By Ayobami Alabi, Ag. Managing Director, LiquidCrest Microfinance Bank
As of March 2026, the Nigerian microfinance banking (MFB) sector continues to demonstrate remarkable resilience and transformation. According to Agusto & Co.’s latest industry report, total assets in the sector reached approximately ₦2.8 trillion as of June 2024, representing a 91.3 per cent year-on-year increase from ₦1.5 trillion in the corresponding period of 2023. Deposit liabilities surged by 168 per cent to about ₦1.3 trillion, underscoring growing public confidence in microfinance institutions and the increasing penetration of digital financial services.
These are not incremental gains; they signal a fundamental shift in how millions of Nigerians access, save, and transact within the financial system. The rapid adoption of digital channels, agency banking, mobile banking applications, and fintech-enabled services has significantly expanded the reach and relevance of microfinance banks across underserved communities.
However, this growth story has also exposed a widening divide within the industry. While digitally enabled and well-governed institutions continue to scale rapidly, weaker operators have struggled to meet regulatory expectations.
