance Bank: Grooming Microfinance Bank is a Nigerian licensed MFB focused on micro-entrepreneurs, women-led businesses and SMEs, with branch and digital channels. Overlapping customer base and product set with Accion MfB.
• Renmoney: Renmoney is a Nigerian licensed microfinance bank offering salary-backed, SME and personal loans plus savings products to underserved earners. Comparable deposit-taking MFB model targeting similar low-income and salary-based customer segments.

Emerging players

• OPay: OPay is a Nigeria-based fintech super-app offering mobile wallets, agent banking, payments and consumer credit. It targets similar underbanked customers as Accion MfB but operates without a deposit-taking MFB license, making it a competing digital-first channel.
• Moniepoint: Moniepoint (formerly TeamApt) provides agent banking, POS and digital payment services to Nigerian SMEs and merchants, directly overlapping Accion MfB's merchant POS and agency banking distribution model.
• FairMoney: FairMoney is a Nigeria-licensed digital lender offering instant personal and SME loans via mobile app to underbanked borrowers, competing directly with Accion MfB's Brighta Loan and MyOwn digital loan products.
• Carbon (formerly Paylater): Carbon is a Nigerian digital lending and consumer finance platform offering instant credit, savings and investments to underbanked customers. It competes with Accion MfB's small-ticket digital loan and savings products through a mobile-first model.
• Branch International: Branch International is a digital lender operating across Africa and other emerging markets, offering instant mobile loans to underbanked customers. Comparable digital-first microcredit model for Accion MfB's Brighta Loan.
• M-KOPA: M-KOPA is a pay-as-you-go asset financing platform serving low-income customers in Africa with solar and productive asset loans. Comparable in serving underbanked micro-entrepreneurs with asset-backed financing (overlapping Accion MfB's MyOwn Asset Loan category).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/accionmfb
• YouTubeyoutube.com/channel/UCM6X3jbY-fFPcJwSisH1_qA
• Facebookfacebook.com/accion-mfb-nigeria-158632700898031
• LinkedInlinkedin.com/company/accion-microfinance-bank-ltd
• Instagraminstagram.com/myaccionmfb
• TikToktiktok.com/@accionmfbnigeria

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds

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 ACCION Microfinance Bank