What HASAL Microfinance Bank does

HASAL Microfinance Bank Limited is a Nigerian state-licensed microfinance institution headquartered in Garki District, Abuja, founded on October 2, 2008. The bank provides financial inclusion services to micro, small, and medium enterprises (MSMEs), unbanked individuals, salary earners, civil servants, and school proprietors through a network of 17 branches and cash centres concentrated in the Federal Capital Territory. As of its 10th anniversary in September 2021, HASAL reported a customer base exceeding 200,000 individuals, approximately 60,000 active borrowers, cumulative loan disbursements of nearly NGN 50 billion, an asset base above NGN 6 billion, and a capital base above NGN 2 billion.

The product portfolio spans micro loans (HASAL Micro Loan, HASUSU, Help Loan), SME loans (HASAL SME Loan, HATREX overdraft, SME Lease), special products (School Fees, School Improvement, Home Improvement, Group Lending/MSMEDF), salary/payroll loans (HOSEA, H-Swift), and savings products (HASAL Savings, HYTSA, HASANWA children's plan, Demand Deposit). Pricing on lending products ranges from 3% to 6% per month with tenors of 3-24 months, and the bank was the first MFB in Nigeria to issue InterSwitch-connected debit cards (2010) and to introduce Point of Collection terminals for branchless rural banking (2011).

Technology infrastructure is built on the Orbit-R core banking platform (upgraded from Orbit 4.3 in 2021, with a 20-person team trained for 190+ days), integrated with NIBBSS for interbank settlement, InterSwitch for card processing, and the Nigeria Central Switch for NUBAN generation. Distribution combines physical branches, PoC and POS terminals, USSD (*723#), mobile banking apps on iOS and Android, internet banking, ATMs, and correspondent banking relationships with Access Bank, Fidelity Bank, and Stanbic IBTC. Revenue is generated primarily through interest income on micro and SME loans, complemented by savings mobilization float, POS transaction processing fees, and salary/payroll lending margins, with development finance support from OIKO Credit Netherlands (EUR 1.5 million, 2021) and grants from EFinA and IPA/Yale University.

Name

HASAL Microfinance Bank

Legal name

HASAL Microfinance Bank Limited

Website

https://hasalmfb.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

HASAL Microfinance Bank is a Nigerian state-licensed microfinance institution headquartered in Abuja that provides microcredit, SME loans, savings, and salary advance products to MSMEs and financially excluded individuals through 17 branches and digital channels including PoC terminals, USSD, and mobile banking.

Ownership category

akta.pro rank

Product category

Microfinance Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (52211), Credit Intermediation and Related Activities (522)

SIC

State Commercial Banks (6022), Savings Institutions, Not Federally Chartered (6036), Finance Services (6199)

akta.pro primary industry

Microfinance, Financial Inclusion & Inclusive Markets (BPAGABAM)

akta.pro secondary industries

Microloans & Working Capital Loans (FSAKAGAA), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Cash Management & Payments (Merchant, ACH/Wires, Payroll) (FSABABAD)

Keywords

• Microfinance banking services
• Micro lending products
• SME financing solutions
• Savings account services
• Mobile banking channels

Headquarters

HQ city

Garki

HQ country

Nigeria

HQ region

Africa

Offices18 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Micro-lending: The bank provides micro loans (N1m and below) to individuals and micro-businesses, including uncollateralized loans up to N200,000. Interest rates range between 3%-6%, with loan tenors of 3-24 months. Repayment can be structured daily or monthly.
2. SME Lending: SME loans above N1m for medium-sized enterprises, structured for monthly repayment of principal and interest. Includes special products like HATREX (traders overdraft) and SME lease for asset acquisition.
3. Savings Mobilization: The bank collects deposits from customers through various savings products (basic savings, demand deposits, HYTSA, HASANWA children's account). Interest is paid to depositors; the float supports on-lending activities.
4. Salary/Payroll Loans: HOSEA loan for salary earners and H-Swift loan for civil servants paid through the Accountant General's office. Products provide upfront access to finance before payday.
5. Lease Financing: U-GET Loan and SME Lease products provide leasing financing for asset acquisition (machinery, equipment) for businesses and households, with monthly repayment of principal and interest.
6. Special Products: School fees loans, school improvement loans, home improvement loans, and group lending (MSMEDF on-lending) for cooperatives, generating fee income and interest.
7. POS Transaction Processing: Point of Sale terminals in merchant stores process card payments in real-time. Value is credited to merchant accounts within 24 hours. Generates transaction fees per payment processed.

Pricing tiers

Go-to-market motion2 records

Distribution channels9 records

Marketing channels6 records

Core offering

HASAL Microfinance Bank provides microfinance banking services targeting micro, small, and medium enterprises (MSMEs) and financially excluded individuals in Nigeria. Its core offerings include micro loans (N30,000 to N1,000,000), SME loans and lease financing, salary/payroll loans for civil servants, school fees and home improvement loans, group lending for cooperatives, and tiered savings accounts. Distribution is delivered across 17 branches and cash centres in the Federal Capital Territory (Abuja), supplemented by mobile banking, USSD, POS, PoC terminals, debit cards, and ATMs.

Product overview

HASAL Microfinance Bank offers a comprehensive suite of financial products organized into five main categories: Micro Loans (HASAL Micro Loan, HASUSU Loan, Help Loan), SME Loans (HASAL SME Loan, HATREX, SME Lease), Special Products (School Fees Loan, School Improvement Loan, Home Improvement Loan, Group Lending), Salary/Payroll Loans (HOSEA, H-Swift), and Savings Accounts (HASAL Savings Account, Demand Deposit, HASANWA for children, HYTSA). The bank operates across multiple e-channels including Mobile Banking App, Internet Banking, USSD Banking, Point of Sale (PoS), Point of Collection (PoC), Debit Cards, and ATM Services. The product portfolio spans from micro-lending to SME financing, serving individuals, micro-businesses, school owners, and salary earners across Nigeria.

Differentiator

Problem solved

Functional benefit

Products and services

• HASAL Micro Loan Conventional micro loan product for customers accessing loans below NGN 1 million, with monthly repayment of principal and interest over a maximum of 7 months; designed for individuals and micro-businesses.
• HASUSU Loan Micro loan product providing short-term financial services to the unbanked at the lower bottom of the economic pyramid; offers loans up to NGN 500,000 over a maximum 8-month tenor with a 2% upfront processing fee.
• Help Loan Micro loan enabling customers to access funds for business growth; weekly repayment structure, loan amounts from NGN 30,000 to NGN 1,000,000, with 5% interest, 2-4% advisory charge, and 10% equity contribution.
• U-get Loan Lease financing designed to enable clients acquire assets to boost business operations or for household purposes, with monthly repayment of principal and interest.
• SME Lease Lease support for businesses to acquire machineries and assets with reduced collateral requirements; monthly repayment of principal and interest.
• HASAL SME Loan Business loans extended to medium-sized enterprises, tailor-made to suit the needs and requirements of SMEs with monthly repayment of principal and interest.
• HATREX (HASAL Traders Express) Unique loan product allowing customers to overdraw their account for an agreed amount over a specified period, designed for traders.
• HASAL School Fees Loan Product for customers accessing finance to support continued education for their wards by spreading school fee payments over time.
• HASAL School Improvement Loan Targeted at school proprietors and promoters accessing finance to improve schools for quality education, with monthly repayment of principal and interest.
• Home Improvement Loan Housing finance product offering customers the opportunity to complete, renovate, or refurbish an old house with modern facilities.
• HASAL Group Lending (MSMEDF On-lending) Group lending product available to groups of micro-businesses registered as cooperatives to access facility, collateralized with group cross-guarantees and leaders' guarantees.
• HOSEA Loan Special loan product designed for salary earners and customers under paid employment; provides upfront access to finance before payday, repayable through payroll deductions.
• H-Swift Loan Loan designed to meet the borrowing needs of civil servants paid through the Office of the Accountant General of the Federation; provides upfront finance before payday.
• HASANWA Children's Savings Plan Children's savings plan allowing parents to save for the education and future of their children, cultivating a savings habit from an early age.
• High Yield Target Savings Account (HYTSA) Savings account allowing multiple savings plans for diverse capital accumulation, with periodic deposits made until a specified amount is accumulated.
• HASAL Savings Account Standard savings account with easy opening and operation, featuring benefits such as debit cards, PoC terminals, and mobile banking access.
• Demand Deposit Account Hybrid current and corporate account for individuals and corporations wanting a convenient account at minimal operational cost.
• HASALMFB Mobile Banking App Mobile banking application for performing financial transactions remotely via iOS and Android devices, enabling account access, transfers, and bill payments from anywhere.
• HASAL Internet Banking Online real-time banking service offering branchless banking that is limitless, convenient, and personalized with 24/7 access including self-service account monitoring and product access.
• HASAL USSD Banking (*723#) USSD-based banking service offering balance enquiry, transfers, airtime recharge, and bill payments via feature-phone shortcodes (e.g., *723*127*0# for balance, *723*1100# for bill payments) without requiring internet connectivity.
• HASAL Point of Sale (PoS) Terminal Service Card payment processing terminals located in merchant stores across Nigeria for real-time local debit card acceptance, with value credited to merchant accounts within 24 hours.
• HASAL Point of Collection (PoC) Terminal Service Branchless banking terminals deployed in shops, markets, and offices that bring HASAL services to the doorstep of customers for stress-free cash deposits with instant SMS notification.
• HASAL InterSwitch Debit Card Debit card directly connected to InterSwitch, usable at any ATM in Nigeria and POS terminals for purchases and online payments; first of its kind among Nigerian microfinance banks.
• HASAL ATM Services Automated Teller Machines at HASAL regional offices offering 24/7 cash withdrawals, balance inquiries, funds transfer, airtime vending, and bill payments, accepting all Nigerian bank debit cards.

Quantifiable outcome

• Nearly NGN 50 billion disbursed to ~60,000 borrowers over 10 years
• +6 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Access BankcoreChannel Partner/ Reseller/ DistributorAccess Bank is one of HASAL's correspondent banking partners. Cheques are cleared through Access Bank and customers can deposit and withdraw funds through Access Bank branches.
• Fidelity BankcoreChannel Partner/ Reseller/ DistributorFidelity Bank is a correspondent banking partner of HASAL. Cheques are cleared through Fidelity Bank and customers can use Fidelity Bank's network for deposits and withdrawals.
• Stanbic IBTC BankcoreChannel Partner/ Reseller/ DistributorStanbic IBTC Bank serves as a correspondent banking partner for HASAL. Transactions required from commercial banks are routed through Stanbic IBTC's network.
• EFinA (Enhancing Financial Innovation & Access)minorStrategic or Co-development PartnerHASAL received an innovative grant and technical assistance from EFinA for its branchless banking project (July 2011). EFinA supports financial innovation and inclusion initiatives in Nigeria.
• IPA (Innovation for Poverty Action) / Yale UniversityminorStrategic or Co-development PartnerHASAL received a grant from IPA in collaboration with Yale University (March 2012) for the development of a new savings product, demonstrating academic and research partnership for product innovation.
• InterSwitchcoreTechnology or IntegrationHASAL was the first MFB in Nigeria to integrate with the InterSwitch network and commence debit card issuance (June 2010). InterSwitch provides the switching infrastructure for card transactions across Nigeria.
• NIBBSS (Nigerian Insurance Industry Bureau / Inter-Bank Settlement Scheme)coreTechnology or IntegrationHASAL connected to the NIBBSS platform (September 2016) for improved automated processing, settlement, and fund transfer across the Nigerian banking system.
• AFOS FoundationminorStrategic or Co-development PartnerAFOS Foundation supported the Nigerian Microfinance Platform (NMP) and Microfinance Learning and Development Centre (MLDC). HASAL was one of the MFBs consulted and supported by AFOS Foundation consultants.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• FairMoney: Nigeria-focused digital micro-lender providing salary loans and SME credit via mobile app. Comparable target customer (salary earners, MSMEs) and product set, but with a digital-only distribution model that pressures MFB incumbents.
• Carbon (formerly Paylater): Nigerian digital lender offering consumer and SME loans via mobile app. Targets the same financially underserved segment with a digital-first, branchless model — emerging competitive threat to HASAL's traditional branch/PoC distribution.

Direct peers

• Page Financials: Nigerian consumer and SME lender providing quick-ticket loans, savings, and investment products. Overlaps with HASAL on MSME micro-lending and digital distribution in Nigeria.
• Renmoney Microfinance Bank: Nigerian MFB offering salary loans, SME loans, and savings products to employed individuals and small businesses. Comparable salary-loan and SME-lending product set (vs HASAL's HOSEA/H-Swift and SME loans), serving similar customer segments.
• Grooming Centre Microfinance Bank: Nigerian MFB providing microcredit to women entrepreneurs and low-income households via group lending and community banking. Comparable in MSME focus, group/cooperative lending model, and grassroots financial-inclusion mission.
• LAPO Microfinance Bank: Nigeria's largest MFB by footprint, focused on micro and small enterprise lending to low-income clients. Closest direct peer to HASAL in terms of MSME/microfinance lending model, multi-channel distribution, and Nigerian operating environment, though LAPO is national and substantially larger.
• AB Microfinance Bank Nigeria: Affiliated with Access Bank, this MFB targets micro-entrepreneurs and salary earners across Nigeria. Direct comparable given shared correspondent banking ecosystem (Access Bank) and overlapping MSME/salary-loan product offering.
• Accion Microfinance Bank: Nigeria-based MFB serving MSMEs and salary earners with similar microcredit and savings products. Directly comparable product set (micro-loans, salary advances, savings) and target segment, making it a like-for-like benchmark.
• Umuchinemere MfB: Nigerian MFB serving cooperatives, micro-entrepreneurs, and rural communities with group lending and savings products. Comparable in cooperative-based MSMEDF-style on-lending and inclusive finance focus.

Regional players

• Letshego Africa: Pan-African inclusive finance group providing microloans, salary-backed lending, and savings across multiple African markets. Broader geographic and product footprint than HASAL but directly comparable inclusive-finance thesis and customer profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mfbhasal
• Facebookfacebook.com/HASALBank
• Instagraminstagram.com/mfbhasal
• LinkedInlinkedin.com/company/hasal-microfinance-bank-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 HASAL Microfinance Bank