Business Loans in Nigeria

Reviews of SME and business loan providers in Nigeria: commercial banks, microfinance banks and fintech lenders offering working capital and growth financing.

Who business loans suit

Business loans in this category are built for registered or informally operating small and medium enterprises that need working capital, equipment finance or trade finance rather than personal consumption. Commercial banks tend to suit established businesses with full accounting records, while microfinance banks and fintech lenders are often a better fit for traders and younger businesses that can show bank-statement cash flow but lack years of audited accounts.

Regulatory context

Commercial banks offering SME finance are licensed and supervised by the Central Bank of Nigeria (CBN) under the Banks and Other Financial Institutions Act (BOFIA). Microfinance banks hold a separate, lighter-capital CBN licence tier aimed specifically at underserved borrowers. Fintech SME lenders that are not themselves banks typically operate as registered companies offering business credit, which is a different regulatory position from a CBN-licensed deposit-taking institution, so business owners should confirm a fintech lender's actual licensing status rather than assuming it is bank-regulated.

Typical cost and eligibility

Lenders generally ask for Corporate Affairs Commission (CAC) business registration, the Bank Verification Number (BVN) of the owner or signatories, and several months of business bank statements. Larger facilities often require collateral or a personal guarantee, while fintech lenders more commonly rely on transaction-data scoring instead of collateral alone. Pricing depends on the business's trading history and risk profile rather than one published rate.

How to apply

Gather your CAC registration documents, recent business bank statements and a short description of how the funds will be used. Compare at least two or three lenders — a bank, a microfinance bank and a fintech lender — since documentation requirements and approval speed differ significantly between them. Submit the application, respond promptly to any requests for further documents, and review the full repayment schedule before signing.