Top Reliable Business Loan Providers in Nigeria: Fund Options for Entrepreneurs and Startups in Nigeria.

List of The Top Reliable Business Loan Providers in Nigeria

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We are strong advocates of entrepreneurship and small business in Nigeria and Africa as a whole. This is because we believe that entrepreneurs are key to unlocking Nigeria’s business potential. However, one of the biggest challenges facing African entrepreneurs is access to capital. Without enough capital, many promising startups and small businesses are forced to close early in their journey. That’s where business loans come in.

Top Reliable Business Loan Providers in Nigeria: Fund Options for Entrepreneurs and Startups in Nigeria.

A business loan in a simple term is a loan that entrepreneurs and business owners take to establish their business or maintain the already existing one.   Business loan givers are specialized financial institutions that specialize in providing loans for entrepreneurs and small businesses in Nigeria.

In Nigeria, there are several business loan providers that entrepreneurs can turn to for funding.  Most of those lenders are traditional banks, digital lenders, and other organizations that are solely established to offer business loans to startups and small businesses.

Entrepreneurs should be aware that business loans are not the only Funding Option that is available to them. There are also other options, such as crowdfunding, grants, and angel investing.  

Both business loans and alternative sources of funds all have their advantages and advantages. However, it is left for the entrepreneur to decide which of the funding options is more convenient for their business.

We understand the necessity of accessing capital by small business owners, that is why we have come up with this article.

In this article we are going to discuss how to access loans from different business loan providers, and also from other funding options in Nigeria. So as an Entrepreneur or business owner you should sit down and read this article word by word to pick up the information in them.

List of The Top Reliable Business Loan Providers in Nigeria.

Here are the top Reliable Business loan providers in Nigeria for entrepreneurs and small business owners.

  1. BOI (Bank of Industry): BOI is a Nigerian public financial institution that provides capital for the establishment, expansion, and modernization of industries. The Nigerian government owns BOI. BOI is registered and licensed to operate in Nigeria. To obtain a BOI loan, entrepreneurs and business owners must visit the BOI website, fill out the online loan application form, and submit the necessary documents according to BOI regulations. –
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Benefits :

  • Flexible debt repayment conditions, low interest rates, and support for business development.


  • Strict registration process, collateral requirements, limited access to capital

Customer review:

BOI has been praised for supporting small and medium-sized businesses in Nigeria, but some have also complained about difficulty accessing loans due to strict requirements.

  1. SMEDAN (Small and Medium Enterprise Development Agency of Nigeria): SMEDAN is the federal government agency responsible for promoting the development of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. SMEDAN is owned by the Nigerian government. SMEDAN is registered and licensed to operate in Nigeria. To get a loan from SMEDAN, MSMEs must register with the agency and provide a bankable business plan.

Benefits :

  • Access technical and financial support, low interest rates, and reduced collateral requirements.


  • Limited access to capital, long processing time, and not enough publicity.

Customer review:

SMEDAN has been praised for its efforts to promote MSME development, but some have criticized the agency for inadequate financial arrangements. 

  1. Aso Savings and Loans: Aso Savings and Loans is a financial institution providing savings and credit products to individuals and businesses. Aso Savings and Loans is a private institution. Aso Savings is registered with the Nigerian government and operates under the supervision of the Central Bank of Nigeria.

To borrow capital from Aso Savings and Loans, individuals or businesses must submit a loan application along with the necessary documents.

Benefits :

  • Preferential interest rates, diverse loan products, and easy loan application processing.


  • Limited access to capital, collateral requirements, and high prepayment penalties.

Customer review:

Aso Savings and Loans has received mixed reviews from customers, with some praising the organization’s professionalism and efficiency, while others have criticized high-interest rates and prepayment penalties.

  1. CBN (Central Bank of Nigeria): CBN is the apex regulator of banks and financial institutions in Nigeria.  CBN is owned by the Nigerian government. CBN is registered and authorized to operate in Nigeria as the country’s central bank. To obtain a loan from the CBN, businesses must meet specific criteria such as providing collateral, proof of income, and a satisfactory credit rating.

 Benefits :

  • Access significant capital, favorable loan terms and interest rates, and better credit scores.


  • Strict requirements, low accessibility, and long processing times. 

Customer review 

While some businesses praised the CBN for supporting the economy through the provision of loans, others criticized the process for lacking transparency and accessibility.

  1. Renmoney: RenMoney is a financial institution providing loans and savings products to customers in Nigeria. The lender is a private company founded in 2012 by Oluwatobi and Ikenna Ejimofo. RenMoney is a registered and licensed lending company in Nigeria, accredited by the Central Bank of Nigeria and the Lagos State Government.
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To apply for a loan, you can fill out the online application form on their website and submit the required documents. 


  • flexible repayment terms, competitive interest rates, and quick loan disbursement.

Disadvantages of RenMoney

  1. Nirsal Microfinance Bank: Nirsal Microfinance Bank is a microfinance institution established in 2019 to provide financial services to unbanked and underserved Nigerians. – The lender is owned by the Central Bank of Nigeria in collaboration with the Banking Commission. Nirsal Microfinance Bank is licensed and regulated by the Central Bank of Nigeria, with a mandate to provide loans to small and medium enterprises.

To borrow money from Nirsal Microfinance Bank, you need to visit their website and complete an online application.


  •  Low interest rates, access to finance for underserved populations, and long repayment periods.


  • collateral requirements for some loan products and long loan processing times. – According to customer reviews, Nirsal Microfinance Bank is a trustworthy lender with excellent customer service.
  1. Accion Microfinance Bank: Accion Microfinance Bank is a microfinance institution providing financial services and loans to the underserved population in Nigeria. The lender is owned by Accion International, a global non-profit organization that supports microfinance institutions. Accion Microfinance Bank is licensed and regulated by the Central Bank of Nigeria, with the mandate to provide loans to micro, small, and medium enterprises.  

To borrow money from Accion Microfinance Bank, you can visit their website or any of their branches nationwide and complete the application process.

Benefits of borrowing from Accion Microfinance Bank:

  • flexible repayment conditions, competitive interest rates, and access to capital for micro, small, and medium-sized enterprises.

Disadvantages of Accion Microfinance Bank:  

  • collateral requirements for some loan products and high-interest rates for some loan products.

Customer review: 

According to borrowers, Accion Microfinance Bank provides excellent customer service and quick loan processing.

  1. Lapo Microfinance Bank: Lapo Microfinance Bank is a microfinance bank in Nigeria that provides financial services to low-income people, small business owners, and entrepreneurs. It belongs to Mr. Godwin Ehigiamusoe. Lapo Microfinance Bank is legally registered and legalized to operate in Nigeria. As an entrepreneur or business owner, you can get a loan from Lapo Microfinance Bank by visiting one of their branches and meeting the requirements.  – 

Benefits :

Flexible loan requirements, quick loan disbursement, and low-interest rates.


  • Limited loan amount, High repayment fees, and Slow response to customer complaints.
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Customer Feedback:

Some customers praised the bank for its efficient service while others complained about how the bank treats its loan defaulters by beating them up or carrying their properties.

  1. Fidelity Bank: Fidelity Bank is a commercial bank in Nigeria providing financial services to individuals, micro, small and medium enterprises as well as large corporations.  It is owned by  Fidelity Bank Plc. Fidelity Bank is registered and legalized by the Central Bank of Nigeria to operate in Nigeria. Entrepreneurs or business owners can get a loan from Fidelity Bank by visiting one of their branches, meeting the requirements, and filling out the application form.

Benefits :

  • Many loan options, competitive interest rates, and great customer service.


  • Strict lending criteria, long loan processing time, and high collateral requirements.  

Customer Feedback:

Fidelity Bank is known for its excellent customer service and competitive loan rates, although some customers have criticized its strict loan requirements and long processing times.

FAQs on Top Reliable Business Loan Providers in Nigeria: Fund options for Entrepreneurs and Startups in Nigeria.

Who are the top trusted business loan providers in Nigeria for entrepreneurs and startups?

For entrepreneurs and startups in Nigeria, there are several reliable business loan providers to choose from. Some of the main providers include Renmoney, Lapo Microfinance Bank, and Fidelity Bank.

How do I know which professional lender is right for me?

When choosing a commercial lender, it is important to consider factors such as interest rates, repayment terms, and loan amount limits. You should research and compare multiple providers to find the one that best fits your business needs.

Can I apply for a business loan online in Nigeria? 

Yes, many business loan providers in Nigeria offer online applications. This makes it easier and more convenient for entrepreneurs and startups to apply for loans right from the comfort of their homes or offices.

What are the general requirements to qualify for a business loan in Nigeria?

Eligibility requirements for business loans in Nigeria can vary depending on the lender. However, some general requirements include a well-researched business plan, proof of steady income, collateral, and a good credit score.

Are there alternative financing options for Nigerian entrepreneurs and startups other than traditional business loans?

Yes, there are alternative financing options for entrepreneurs and startups in Nigeria, including grants, angel investors, crowdfunding and peer-to-peer lending. It’s important to consider all options and choose the one that best meets your business needs.


We have provided you with the list of the top 10 reliable business loan providers in Nigeria. The choice is now yours, we would advise you to do your research before you borrow from any other lenders we listed above. Check their interest rate and repayment schedule plan and determine if you can meet up or not 

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