Rehoboth

What Rehoboth does

Rehoboth Microfinance Bank Limited (Rehoboth MFB) is a Nigerian microfinance bank headquartered at 150 Ikorodu Road, Onipanu, Lagos, established in 2008 and operating as a privately held institution under Nigerian microfinance regulation. The bank serves a long-tail retail and micro-enterprise customer base across at least five segments — salaried individuals, FMCG traders and retailers, artisans, privately-owned schools, and LPO contractors — and reports having onboarded more than 20,000 customers and approved over N8 billion in cumulative loan facilities. Its lending suite spans eight products (Pay Day Loan, Personal Loan, Commercial Term Loan, School Loan, Target Savings, Microloan, Asset Finance, and LPO Financing) with tenors of 120-180 days, complemented by savings accounts, business accounts, and merchant services.

The technology stack centers on a digital banking platform delivered through an internet banking portal (ibank.rehobothmfb.com), iOS and Android corporate banking applications (launched 2022), and self-service online account opening for both personal and corporate customers. The platform embeds native bill-payment integrations across all four major Nigerian telcos, three cable TV providers, four examination bodies (WAEC, JAMB, NECO, NABTEB), Google Sheets bulk payment upload, and a dedicated TREM Church donation flow. In 2023 the bank extended into B2B payments with the VendPocket/VendBranch sub-brand for business payment processing and confirmation.

Revenue is generated primarily through interest income on the diversified loan book and transaction/service fees from the digital banking platform (fund transfers, bill payments, airtime/data recharges, cable subscriptions, exam PIN purchases, and merchant services). The go-to-market motion combines a physical Lagos branch staffed by relationship managers for loans and account opening with self-serve digital channels for customer acquisition, salary-domiciliation-based lending for sticky retail customers, and direct outreach to traders, retailers, and artisans for microenterprise credit. Governance is led by MD/CEO Deacon Charles Onyenso (former Diamond Bank/Keystone Bank risk and credit executive) and Chairman CNC Nwachukwu (GMD of RAUDO GROUP Nigeria), supported by a board drawn from Mobil, Chevron, Crusader Insurance, and the Nigerian Institute of Journalism.

Name

Rehoboth

Legal name

Rehoboth Microfinance Bank Limited

Website

https://rehobothmfb.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

Rehoboth Microfinance Bank is a privately held Nigerian microfinance bank, headquartered in Lagos, that offers salary-based, microenterprise, and school lending, savings, and digital bill-payment services to over 20,000 retail and small-business customers.

Ownership category

akta.pro rank

Product category

Microfinance Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Depository Credit Intermediation (5221)

SIC

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

akta.pro primary industry

Microloans & Working Capital Loans (FSAKAGAA)

akta.pro secondary industries

Microfinance, Financial Inclusion & Inclusive Markets (BPAGABAM), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Microfinance banking
• Consumer lending
• Savings products
• Small business loans
• Digital banking

Headquarters

HQ city

Lagos

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, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income on Loans: Primary revenue source from various loan products including Pay Day Loans, Personal Loans, Commercial Term Loans, School Loans, Microloans, Asset Finance, and LPO Financing. Interest rates are competitive with flexible repayment structures.
2. Savings Deposits: Acceptance of customer deposits through savings accounts and current accounts, using funds to support lending activities.
3. Transaction and Service Fees: Fees from fund transfers, bulk payments, airtime purchase, data purchase, cable TV subscription, educational PIN purchases, and merchant services.
4. Digital Banking Services: Revenue from online banking services including bill payments, airtime/data recharges, cable TV subscriptions, and educational PIN purchases through the internet banking platform.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Rehoboth Microfinance Bank Limited is a Nigeria-based microfinance bank offering specialized financial services including micro loans (Pay Day, Personal, Commercial Term, School, Microloans), savings products, business accounts, and merchant services. The bank delivers these services through a physical branch in Lagos plus digital channels including internet banking and mobile applications. It also operates VendPocket and VendBranch sub-brand solutions for business payment processing and confirmation.

Product overview

Rehoboth Microfinance Bank offers a unified financial services portfolio centered on microfinance lending and digital banking. The core product suite comprises eight loan products (Pay Day Loan, Personal Loan, Commercial Term Loan, School Loan, Target Savings, Microloan, Asset Finance, and LPO Financing) and three business-focused offerings (Business Accounts, Business Loans, and Merchant Services). These are delivered through two digital platforms: an Internet Banking Platform (ibank.rehobothmfb.com) accessible via web, and Mobile Banking Apps for Android and iOS. The company also operates VendPocket and VendBranch as sub-brands for business payment processing and confirmation. The architecture follows a single-brand, multi-product model where all offerings are distributed through the unified digital banking platform with built-in integrations for bill payments (airtime, data, cable TV, exam PINs) and services like bulk transfers and TREM Church donations.

Differentiator

Problem solved

Functional benefit

Brands

• VendPocket: A business payment solution offered by Rehoboth MFB for revolutionizing business payments and confirmations through VendBranch.

Products and services

• Pay Day Loan

Quantifiable outcome

• Over 20,000 customers onboarded
• +2 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature4 records

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• LAPO Microfinance Bank: Largest MFB in Nigeria, offering microloans, salary-backed loans, savings, and digital banking to similar low-income and SME segments. Most directly comparable on scale ambition and product breadth.
• FairMoney: Nigeria-focused micro-lender and digital bank offering instant personal loans to salary earners and small businesses, overlapping with Rehoboth's Pay Day and Personal Loan core products.
• Accion Microfinance Bank: Nigerian MFB targeting micro-entrepreneurs and salary earners with comparable loan, savings, and digital channels. Closely aligned business model and customer profile.
• Renmoney: Nigerian digital lender offering salary-backed personal loans, SME loans, and savings — directly competing with Rehoboth's Pay Day, Personal, and Microloan products via mobile-first channels.
• Baobab Microfinance Bank Nigeria: Pan-African MFB with Nigerian operations providing SME loans, microfinance, and savings — comparable microfinance license, target segments, and product structure.
• Carbon (formerly Paylater): Digital lending and payments platform serving Nigerian salary earners and small businesses. Competes directly with Rehoboth's personal and SME lending through a fully mobile funnel.

Emerging players

• Kuda Bank: Nigerian digital-only bank offering free savings, payments, and increasingly personal loans. Competes for the same salary-earner customer base but with a mobile-first model and broader geographic reach.
• Moniepoint (formerly TeamApt): Nigerian business banking and payments platform serving SMEs and merchants with POS, accounts, and lending — directly comparable to Rehoboth's VendPocket/VendBranch merchant payment proposition.
• Opay: Nigerian super-app offering payments, transfers, savings, and consumer credit. Overlaps with Rehoboth's bill-payment integrations and increasingly its lending products.

Broad incumbents

• FCMB (First City Monument Bank): Nigerian commercial bank with a dedicated microfinance and SME banking arm. Provides broader product suite but competes for the same small business and salary-earner segments in Lagos.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/rehobothmfbank
• Facebookfacebook.com/REHOBOTHMF
• LinkedInlinkedin.com/company/rehoboth-mfb

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 Rehoboth