What Quick Funds does

QuickFund Microfinance Bank Limited is a Nigerian digital microfinance bank incorporated in December 2017 and licensed by the Central Bank of Nigeria in July 2018, commencing operations in September 2018. The bank provides a mobile-first suite of deposit, lending, and payment products targeted at underserved Nigerian segments — specifically individuals and entrepreneurs, MSMEs (the primary segment), salary earners, and civil/public sector workers — through an iOS and Android mobile app, a USSD short code (*614*448#) for feature phone users, and a web-based online banking portal built on the Qore online banking platform. The product portfolio includes savings accounts, instant loans, salary advance loans (up to N1M), business loans (up to N5M), SME loans (up to N10M), public sector loans (up to N1M for government workers with Oracle Number verification), and overdrafts (up to N500K), complemented by bill payment services integrated with nine third-party billers, POS banking for merchants, debit card management, insurance, investment plans, and financial advisory.

The underlying platform is a standard digital banking stack rather than a proprietary AI-driven system: account opening and loan applications are completed in under five minutes, with loans disbursed within 48 hours for general products and 24 hours for public sector loans. The bank operates from a single physical office in Isheri, Ogun State, with a workforce of 11–50 employees, and relies on third-party payment infrastructure (Interswitch, NIBSS, Paystack) for inter-bank settlement and transaction processing. There is no public AI/ML capability disclosed, no developer API, and no external funding beyond an internal capital increase that lifted shareholders' fund from N20M to N100M in May 2019.

Revenue is generated primarily through interest and fees on the loan book (instant, salary, business, SME, public sector, overdrafts), supplemented by transaction fees on transfers, bill payments, airtime, and data top-ups, POS merchant service fees, and net interest earned from redeploying customer deposits. The bank's GTM motion is product-led and self-serve: customers onboard through the app or USSD without visiting a branch, with the website claiming 500,000+ customers and the About page citing 21,000+ happy customers and 3,450 cumulative loans approved. Loan ticket sizes are capped relatively low (N1M–N10M), positioning the bank at the small-ticket, high-volume end of Nigerian microfinance.

Name

Quick Funds

Legal name

QuickFund Microfinance Bank Limited

Website

https://quickfundmfb.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

QuickFund Microfinance Bank Limited is a Nigerian digital microfinance bank licensed by the Central Bank of Nigeria, offering mobile and USSD-based savings, loans, and bill payment services to individuals, MSMEs, salary earners, and civil servants across Nigeria.

Ownership category

akta.pro rank

Product category

Microfinance Banking

NAICS

Depository Credit Intermediation (5221)

SIC

Short-Term Business Credit Institutions (6153)

akta.pro primary industry

SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

akta.pro secondary industries

Treasury, Cash Management & Liquidity Tools (Sweeps, Cash Concentration) (FSAGAAAG), Biller Direct EBPP Platforms (FSAMAJAA)

Keywords

• Digital microfinance banking
• Consumer lending services
• Mobile banking platform
• Bills payment services
• Savings and deposits

Headquarters

HQ city

Isheri

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Loan Interest and Fees: QuickFund generates primary revenue through interest charged on various loan products including instant loans, salary advance loans, business loans, SME loans, overdrafts, and public sector loans. The company emphasizes competitive/low interest rates as part of their value proposition.
2. Transaction Fees: Revenue generated from banking transaction fees including transfers to other banks, bill payments, airtime purchases, and data top-ups through their mobile platform.
3. POS Banking Services: Fees collected from POS (Point of Sale) transaction management services provided to merchants across Nigeria.
4. Savings and Deposits: Interest earned from lending out customer deposits, with competitive interest rates offered to attract and retain depositors.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

QuickFund MFB is a digital-first microfinance bank in Nigeria offering personal and business loans, savings accounts, bills payment, and transaction services through mobile apps, USSD codes, and online banking platforms. The bank provides instant loan approvals, debit card services, and POS banking for individuals, entrepreneurs, civil servants, salary earners, and MSMEs. It is fully licensed by the Central Bank of Nigeria (CBN) and operates with 24/7 access, no hidden charges, and a focus on financial inclusion for underserved Nigerians.

Product overview

QuickFund MFB is a digital-first microfinance bank offering a unified mobile banking platform complemented by USSD and web channels. The core offering centers on the QuickFund Mobile Banking App and Online Banking Portal, which integrate all primary services including instant loans (Salary Advance up to N1M, Business Loan up to N5M, SME Loan up to N10M, Public Sector Loan up to N1M, Overdrafts up to N500K), savings accounts, bill payments, money transfers, and card management. Additional services include POS banking for merchants, investment plans, and financial advisory. The platform serves individuals, entrepreneurs, salary earners, civil servants, and MSMEs across Nigeria.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings and Deposits High-yield savings accounts with competitive interest rates designed to help customers secure their future while keeping funds accessible through the mobile app, USSD, and online banking.
• Instant Loan Quick access to funds with fast approval process in less than 5 minutes and disbursement within 48 hours, with flexible repayment terms tailored to customer needs, applied via the QuickFund mobile app or USSD.
• Salary Advance Loan Pre-approved loan facility for salary earners providing access to funds up to N1,000,000 with flexible repayment options tied to the borrower's salary stream.
• Business Loan Business financing solution offering up to N5,000,000 for business growth and working capital needs of Nigerian entrepreneurs and small businesses.
• SME Loan Small and medium enterprise financing up to N10,000,000 to support business operations, working capital, and growth for Nigerian MSMEs.
• Public Sector Loan Credit facility for Nigerian government workers holding a unique Oracle Number identification, offering loans up to N1,000,000 with no collateral required and disbursement within 24 hours.
• Overdrafts Overdraft facility providing account holders with access to up to N500,000 beyond their available balance for short-term liquidity needs.
• Business Banking Comprehensive banking solutions for businesses including business accounts and merchant services to support running of business transactions.
• Investment Plans Wealth growth products with expert guidance and competitive returns on customer investments.
• Financial Advisory Professional financial advisory services helping customers make informed financial decisions about credit, savings, and investments.
• POS Banking Point of Sale transaction management for merchants across Nigeria to process card payments securely, with POS terminals integrated into QuickFund's digital banking platform.
• Cards Management (Debit Cards) Debit card issuance and management services widely accepted at major ATMs, POS terminals, and retail stores nationwide, with features including card restrictions and transaction controls.
• Insurance Plans Insurance protection products offered through the QuickFund app platform to customers seeking personal risk coverage.
• Bills Payment Integrated bills payment platform supporting multiple billers including Showmax, GOtv, DStv, Smile, Startimes, Netflix, Quickteller, British Council, and KEDC, accessible via the mobile app, USSD, and online banking.

Quantifiable outcome

• Loans disbursed within 48 hours of approval
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• InterswitchcoreTechnology or IntegrationListed as a trusted partner. Interswitch is a Nigerian integrated payment and digital commerce solutions company providing payment infrastructure. QuickFund likely integrates with Interswitch for payment processing capabilities.
• NIBSScoreTechnology or IntegrationNigerian Inter-Bank Settlement Scheme Plc. Listed as a trusted partner. NIBSS provides the infrastructure for inter-bank transactions and payment systems in Nigeria. QuickFund uses NIBSS for inter-bank transfer processing.
• PaystackcoreTechnology or IntegrationListed as a trusted partner. Paystack (now part of Stripe) provides payment processing infrastructure for African businesses. QuickFund likely leverages Paystack for payment acceptance and transaction processing.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Carbon (formerly Paylater): Nigerian digital lending platform offering personal loans, investments, and bill payments to consumers and MSMEs. Most direct comparable: similar mobile-first product suite, similar customer segments, and operates in the same regulatory and competitive environment as QuickFund.
• Moniepoint: Nigerian fintech offering POS banking, payments, credit, and business banking to MSMEs and merchants. Comparable digital banking and lending proposition focused on Nigerian underserved businesses.
• FairMoney: Nigeria-focused (with France and India expansion) digital lender offering instant personal and business loans via mobile app. Competes head-to-head with QuickFund in the same Nigerian instant-loan and MSME credit segments.
• Renmoney: Nigerian microfinance bank offering personal loans, salary advances, business loans, and savings products via mobile and digital channels. Highly comparable business model, regulatory status (microfinance bank), and customer focus.
• Branch International: Digital lender operating across Africa (including Nigeria) offering instant personal and business loans via mobile app. Comparable mobile-first lending model and target customer segments, with substantially more scale and funding.

Broad incumbents

• Kuda Bank: Nigerian digital-first commercial bank (full banking license, not microfinance) offering savings, transfers, and increasingly lending products. Competes in the same digital banking space with a broader portfolio and stronger brand.
• OPay: Nigeria-based super-app fintech offering payments, transfers, lending, and merchant services. Overlaps with QuickFund on bill payments, POS banking, and consumer credit, but at much larger scale and broader product range.

Emerging players

• Aella Credit: Nigerian fintech providing instant credit, bill payments, and savings to underserved consumers via mobile app. Comparable product suite and target customers, but with a more focused lending and embedded-finance orientation.

Regional players

• Lidya: Nigerian-headquartered (with other African markets) digital MSME lender offering working capital loans to small businesses. Comparable MSME lending focus and underwriting approach, but operates in different geographic segments.

Others

• TeamApt (now AptPay): Nigerian fintech infrastructure provider powering payments, POS, and merchant banking products. Comparable as an enabler and competitor in the Nigerian digital banking/merchant services ecosystem QuickFund operates in.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/quickfundng
• LinkedInlinkedin.com/company/quickfund-microfinance-bank-limited

Compliance1 record

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 Quick Funds