AB Microfinance bank is a national microfinance bank licensed by the Central Bank of Nigeria, with its head office located in Lagos and branches spread across several states like; Oyo, Ogun, Ondo, Anambra and Abia state.
The bank is committed to helping and improving business opportunities for entrepreneurs through providing easy access to loans, where it improves the financial status of everyone via its deposit accounts.
AB Microfinance bank has a group of strong international shareholders committed to improving access to financial services in Nigeria.
If you are a small business owner/individual aspiring to take out a loan to support your business, the AB microfinance bank loan will affords you such facility with minimal stress.
In this guide I will show you how to get a loan with the bank in the most seamless way ever.
Products offered by AB Microfinance bank
1. Micro loan
AB Microfinance bank makes it easy for entrepreneurs to access loans in a transparent and efficient manner.
You are assured of quality service delivery, where loans at the moment range from N15,000 to N5,000,000 with a maximum maturity of 18 month, repeat customers have a window to access N5,000,000 under micro loans.
Prior to a committee decision, all applications undergo an on-sight assessment by one of its staff.
Features of Micro loan
- No mandatory deposits/savings
- No audited financial statements required
- Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property, etc.)
- Flexible documentation requirements
- Lon-standing clients with impeccable repayment record qualify for successive interest rate discounts and faster loan processing.
- There’s no borrow group
- Free SMS reminder for your loan repayments
- Having submitted all required documents, loan disbursement is guaranteed within 3 working days.
Loans available under the Micro loan, amount and rates
| Loan package | Amount available | Interest rate payable on a reducing balance |
| Flexi | N15,000-N100,000 | 6.6% |
| Plus | N100,001-N500,000 | 6.1% |
| Max | N500,001-N1,000,000 | 5.7% |
| Max Plus I | N1,000,001-N2,000,000 | 5.2% |
| Max Plus II | N2,000,001-N3,000,000 | 5.0% |
| Disbursement fee | 1% of disbursed amount | |
| Insurance fee | 1.5% of disbursed amount | |
2. SME Loan
AB Microfinance bank offers business owners, Small and Medium Size Enterprises the opportunity to access loans quick and transparently.
The loan comes with a flexible documentation and collateral requirements with the shortest processing time ever in Nigeria.
Features of SME loan
- Loan amount ranges from N3,000,001 to N20,000,000 for your existing business
- It has a competitive interest rate starting from 3% monthly on a reducing balance
- It has a disbursement fee of 1% of the loan amount
- Maturity period from 6-24 months with equal monthly installments
- Broad range of collateral items accepted
- Having submitted all documents, loan disbursement happened within 3 working days,
Loans available under the SME category
| Loan package | Amount available | Interest rate payable on reducing balance |
| New client | N3,000,001-N20,000,000 | 3.0% -4.7% |
| Repeat client | Up to 30 million | 2.8%-3.8% |
| Disbursement fee | 1% of disbursed amount | |
| Insurance | 0.6% of disbursed amount |
3. Housing loans
The AB housing loan is tailored to offer financial support to individuals; business owners or salary earners who aspire to achieve a home ownership dream.
This loan is designed for home renovation, shop renovation and construction of buildings either house or shop.
The housing loan currently ranges from N300,000-N3,000,000 with a maximum maturity of 24 months.
Features of housing loan
- No mandatory deposits/savings
- No audited financial statements required
- Flexible collateral arrangement subject to loan size
- Flexible documentation requirements
- There’s no borrow group
- Upon submission of all required documents, loan disbursement happens within 3 working days.
Loans under the housing category
| Loan package | Amount available | Interest rate payable on reducing balance |
| Business owner | N300,000-N1,000,000 | 4.5% interest |
| Salary earners | N1,000,001-N3,000,000 | 4% interest |
| Disbursement fee | 1% of disbursed amount | |
| Insurance fee | 1.5% of disbursed amount |
AB Microfinance bank loan requirements
Kindly be informed that you are required to provide the following details as requirements to receive an AB microfinance loan.
1. Valid ID card which could be (Voters card, International passport, National ID card, or Driver’s license)
2. You should be able to provide a proof of business ownership
3. You should be able to provide at least one guarantor
4. You must have a business residing in the bank operational area.
How can I get loan from AB microfinance bank?
If you meet the afore-stated requirements, you will need to take the following steps to receive a loan
1. Visit any of its branches and communicate your intention to take out a loan with the necessary documents as mentioned above
2. Qualified and assigned personnel will have to subject your proposal to an on-site assessment, thereafter forward it to a decision making committee for final approval.
The duration before the loan disbursement depends on the amount , high value SME loans take up to one week.
AB microfinance app
MyABmobile is the first free mobile banking app in Nigeria, every client can perform all transactions free of charge. The app is fast, secure and convenient as well as enables you to execute basic banking transactions from your AB bank account through your mobile phone.
How long does it take to get a loan from AB microfinance bank?
It doesn’t take longer than necessary as long as the necessary requirements are being met adequately. (It takes less than 3 working days).
How much does AB microfinance bank pay?
If you are looking to pursue a career with the bank, kindly be informed that the estimated total pay for a loan officer at AB microfinance is N160,000 per month, this number represents the midpoint of the ranges from proprietary total pay estimate model and based on salaries collected.
How much can I borrow from AB microfinance bank?
The minimum loan amount is N15,000 and maximum amount of N20,000,000, however, both depends on borrower’s repayment over time.
What is the interest rate of AB microfinance bank?
| AB microfinance business | Amount available | Interest payable |
| Flexi | N15,000 – N100,000 | 6.6% |
| Plus | N100,001 – N500,000 | 6.1% |
| Max | N500,001 – N1,000,000 | 5.7% |
| Max Plus I | N1,000,001 – N2,000,000 | 5.2% |
AB Microfinance Head Office address/customer care number
28, Akintoye Shogunle Street, Ikeja, Lagos.
Email: Customercare@ab-mfbnigeria.com
Phone: +234 902 496 9999 or +234 902 496 9778