Name

EdFin Microfinance Bank

Legal name

Edfin Microfinance Bank Limited

Website

https://edfinmfb.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Microfinance Banking

NAICS

Depository Credit Intermediation (5221), Credit Intermediation and Related Activities (522)

SIC

Short-Term Business Credit Institutions (6153), Personal Credit Institutions (6141)

akta.pro primary industry

Microloans & Working Capital Loans (FSAKAGAA)

akta.pro secondary industries

In-School Tuition & Fee Financing (Short-term/Bridge) (FSAKAEAG), Private Student Loans (Undergraduate & Graduate) (FSAKAEAB), Secured Microloans (Community/Nonprofit, Collateralized) (FSAKALAJ)

Keywords

• Education finance
• Microfinance banking
• School loans
• Education savings
• Study abroad loans

Headquarters

HQ city

Suru-lere

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Interest Income: EdFin earns interest on education-focused loans including school fees loans, school infrastructure loans, working capital loans, teacher personal loans, study abroad loans, and business loans. Interest rates range from 3.25% to 3.8% monthly flat depending on the product.
2. EdFin Seeds / Nano Loan Interest: Short-term digital nano loans with interest calculated one-time based on loan duration. Interest rates vary by loan type and are displayed on the platform before confirmation. Default fees are charged daily on overdue repayments.
3. Savings Account Maintenance: EdFin offers multiple savings products (EdFin Kolo, EdFin Wealth, EdFin Wealth Plus, EdFin Invest) which generate deposit-taking revenue and support the bank's lending capital base.
4. Proof of Fund Letters: EdFin provides proof of fund letters for study abroad applicants at a fee, supporting the international education financing process.
5. Digital Banking Services: EdFin earns transaction fees through e-channels including Remita, NIBSS Quickteller, and mobile banking app transactions.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels6 records

Core offering

EdFin Microfinance Bank provides education-focused loans to private schools, parents, students, teachers, contractors, and vendors in Nigeria, alongside savings accounts tailored to schools and individuals. Loan products cover school fees, school infrastructure, working capital, study abroad, nano loans, and personal lending, distributed via relationship officers, mobile app, website, and partner referral channels.

Product overview

EdFin Microfinance Bank is Nigeria's first specialized microfinance bank dedicated solely to funding the education ecosystem. The company operates a multi-product portfolio organized around three main pillars: (1) Loan Products for schools, students, teachers, and education-related businesses including EdFin Wise (school fees), EdFin Asset (infrastructure), EdFin Flow (working capital), EdFin Empower (personal), EdFin Biz (contractor), EdFin School Loan, EdFin Business Loan, Zoomba Device Loan, Edfin-Pharma Loan, EdFin Wise Abroad, EdFin Proof of Fund, Study Abroad Loans via MPOWER and Prodigy partnerships, and EdFin Seeds (nano loan via Interswitch); (2) Savings Products including EdFin Kolo, EdFin Wealth, EdFin Wealth Plus, and EdFin Invest; and (3) Digital Channels and Services including the EDFIN MFB Mobile App, BankConnect + DirectDebit, E-Channels, and Inward Transfer. The bank also offers the EdFin Education Digitization Series as a knowledge-sharing platform and provides the EdFina Excel School Management Software.

Differentiator

Problem solved

Functional benefit

Brands

• EdFin Kolo: Target savings account for young people to encourage saving habits
• EdFin Wealth
• EdFin Wealth Plus
• EdFin Invest
• EdFin Wise
• EdFin Asset
• EdFin Flow
• EdFin Empower
• EdFin Biz
• Edfin-Pharma Loan
• Zoomba Loan
• EdFin Seeds

Products and services

• EdFin Wise (School Fees Loan) School fees loan aimed at bridging the gap between a parent's income and school fees payment period, supporting timely fee settlement for students.
• EdFin Asset (Infrastructure Loan) Loan product designed to meet schools' infrastructural needs including construction of classroom blocks and asset purchases such as teaching aids and software.
• EdFin Flow (Working Capital Loan) Working capital loan that ensures schools always have available funds, helping bridge the gap in the seasonality of a school's cash inflow for needs such as salary payment, rent renewal, and uniform making.
• EdFin Empower (Personal Loan) Personal loan product designed to enhance capacity building by providing loans to teachers and school owners for professional and business development.
• EdFin Biz (Contractor Loan) Loan facility disbursed to school contractors and vendors who supply schools with hardware and software facilities that enable learning and provide a conducive environment for students.
• EdFin Wise Abroad Loan Education loan for studying locally or abroad, with loan amounts from N2 million to N20 million, interest rates of 3.6-3.8% flat monthly, repayment terms up to 24 months, including insurance and admin fees, with collateral of 10% cash deposit plus movable assets and guarantors.
• EdFin School Loan Quick loan product for school owners to meet various school financial needs including operational costs and growth capital.
• EdFin Business Loan Business expansion loan offering up to N50 million at competitive interest rates of 3.5%, targeting businesses in Trade, Healthcare, Hospitality, Telecommunication, and Technology sectors.
• Zoomba Loan (Device Loan) Device loan product enabling individuals to access loans for purchasing devices, with credit assessment conducted via Okra bank connectivity integration.
• Edfin-Pharma Loan Loan product designed to support aspiring pharmacists at every stage of their career journey, recognizing the commitment and financial resources needed to pursue a pharmacy career.
• EdFin Proof Of Fund Loan product providing proof of funds letters for study abroad applicants, with interest rates of 3.25% to 3.5% monthly flat (interest payment upfront) and maximum loan amounts of N20 million. Supports the study abroad loan process with fast disbursement upon review of complete documentation.
• Study Abroad Loan (MPOWER Partnership) Study abroad loan product offered through partnership with MPOWER Financing, providing access to schools in Canada, the United States, and various European countries.
• Study Abroad Loan (Prodigy Partnership) Study abroad loan product offered through partnership with Prodigy Finance, providing access to schools across Canada, the United States, and various European countries. Referral code RPA13C70 required for application.
• EdFin Seeds (Nano Loan) Digital nano loan service operated via the Edfin Interswitch Lending Nano Service platform. Uses machine learning models for automated loan underwriting and credit assessment. Interest and loan amounts are determined by credit status with cyclical credit limits; default fee charged daily on overdue repayments.
• EdFin Kolo (Target Savings) Target savings account for a future purpose. This early saver account aims to encourage a saving habit in young people.
• EdFin Wealth (Transaction Savings) Savings account that can be used for transaction purposes, offering accessible savings with flexibility for regular financial transactions.
• EdFin Wealth Plus (Goal-Based Savings) Target savings account towards a financial goal, available to schools, contractors, parents, teachers, and other individuals.
• EdFin Invest (Fixed Savings) Savings account solely for investing purposes, suitable for anyone who wants to save a 'fixed' amount over a period of time. Investment turnover is based on the amount invested and tenor. Available to schools, contractors, parents, teachers, and individuals.
• EDFIN MFB Mobile App Mobile banking application available on Google Play Store (com.edfinmfb.edfinmfbmobile) enabling customers to access EdFin banking services on their mobile devices.

Quantifiable outcome

• N5bn in matching funding made available to 2,000+ private schools and students in Lagos State through LSETF partnership
• +2 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability2 records

Feature1 record

Partnerships

Eight partnerships are on record, tiered core and secondary.

• Lagos State Employment Trust Fund (LSETF)coreStrategic or Co-development Partner · 30 September 2020EdFin partnered with LSETF to provide N5 billion in matching funding to schools and students in Lagos State. The N5bn intervention fund is part of Lagos State government's initiative to help schools recover from COVID-19. Each school can access up to N5 million payable over 30 months at 9% per annum. Target: 2,000+ private schools and individuals. The partnership was announced at a webinar on September 30, 2020, with Executive Secretary Mrs. Teju Abisoye.
• Prodigy FinancesecondaryGTM or Marketing PartnerEdFin partners with Prodigy Finance to provide Study Abroad Loans to customers wishing to pursue education overseas. Through this partnership, EdFin customers gain access to schools across Canada, the United States, and various European countries. EdFin provides referral code RPA13C70 for customers applying through Prodigy.
• MPOWER FinancingsecondaryGTM or Marketing PartnerEdFin partners with MPOWER Financing to provide Study Abroad Loans to customers seeking education overseas. The partnership grants access to MPOWER's network of schools in Canada, the United States, and various European countries.
• InterswitchsecondaryTechnology or IntegrationEdFin uses Interswitch's platform infrastructure for the Edfin Interswitch Lending Nano Service, enabling digital nano loan origination and processing. The service (effective April 8, 2023) allows customers to apply for and manage short-term nano loans through EdFin's digital platform.
• OkrasecondaryTechnology or IntegrationEdFin integrates with Okra's BankConnect platform to enable bank account connectivity for credit assessment, supporting both guarantor-free loans and loans with guarantor options. Okra provides real-time financial data analysis for EdFin's loan underwriting process.
• RemitasecondaryTechnology or IntegrationEdFin uses Remita as a payment channel for processing loan repayments and other financial transactions. Remita is integrated into EdFin's service menu under Remita Services.
• NIBSS (Nigerian Interbank Settlement Scheme)secondaryTechnology or IntegrationEdFin uses NIBSS platform for electronic funds transfer (NIP - NIBSS Instant Payment), enabling customers to transfer money from other banks directly into their EdFin accounts.
• QuicktellersecondaryTechnology or IntegrationEdFin is integrated with Quickteller, enabling customers to transfer money from other banks directly into their EdFin accounts through the Quickteller platform.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Renmoney: Nigerian microfinance bank providing personal, salary, and business loans to salary earners and SMEs. Directly comparable as another CBN-regulated MFB operating in Nigeria with a deposit-taking and consumer-lending model that overlaps with EdFin's personal loan and savings products.
• FairMoney: Nigerian digital lender providing personal and SME loans via a mobile-first app with ML-based credit decisioning. Comparable to EdFin as a Nigerian lending platform using ML underwriting, BVN-linked bank data, and mobile distribution, though without EdFin's education-vertical focus or deposit-taking MFB license.
• Carbon (formerly Paylater): Nigerian digital lending platform offering consumer loans, BNPL, and investment products. Comparable as another Nigerian fintech lender competing for the same consumer borrower pool as EdFin's nano/Seeds loans and personal lending products.
• Prodigy Finance: Cross-border lender providing study-abroad loans to international students at top global schools. Directly comparable via EdFin's Prodigy Finance referral partnership and overlapping study-abroad financing product targeting Nigerian students.
• MPOWER Financing: US-based study-abroad loan provider for international and DACA students at US/Canadian schools. Comparable via EdFin's MPOWER referral partnership, with overlapping customer base of Nigerian students seeking foreign-school financing.
• Parkway (formerly Zedvance): Nigerian consumer and SME lender offering salary-backed, business, and asset finance loans. Comparable as another Nigerian consumer/SME lender competing for similar salaried-employee and small-business borrower segments served by EdFin's Empower and Biz products.
• Accion Microfinance Bank: Nigerian MFB providing microcredit, SME loans, and savings products, with which EdFin's leadership has prior ties (former CEO Bunmi Lawson, CEO Waheed Fagbenro's prior role). Directly comparable as a CBN-regulated MFB operating in overlapping Nigerian microenterprise lending markets.

Broad incumbents

• Kuda Bank: Nigerian digital microfinance bank offering savings, payments, and consumer credit. Comparable as a CBN-regulated MFB in Nigeria competing for the same deposit and digital banking customers, though without EdFin's specialized education lending portfolio.
• TeamApt / Moniepoint: Nigerian fintech providing merchant banking, payments, and lending to small businesses. Comparable as a Nigerian fintech operating in adjacent deposit-taking and SME credit markets, competing for some of EdFin's school-owner and contractor borrower segments.

Emerging players

• Aella Credit: Nigerian lending platform offering salary-backed and USSD-based consumer credit. Comparable as a Nigerian digital lender using alternative credit data for underbanked borrowers, intersecting with EdFin's nano-loan and consumer credit target market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/edfinmfb
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/edfinmfb

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 EdFin Microfinance Bank