Mkobo Microfinance Bank – What you should know

Established in 2015 and licensed by the Central Bank of Nigeria (CBN), Mkobo is not your typical bank. They operate differently, without a physical banking hall or the need for cash transactions.

Instead, they focus on providing seamless financial services through secure electronic transactions. Mkobo primarily serves small and medium-sized businesses, offering both secured and unsecured credits. Here’s why you should consider using Mkobo:

Advantages of Choosing Mkobo

  1. No Collateral Required: Unlike traditional banks, Mkobo doesn’t ask for collateral, making it accessible for a wider range of individuals and businesses.
  2. Minimal Paperwork: Say goodbye to stacks of forms and paperwork. Mkobo keeps it simple, reducing the administrative hassle.
  3. Swift Loan Approval and Payout: In urgent situations, Mkobo shines. You can expect your loan to be approved and disbursed within 24 hours, providing the financial support you need promptly.
  4. Guarantor, Employment Status, and Details: Mkobo requires guarantors, along with your current employment details. This helps them ensure responsible lending.

Services Offered by Mkobo

Mkobo offers three distinct finance packages tailored to meet your specific needs:

  1. Emergency Loans

    Designed for employees of select organizations, both public and private, this loan provides quick access to short-term funds. The application process is streamlined, taking only about 4 hours from application to disbursement. Repayment is conveniently deducted from your monthly salary.

    • Benefits:
      • Easy application process.
      • Swift access to funds.
      • Employer control over employee access.
      • Responsible lending with a focus on financial literacy.
    • Application Process:
      • Obtain your unique BP NUMBER from your company’s HR.
      • Complete the online application form on Mkobo’s website.
      • Await application processing and fund deposit within 24 hours.
  2. Asset Finance

    Mkobo understands the value of income-generating assets. They provide financing for such assets, with the asset itself serving as collateral for the loan. To access this service, you must be a member of a partner organization within Mkobo’s network.

    • Benefits:
      • Availability of substantial loan amounts (subject to business partnership agreement).
      • Instant decision and disbursement.
      • Utilization of the purchased asset as collateral.
      • Flexible repayment terms (weekly or monthly) over a maximum of 12 months.
  3. Working Capital Loan

    This loan is tailored for experienced agents working under licensed network managers. Eligible agents can access up to N500,000 to grow their business. To qualify, you must have been trading for at least 6 months and be associated with a network manager within Mkobo’s partnership network.

    • Benefits:
      • Instant decision and disbursement.
      • No collateral required.
      • Flexible payment options (weekly or daily) with a maximum term of 7 days.
      • Fair interest rates that decrease over time.
    • Application Process:
      • Follow the link provided on Mkobo’s website to apply.

Mkobo Festivesave:

Simplifying Seasonal Savings

Mkobo Festivesave is a digital savings platform designed to make regular festive savings (for occasions like Eid, Easter, Christmas, or New Year) hassle-free. The process is automated, encouraging consistent saving habits. Customers can also enjoy a cash bonus of up to 10% on their savings.


Mkobo stands out as a top-tier microfinance institution, offering tailored loan packages for both individuals and agents of organizations. With swift approvals, minimal paperwork, and a focus on responsible lending, Mkobo is a reliable partner for your financial needs. Explore their services today and experience hassle-free access to the funds you require.

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