Weston-Charis MFB

What Weston-Charis MFB does

Weston-Charis MFB (legal name: Weston Charis Microfinance Bank) is a privately held Nigerian microfinance bank licensed by the Central Bank of Nigeria and headquartered at 111 Apapa Road, Ebute Meta (West), Lagos, with deposits insured by the Nigerian Deposit Insurance Corporation. Founded in 2023, the bank operates from a single physical branch and serves individuals, MSMEs/SMEs, cooperatives/clubs/associations, and salaried employees (including public-sector payroll customers).

The product portfolio is broad for an early-stage MFB and is structured into three layers. The lending book comprises eight products: Business Loans, Personal Loans, Macro & Micro Loans, LPO Financing, MSME/SME Loans, Asset Financing (facility range N20,000–N10,000,000 over 12 months), Salary Advance, and Payroll Lending. The deposit book comprises seven savings plans (Target, Group, Piggy at 5% p.a. with N500 daily minimum, Automobile, Health, Kiddies) plus a Fixed Deposit product at 15% per annum, negotiable, with a N100,000 minimum over 30–90 days and upfront interest-withdrawal optionality. The distribution layer comprises a mobile app, internet banking platform, ATM card, and merchant POS terminals enabling 24/7 self-serve and card acceptance.

The revenue model is concentrated in net interest income (spread between loan pricing and deposit costs) supplemented by transaction and service fees from digital banking, fund transfers, and POS acquiring. Go-to-market is hybrid: a digital self-serve channel (app, internet banking) plus a physical branch, augmented by field-based market personnel and account officers who conduct doorstep deposit collection and in-person loan origination in Lagos. Customer segmentation is horizontal across MSMEs/SMEs (primary), salaried and self-employed individuals, individual savers, cooperatives/groups, and government-sector employees; pricing is quote-based for loans, published for fixed-deposit and piggy products, and otherwise not publicly disclosed.

Name

Weston-Charis MFB

Legal name

Weston Charis Microfinance Bank

Website

https://westonmfb.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Weston-Charis MFB is a Central Bank of Nigeria-licensed Nigerian microfinance bank offering MSME and personal loans, tiered savings and fixed-deposit products, and digital banking channels (mobile app, POS, internet banking, ATM) to small businesses, individuals, cooperatives, and salaried employees in Lagos.

Ownership category

akta.pro rank

Product category

Microfinance Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

General SME & Middle-Market Commercial Banking (FSABABAA)

akta.pro secondary industries

SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), Microloans & Working Capital Loans (FSAKAGAA)

Keywords

• Microfinance banking
• Business loans
• Savings products
• Digital banking
• SME financing

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, Infrastructure, Marketing or Sales

Revenue model

1. Loan Interest Income: Interest income from various loan products including business loans, personal loans, asset financing, MSME/SME loans, LPO financing, and payroll lending. Interest rates are described as competitive and affordable.
2. Savings and Deposit Products: Interest paid to depositors on savings accounts including target savings, group savings, piggy savings, automobile savings, health savings, and kiddies savings. Competitive interest rates offered to attract and retain deposits.
3. Fixed Deposit Investments: Fixed deposit products with minimum deposit of N100,000 for 30-90 days at 15% per annum interest rate. Interest is negotiable and can be withdrawn upfront.
4. Transaction and Service Fees: Fees from digital banking services, fund transfers, POS transactions, and other banking services

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels4 records

Core offering

Weston-Charis Microfinance Bank is a CBN-licensed Nigerian microfinance bank that provides credit facilities (business, personal, MSME/SME, LPO, asset, macro/micro, payroll and salary advance loans), savings and fixed deposit products, and digital banking channels (mobile app, internet banking, POS, ATM card) to individuals, small businesses, cooperatives, and government sector employees. The bank combines a single Lagos branch with 24/7 digital channels and doorstep service through field account officers to serve financially underserved customers.

Product overview

Weston-Charis MFB is a Nigerian Microfinance Bank offering a comprehensive suite of financial products and digital banking channels. The portfolio consists of: (1) Loan Products including Business Loans, Personal Loans, Macro & Micro Loans, LPO Financing, MSME & SME Loans, Asset Financing, Salary Advance, and Payroll Lending; (2) Savings Products including Target Savings, Group Savings, Piggy Savings, Automobile Savings, Health Savings, Kiddies Savings, and Fixed Deposits; (3) Digital Channels including Mobile App, POS terminals, Internet Banking, and ATM Card services. The company operates under Central Bank of Nigeria licensing with NDIC deposit insurance, positioning itself as a digital financial solutions provider for individuals and SMEs.

Differentiator

Problem solved

Functional benefit

Brands

• Weston e-Channels: Digital banking platforms including ATM cards, Mobile App, POS, and Internet Banking for remote account management and transactions.
• Weston Fixed Deposit
• Weston Piggy Savings
• Weston Target Savings
• Weston Group Savings

Products and services

• Business Loan Loan product for acquiring goods or a business, providing competitive programs designed for merchants with transparent terms and affordable rates. Targeted at small and medium business owners seeking financing for business acquisition or expansion.
• Personal Loan Flexible personal loans at affordable interest rates, spread across months to aid repayment convenience, covering unexpected expenses, home renovations, education fees, and debt consolidation. Targeted at salaried and self-employed individuals.
• Macro & Micro Loan Micro loans for individuals and small businesses at the grassroots level, and macro loans for larger-scale business expansions and growth opportunities. Targeted at micro and small enterprises and individual borrowers.
• LPO Financing Letter of Purchase Order financing providing working capital for businesses to fulfill large orders, manage cash flow, and expand operations without substantial upfront investment. Targeted at businesses that have received purchase orders requiring capital to fulfill.
• MSME & SME Loan Financial support for micro, small and medium enterprises that may not have access to traditional financing, helping them thrive and contribute to the economy. Targeted at MSMEs and SMEs seeking credit facilities.
• Asset Financing Financing enabling customers to purchase assets such as generators, refrigerators, and grinding machines to enhance enterprise productivity, with facility range from N20,000 to N10,000,000 over 12 months, available as individual or group methodology. Targeted at small business owners needing productive assets.
• Weston Salary Advance Advance salary product allowing employees to access a portion of their salary before their regular pay date. Targeted at salaried employees needing quick access to earned wages.
• Weston Payroll Lending Payroll-based lending product tied to employer salary disbursement systems for convenient repayment. Targeted at employees of organizations enrolled in payroll lending partnerships.
• Weston Target Savings Savings account allowing daily deposits for 3-6 months at attractive interest rates, designed for festivals and special projects such as Christmas, Easter, Ileya, land purchase, and household appliances. Targeted at individual savers with specific goal horizons.
• Weston Group Savings Savings account for cooperatives, clubs, associations, and groups with quick access to group loans and joint guarantor arrangements. Targeted at registered or unregistered cooperative groups and associations.
• Weston Piggy Savings Savings plan allowing manual or digital deposits with automatic collection from commercial banks, competitive 5% per annum interest rate, minimum daily contribution of N500, and free passbook. Targeted at individuals seeking disciplined daily saving habits.
• Weston Automobile Savings Savings product designed to help customers save toward purchasing automobiles. Targeted at individual savers building funds for vehicle acquisition.
• Weston Health Savings Savings product designed for healthcare-related financial goals and medical expenses. Targeted at individuals and families planning for healthcare costs.
• Weston Kiddies Savings Savings product designed for children to build savings habits from an early age. Targeted at parents and guardians saving on behalf of children.
• Weston Fixed Deposit Fixed deposit investment with minimum deposit of N100,000 for 30-90 days, attractive 15% per annum interest rate (negotiable), with interest payable at maturity or upfront. Can be used as collateral for loans. Targeted at investors and savers seeking higher-yield, term-based deposits.

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators2 records

Recent moves5 records

Expansion highlights2 records

Direct peers

• Page Financials: Nigerian consumer and SME lender offering salary-backed loans, business loans and savings products. Comparable in serving salaried employees and small businesses with payroll-integrated credit.
• LAPO Microfinance Bank: One of Nigeria's largest CBN-licensed microfinance banks, providing MSME loans, microcredit and savings products across multiple states. Directly comparable as a regulated MFB serving similar customer segments with both physical branches and digital channels.
• Carbon (formerly Paylater): Nigeria-based digital lender offering consumer credit, SME loans and savings products through a mobile-first platform. Comparable as a Lagos-rooted provider targeting underbanked individuals and small businesses with loans and deposits.
• FairMoney: Nigerian digital micro-lender providing personal and SME loans via a mobile app, increasingly offering savings and current accounts. Comparable as a Lagos-focused microcredit provider expanding into deposits and digital banking.
• Accion Microfinance Bank: CBN-licensed Nigerian microfinance bank focused on MSMEs, salary earners and savings products. Comparable as a regulated MFB offering MSME lending, payroll-based loans and digital banking channels to mass-market customers.
• Baobab Microfinance Bank: CBN-licensed microfinance bank serving MSMEs and individuals with credit, savings and digital banking across Nigeria. Comparable as a regulated MFB competing in the same MSME and payroll-lending segments.
• Renmoney: Nigerian microfinance institution offering personal loans, SME loans and savings products via digital and physical channels. Comparable in providing MSME and consumer credit with mobile and web distribution to Lagos-based customers.
• Grooming Microfinance Bank: Nigerian CBN-licensed microfinance bank providing SME loans, salary-based lending and savings products. Comparable as a smaller-scale MFB targeting similar MSME and salary-earning customer segments.

Emerging players

• OPay: Nigerian mobile money and fintech super-app with payments, savings and consumer credit products. Comparable as a digital-first provider competing for the same Lagos mass-market deposit and lending customers.
• Moniepoint: Nigerian fintech providing POS, payments and working-capital credit to small merchants and MSMEs. Comparable in serving Lagos-based micro and small businesses with credit and digital payment infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/westoncharismfb
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/westoncharis-mfb

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

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 Weston-Charis MFB