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MONEYFIELD MICROFINANCE BANK

“Can a two-decade-old Nigerian microfinance bank digitize fast enough to compete with fintech neobanks for the SME and salary-earner segment?”

Founded2010
HQLagos, Nigeria
IndustryBank / Community
The story

Founded in 2010 as CIT Microfinance Bank, a subsidiary of Capitalfield Investment Group Limited, and started operations in February 2011 to serve micro- and small-enterprise customers in Lagos. Rebranded as Moneyfield MFB and now positions itself as a digital-first microfinance bank offering mobile-app-based savings, fixed deposits, and loans (salary advance, LASG public-sector loans, asset finance, SME loans, overdrafts), alongside a Verve prepaid debit card. Remains a CBN-licensed, NDIC-insured microfinance bank rather than a fintech neobank — its embedded finance stack is limited to Nigerian domestic rails (NIBSS, Verve).

Last 12 months
—
Product timeline
2010
Licensed by the Central Bank of Nigeria to operate as a microfinance bank, as a subsidiary of Capitalfield Investment Group Limited.· banking
2011
Opened for business operations in February 2011 as CIT Microfinance Bank.· banking
2012
Reached a capital base of over ₦100 million with more than 3,000 customers.· banking
2026
Rebranded to Moneyfield MFB with new mobile app, Verve card program, savings and loan products.· pivot
Regulated entities
1
regulatory licence held by MONEYFIELD MICROFINANCE BANK
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in MONEYFIELD MICROFINANCE BANK’s embedded-finance stack
Banking / BaaS
Moneyfield Microfinance Bank Limited (in-house)
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Investing
in the full report
Accounting gap: significant
11 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.