business loans in nigeria


Nirsal Microfinance Bank is a national microfinance banking institution with over 115 branches across the country (as claimed on their official website). Nirsal microfinance bank is known for its loan products targeted at different segments of the society.

Nirsal (also referred to as NMFB) is a subsidiary of the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) Plc.  Nirsal Plc is a $500 million, non-bank financial institution owned by the Central Bank of Nigeria to redefine and provide agric-business related credit in Nigeria.

It is an initiative of the Central Bank of Nigeria, the Bankers’ committee, and the Federal Ministry of Agriculture & Rural Development.

Nirsal Microfinance Bank Key Objectives

Nirsal microfinance bank has as its objectives;

  • driving financial inclusion
  • access to cheaper and affordable funds for small holder farmers
  • easy access to credit and financial services for SMEs

Nirsal Microfinance Bank Loan Products

Nirsal MFB has several loan products it says are tailored towards meeting the above objectives. Key among the products of the Nirsal Microfinance Bank are;

Nigeria Youth Investment Fund

The Nigerian Youth Investment Fund (NYIF) was set up as an initiative of the Federal Ministry of Youth and Sports Development (FMYSD) and funded by the Central Bank of Nigeria (CBN) to invest in youth ideas to build sustainable businesses that can activate enterprise and increase job opportunities in Nigeria.

The objectives of the fund are;

  • Access to finance for youth and youth-owned enterprises, for national development
  • Generate much-needed employment opportunities to curb youth restiveness.
  • Boost the managerial capacity of the youth and develop their potential to become the future large corporate organizations.

Who is Eligible for the Nigeria Youth Investment Fund (NYIF)?

1.  Individuals/Non registered Businesses

  • Individual within the age bracket of 18 to 35 years
  • Has a valid BVN and means of ID
  • Provision of Business plan Summary or Completed Questionnaire
  • Entrepreneurship Training Certification from FMYSD Entrepreneurship Development Institutes (EDIs)

2. Registered Businesses

  • Formal business enterprises (Youth owned enterprises), duly registered with the Corporate Affairs Commission (CAC)
  • Business plan Summary or Completed Questionnaire
  • Valid Bank Verification Number (BVNs) of Directors
  • Provision of Tax Identification Number (TIN)
  • Entrepreneurship Training Certification from FMYSD EDIs

How it Works

Get trained: Applicants attend a compulsory entrepreneurship training with an approved Federal Ministry of Youth & Sports Development (FMYSD) EDIs

Apply for Loan/Submit Application: Successfully trained prospective applicants proceed to NIRSAL Microfinance Bank (NMFB) portal to apply for the loan

Get Approved: NMFB conducts loan assessment in line with Risk Assessment Criteria and programme guideline, make appropriate decision and forward recommended applications to CBN for final approval

Receive Disbursements: CBN reviews applications and gives final approval for disbursement to NMFB

The Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS)

The scheme is an initiative to support the Federal Government’s efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation.

How it works 

Get trained: Attend a compulsory training with a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).

Apply: Create an account by clicking on ‘Apply now’ as an applicant, validate your BVN and select a NIRSAL MFB certified Entrepreneurship Development Institute (EDI).

Receive Funds: Loans are paid into the account of beneficiaries. Unqualified candidates are given feedback.

Get Business Support Services: The Entrepreneurship Development Institute assists you to implement business plan and provide business support services commercially.

Make Sales & Repay Loan: Run your business, keep proper records, monitor sales and expenses to maximize profit and pay back the loan.

Find out more about the agric-business/small & medium enterprises investment scheme.


A lot of loan apps, lenders focus on personal loans and it seems there are not many options for where to get business loans without collateral in Nigeria.

So we went to work, to research, talk to industry experts and find out where you can get business loans.

These are some of the platforms or places you can secure business loans without collateral easily.

GTBank Quick Credit for Small Business

GTBank’s Quick Credit are not just for personal loans, they also give loans to a specific sector of small businesses.

According to their website Quick Credit for Small Business is a loan aimed at providing working capital of SMEs in the Education (creche, primary and secondary schools), and Healthcare (hospitals, pharmacies and diagnostic centers) sector.

Key Information about the GTBank Quick Credit for Small Business

  • Interest rate of 1.5% per month
  • Customers can access up to 50% of annual turnover
  • Loan tenure of 6 months (up to 12 months for schools)
  • You must run a corporate or business account for up to 12 months before applying
  • Funds are disbursed instantly after approval
  • You can apply via GAPS Lite/GAPs platform
  • Repayment is structured in two ways: monthly interest payments and quarterly (3 month intervals) principal repayment
  • A customer can apply for up to N10 million

You can check out the official page for Quick Credit for Small Business here – https://www.gtbank.com/business-banking/sme-banking/loans-advances/quickcredit-for-small-business

GTBank Fashion Industry Credit

This is another business loan product by GTBank and this time it specifically targets fashion businesses. It is a single digit interest rate loan at 9% to provide entrepreneurs in the fashion industry with all the financing they need to grow their business.

More information on the Fashion Industry Credit

  • You can access up to N5 million max. The minimum loan amount is N250,000
  • Single digit interest rate of 9% per annum (0.75% per month)
  • No extra fees
  • Flexible repayment period spread over 360 days
  • Customers can access up to 50% of their annual turnover (so if for eg your business does N5m in sales a year you can access up to N2.5m in loans)
  • You can apply for Fashion Credit via the GAPs lite app or reaching out to your account office

Additionally GTBank also provides loans to businesses in the fashion retail industry.

Fairmoney Microfinance Bank

Fairmoney is a microfinance bank licensed by the CBN to provide financial and lending services.

Fairmoney promises up to N5m in loans to small businesses without collateral. It also says it processes loan applications within 24 hours. Their loans are available for up to 12 months tenure.

The process for applying to Fairmoney business loan is as follows;

  • Fill out the online application
  • Upload required documents
  • Your loan is processed and disbursed within 48 hours

You can find more information about Fairmoney SME loan here – https://www.fairmoney-smeloans.ng/

Standard Chartered Smart Business Loan

Standard Chartered Bank says its smart business loans can provide up to N20 million capital for businesses without collateral.

They also say the smart business loans have flexible repayment plans for up to 2 years. You have to be a customer of the bank to apply for the loan.

More information about the Smart Business Loan

  • You can request topup on the existing loan after 12 months if you have been making repayment on schedule
  • You can apply for the Smart Business Loan online via the bank’s app or website

To find more information about the Standard Chartered Smart Business Loan go here –  https://www.sc.com/ng/business/working-capital/smart-business-loan/


Renmoney says it offers loans to small businesses as well as personal loans.

You have to be between 22-59 years old, maintaining a current account and have a business generating income to be eligible to apply for their business loan.


On its website Lendigo says it offers loans to several types of SMEs; distributors, ecommerce merchants, POS agents among other small businesses.

The maximum loan amount is N10 million.

Loans can be applied for through the Lendigo mobile app.

You can find more information about Lendigo’s small business loans on their website – https://lendigo.ng/

Advance Nigeria Business Loans

Advans La Fayette is a microfinance bank that says it provides small businesses with loans at affordable interest rates with no prior savings required.

They have different loans for small businesses up to N5 million repayable within 6 – 24 months.

From their website it is not clear whether one can apply for the loans online or through the bank’s physical office.

You can check out their website for more information – https://www.advansnigeria.com/business/loans/

Stanbic IBTC Ezcash

Stanbic IBTC Bank has what it calls the EZ cash for SMEs.

Up to N5m in loans to meet your business needs at an interest rate of 2.5% monthly and a payback period of up to 12 months.

The bank says it’s an instant loan that can be accessed by customers of the bank.  Customers can apply via a USSD code or through the bank’s mobile app or website.

For more information visit – https://www.stanbicibtcbank.com/nigeriabank/business/products-and-services/finance-your-business/business-loans/see-all-loans/EZ-Cash-for-SMEs


Carbon is a financial services firm that offers a suite of digital banking services to small businesses that includes online payments, funds transfer and business loans.

It says it can offer up to N20 million loan to a business client at affordable interest rates without collateral.

To qualify for a Carbon Small business loan it says on their website you have to

  • have been in business for at least 6 months
  • have up to N1 million in monthly revenue
  • in need of expanding your business

You can access more information about Carbon loans for small business here – https://sme.getcarbon.co/


Lidya offers financial services to SMEs enabling them track payments, manage invoices etc.

Lidya offers small businesses loans to finance their working capital without collateral. It is unclear how much they can offer to SMEs and the interest rates (from their website) so you may need to do more diligence on that one.

Lidya analyses your bank statements to determine if you are eligible for a loan and how much you can get.

See the Lidya website for more information – https://www.lidya.info/ng/en/home/

Aella Credit

Aella offers credit/loans for both personal and business. You will have to download their mobile app on the playstore or apple store.

According to their website Aella business loans require no paperwork, rollover fees.

Check out their web page for more information – https://www.aellaapp.com/aella-credit

Rosabon Finance Business Support Loan

Rosabon Financial Services is a member of the Concept Group licensed by the CBN to offer loans, leases and investments to individuals and businesses.

Rosabon has what it calls the Sole Proprietor Busines Support Loan (SPBSL). Under the business support loan applicants (registered and unregistered businesses) can get up to N3 million loan.

Application is made online. Flexible repayment of up to 6 months, minimal documentation required. Other requirements include home/office visitation, copy of government issued ID card, utility bill, etc.

Check for more details on their website – https://www.rosabon-finance.com/Loans/sole-proprietor-business-support-loan.html