IBILE

What IBILE does

IBILE Microfinance Bank Nigeria Ltd is a Lagos State Government-owned microfinance bank, established in 2017 with Central Bank of Nigeria approval as the principal disbursement vehicle for the N25 billion Lagos State Employment Trust Fund (LSETF). The bank operates as a subsidiary of IBILE Holdings Limited, the Lagos State Government's investment management company, and serves micro, small and medium scale entrepreneurs, salary earners, public servants (MDA staff), traders, farmers, cooperatives, and the economically active poor across Lagos State.

The bank offers a broad portfolio of deposit products (Easy Save, Individual/Joint/Corporate Current, Kiddies, Esusu, Fixed Deposit, Target Savings) and loan products (Asset Finance/BuyNowPayLater, Travel Loan, Salary Advance/Salad, MDA Loans, Easy Get Micro/SME, Loya savings-linked loan, ROSCA, Back to School, Get Together group loans, Traders Finance, LPO Finance, Invoice Discounting, Agricultural Finance). Distribution combines nine physical branches across Lagos's five traditional divisions (Ikeja, Ikorodu, Lagos Island, Epe, Oshodi area, Sangotedo, Ojo Alaba, Alausa) with digital channels including the IBILE Mobile App, USSD banking (*614*317#), Internet Banking, and a DigitalBank Portal for loan applications and Lagos State tax payments.

Revenue is generated primarily from loan interest income (3-3.5% monthly flat rates), service fees (bill payments via QuickTeller/Remita, POS deployment, card services), and the bank's exclusive role as a Lagos State Government revenue collection channel for taxes, fees, levies, and land use charges. The bank's value proposition rests on government backing, regulatory license exclusivity, and tailored products for the informal and financially excluded populations of Lagos State.

Name

IBILE

Legal name

IBILE Microfinance Bank Limited

Website

https://ibilemfb.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Short description

IBILE Microfinance Bank is a Lagos State Government-owned microfinance institution licensed by the CBN in 2017, serving microenterprises, SMEs, salary earners, and informal-sector customers across Lagos State through nine branches and digital banking channels, while acting as the principal disbursement vehicle for the N25 billion LSETF program.

Ownership category

akta.pro rank

Product category

Microfinance Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (522110), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

State Commercial Banks (6022), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Microloans & Working Capital Loans (FSAKAGAA)

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), SBA/Government-Backed & Development Finance Loans (FSAKAGAI), Lending & Credit Disbursements (FSAMAKAH), Agricultural & Rural Development Banks (FSABAKAE)

Keywords

• Microfinance banking
• Consumer lending
• Savings accounts
• Digital banking
• Loan products

Headquarters

HQ city

Ikeja

HQ country

Nigeria

HQ region

Africa

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Interest Income: The bank generates primary revenue from interest charged on various loan products including personal loans, asset finance, salary advances, traders finance, agricultural finance, and SME loans. Interest rates range from 3% to 3.5% monthly flat depending on the product.
2. Deposit Taking and Interest Expense: The bank accepts deposits through various savings and current accounts, paying interest to depositors. Interest rates on savings accounts range from 4.2% to 7.5% per annum.
3. Service Fees and Charges: Fees from bill payments via QuickTeller and Remita, POS deployment services, card services, and Lagos State revenue collection services.
4. Fixed Deposit Investment Income: Investment accounts with competitive interest rates on fixed deposits ranging from 30 to 365 days tenor.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels7 records

Core offering

IBILE Microfinance Bank is a Lagos State Government-owned microfinance institution licensed by the Central Bank of Nigeria that provides deposit products (savings, current, fixed deposit accounts), loan products (asset finance, salary advances, micro/SME loans, agricultural finance, education and group loans), and digital banking services (mobile app, USSD via *614*317#, internet banking, debit cards, POS deployment). The bank primarily serves microenterprises, SMEs, salary earners, public servants, farmers, cooperative societies, and the economically active poor in Lagos State, Nigeria, and acts as the principal disbursement vehicle for the N25 billion Lagos State Employment Trust Fund (LSETF).

Product overview

IBILE Microfinance Bank is a Lagos State Government-owned microfinance institution regulated by the Central Bank of Nigeria, established as the principal disbursement vehicle for the Lagos State Employment Trust Fund (LSETF). The company offers a comprehensive portfolio of financial products including loan products (Asset Finance, Travel Loan, Salary Advance/Salad, MDA Loans, Easy Get Micro, Easy Get SME, Loya savings-loan product, ROSCA, Back to School education loans, Get Together group loans, Traders Finance, LPO Finance, Invoice Discounting, Agricultural Finance), deposit products (Easy Save, Individual Current, Joint Current, Corporate Current, Kiddies Savings, Esusu, Fixed Deposit, Target Savings), and digital banking services (Mobile App, USSD banking via *614*317#, Internet Banking, Debit Cards, POS deployment). The bank primarily serves micro, small and medium entrepreneurs, salary earners, traders, and the economically active poor in Lagos State.

Differentiator

Problem solved

Functional benefit

Brands

• IBILE Easy Save: Savings account product offering variety of savings accounts with 4.2% interest per annum.
• IBILE Individual Current
• IBILE Joint Current Account
• IBILE Corporate Current
• IBILE Kiddies Savings
• IBILE LOYA
• IBILE Esusu
• IBILE ROSCA
• IBILE Investment (Fixed Deposit)
• IBILE Asset Finance
• IBILE Travel Loan
• IBILE Salad
• IBILE MDA Loans
• IBILE Easy Get Micro
• IBILE Easy Get SME
• IBILE Back to School (iBats)
• IBILE Get Together
• IBILE BuyNowPayLater
• IBILE Sure Cash
• IBILE Loya
• IBILE Group Loan
• ibile Traders Finance (iBTF)
• IBLE EasyMobile (USSD)

Products and services

• IBILE Easy Save Basic savings account with a minimum opening balance of N500, minimum operating balance of N1,000, and 4.2% per annum interest rate, available to individuals seeking to build savings.
• IBILE Kiddies Savings Children's savings account with 4.2% annual interest and access to Back to School loans for school fees, designed for parents saving on behalf of their children.
• IBILE Loya Target savings account rewarding customers with 7.5% annual savings interest and access to loans up to twice the deposit amount (up to N500,000) without collateral after 90 days of saving, with 3% monthly flat loan interest.
• IBILE Esusu Daily savings product enabling customers to save from daily sales with access to twice the deposit amount as a loan and 5% annual savings interest rate, targeted at informal sector traders and micro business owners.
• IBILE ROSCA Rotating savings and credit association platform requiring minimum daily contribution of N1,000 for 10 days to qualify for loans up to N90,000, designed for business owners practicing collective savings.
• IBILE Individual Current Account Individual transactional current account with specimen signatures and reference requirements for personal banking customers.
• IBILE Joint Current Account Joint transactional current account for two or more signatories, suitable for partnerships and small businesses operating shared accounts.
• IBILE Corporate Current Account Business transactional current account requiring board resolution and Corporate Affairs Commission (CAC) documentation, designed for registered corporate entities.
• IBILE Investment (Fixed Deposit) Fixed deposit investment account offering competitive interest rates on tenors from 30 to 365 days, with optional credit facility access against the investment and interest payable monthly, quarterly, annually, or at maturity.
• Target Savings Account Special-purpose savings account for individuals and groups to achieve financial goals, offering higher interest rates than regular savings accounts and durations from 3 months to 5 years.
• IBILE Asset Finance / BuyNowPayLater Asset financing product enabling customers to acquire motor vehicles and household/non-moveable assets including generators, TVs, air conditioners, cookers, washing machines, fridges, and health equipment, with maximum loan limit of 70-80% of asset cost, repayment tenor of 3-24 months, and repayment capped at 33.3% of obligor's net income.
• IBILE Travel Loan Travel financing product with maximum loan amount of N500,000 for purchasing travel tickets, priced at 3% monthly interest rate, requiring 20% equity contribution plus 1% management fee and 1% insurance fee, with maximum tenor of 6 months.
• IBILE Salad / Sure Cash (Salary Advance) Salary advance product for employees of established organizations and Lagos State MDAs, granting access to a portion of net monthly salary (up to 70%) before pay day, with maximum loan of N1 million and loan deducted directly from monthly pay over a 3-6 month tenor.
• IBILE MDA Loans Personal loans for Lagos State Ministry, Department and Agency (MDA) staff priced at a reduced interest rate of 3.25% monthly, with maximum repayment capped at one-third of monthly pay.
• IBILE Easy Get Micro Micro loan product for micro businesses and SMEs with loan amounts below N500,000, priced at 3.5% monthly flat interest, requiring 10% equity contribution and structured as a 6-month repayment plan.
• IBILE Easy Get SME SME loan product for individuals and corporate entities with loan amounts above N500,000, priced at 3.5% interest rate with a 6-month repayment plan, targeted at established small and medium enterprises.
• IBILE Back to School (iBats) Education loan product enabling parents to pay children's school fees with a 90-day tenor, direct payment to school accounts, and maximum amount of N500,000.
• IBILE Get Together (Group Loan) Group loan product for approved cooperative societies, associations and unions with 3-6 month tenor at 3% monthly interest rate, providing collective access to credit facilities.
• ibile Traders Finance (iBTF) Short-term advances and overdrafts for traders and retailers in fast-moving goods, requiring documentary evidence of 6 months minimum business operation, designed to provide working capital to active market traders.
• LPO Finance Contractor financing facility against Local Purchase Orders with facility amount up to 70% of execution cost and tenor of 3-6 months, targeted at contractors executing purchase orders.
• Invoice Discounting Facility Short-term financing facility for customers engaged in the supply of goods and services and execution of contracts for Government, MDAs and reputable institutions, using receivables as the underlying basis.
• Agricultural Finance Agricultural loan product for arable farmers, fish farmers, livestock farmers, agricultural produce marketers and tree crop farmers, with moratorium availability, serving rural Lagos agricultural value chain participants.
• IBILE Mobile App Mobile banking application available on the Google Play Store providing banking services on the go, including balance enquiry, transfers, and bill payments.
• IBILE EasyMobile (USSD Banking) USSD banking service accessible by dialing *614*317# without internet requirement, providing banking services to customers in areas with limited smartphone or data penetration.
• Internet Banking Platform Online banking solution enabling 24/7 account access including balance enquiry, inter-bank transfers, statement generation, and bill payments through a web portal.
• IBILE Debit Card Secure debit card available in Verve and MasterCard variants for web payments, POS transactions, and ATM withdrawals, issued to customers as a payment instrument.
• POS Deployment Service Point of Sale terminal deployment service for merchant customers delivered through partnerships with correspondent banks, enabling merchants to accept card payments.
• Extended Banking Service Banking service allowing customers to make deposits and withdrawals through settlement banks' wide network coverage, expanding access beyond IBILE MFB's own branch footprint.
• Lagos State Revenue Collection Service Authorized collection service for Lagos State Government revenue including taxes, fees, levies, payee, land use charge, and service charges, operated through the lagos.ibilemfb.com portal.
• LSETF Fund Lending Program Government-backed lending program administered through the Lagos State Employment Trust Fund partnership, offering Startup Business loans up to N250,000, Microenterprise loans up to N500,000, and SME loans up to N5,000,000 for Lagos State residents.

Quantifiable outcome

• Loans ranging from N50,000 to N5,000,000 available to qualifying customers
• +3 more outcomes

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Lagos State GovernmentcoreStrategic or Co-development Partner · 31 January 2017Lagos State Government established IBILE MFB as the principal disbursement vehicle for the N25 billion Lagos State Employment Trust Fund (LSETF). The bank collects Lagos State revenue including taxes, fees, land use charge, and serves as a key government partner for economic development and poverty alleviation in Lagos State.
• Lagos State Employment Trust Fund (LSETF)coreStrategic or Co-development Partner · 31 January 2017LSETF was set up by Lagos State Government to provide leverage and access to finance for individuals and enterprises. IBILE MFB serves as a partner bank for fund disbursement, offering Startup Business loans up to N250,000, Microenterprise loans up to N500,000, and SME loans up to N5,000,000.
• IBILE HoldingscoreStrategic or Co-development PartnerIBILE Holdings is the Investment Management Company of the Lagos State Government focused on investments in Banking, Insurance, Real Estate, Construction, Healthcare, and ICT sectors. Parent company overseeing IBILE MFB.
• Lagos Building Investment Company (LBIC)minorStrategic or Co-development PartnerLBIC is a Lagos State Government entity focused on mortgage and housing investments. Related entity within the IBILE Holdings group.
• IBILE Oil & GasminorStrategic or Co-development PartnerIBILE Oil & Gas is a related entity under IBILE Holdings focused on oil and gas sector investments within Lagos State.
• Lagos State Ministry of Tourism, Arts & CultureminorStrategic or Co-development PartnerGovernment ministry partnership for tourism and cultural development initiatives in Lagos State.
• Lagos State Council of Tradesmen & ArtisansminorStrategic or Co-development PartnerPartnership to serve tradesmen and artisans in Lagos State with financial products and services.
• GiveFood.NGminorStrategic or Co-development PartnerFood charity organization partnership for social impact and community support initiatives.
• Correspondent BanksminorChannel Partner/ Reseller/ DistributorPartnership with correspondent banks for POS terminal deployment to merchant customers and Extended Banking Service for deposits and withdrawals.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Moniepoint: Nigerian fintech providing agency banking, payments, and credit to SMEs and informal merchants. Competes with IBILE on merchant-side POS deployment and small-business banking, with stronger digital onboarding and agent network.
• Carbon (formerly Paylater): Nigerian digital lender offering instant personal loans, investments, and bill payments via mobile app. Overlaps with IBILE's mobile-banking, salary advance, and personal loan offerings but with a fully digital, no-branch delivery model.
• FairMoney: Nigerian digital lending platform extending uncollateralized personal and SME loans through a mobile-first experience. Competes with IBILE for the same underserved salary earners and small business borrowers, but with lower friction and lower cost-to-serve.

Direct peers

• FinaTrust Microfinance Bank: Nigerian MFB offering savings, loans, and digital banking to micro/SME customers. IBILE's Head of Audit previously served as Head of Internal Audit at FinaTrust, reflecting identical operating model, customer focus, and regulatory environment.
• Renmoney: Nigerian microcredit institution providing salary-backed consumer loans, SME loans, and savings products. Comparable in targeting salaried employees and small businesses across Lagos and other Nigerian states with similar interest rate bands.
• Page Financials: Nigerian consumer-focused lending arm providing asset finance, personal loans, and investment products to salary earners. Closely comparable loan book (asset finance, salary-backed loans) and customer segment to IBILE's Easy Get and Travel Loan products.
• Accion Microfinance Bank: Nigerian MFB offering loans, savings, and digital banking to microenterprises and salary earners. Closely comparable to IBILE in product mix (microloans, salary advance, mobile banking) and customer segments (micro/SME and salaried individuals).
• LAPO Microfinance Bank: Nigeria's largest MFB by branch count and footprint, focused on micro and SME lending to low-income and informal-sector customers. Operates the same microfinance business model (deposits + group/individual microcredit) targeting economically active poor populations across multiple Nigerian states.
• Addosser Microfinance Bank: Nigerian MFB serving microenterprises, SMEs, and individuals with savings and loan products including salary advance, SME loans, and asset finance. Notably, IBILE's Head of Finance previously worked at Addosser MFB, indicating the two operate in the same talent pool and product space.
• Grooming Microfinance Bank: CBN-licensed Nigerian MFB serving microentrepreneurs, SMEs, and salary earners with deposits, loans, and digital channels. Direct competitor for the same LSETF-eligible and informal-sector customer base in northern/eastern Nigeria.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/IBILEMFB
• YouTubeyoutube.com/@ibilemfb
• Facebookfacebook.com/ibilemicrofinancebank
• LinkedInlinkedin.com/company/ibilemicrofinancebank
• Instagraminstagram.com/ibilemfb

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 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 IBILE