An Evaluation of Lagos (Nigeria) Leading SME Business Loan Providers

SME (Small and Medium-sized enterprises) business loans can give you the money you need to handle a range of obligations, including unanticipated costs, new equipment purchases, and large-scale expansion initiatives. You have a variety of loan options to pick from, but they are all intended to help you reach your financial objectives. This StarInsights report, evaluates the best SME loan agencies in Lagos based on consumer reviews and ratings.

Industry Overview

Access to funding is perhaps the biggest obstacle that both new and experienced business owners face when starting and growing a business. This is of concern, as we know that access to sufficient funds at the right time can mean the difference between the survival and closure of a business. 

The good news is that there are now more financing options available to entrepreneurs beyond traditional banks and government funding and grants. Findings from various sources act as proof of an increase in SME loaning companies that offer alternative finance products to entrepreneurs.  

When looking for the best business loaning companies, always look at their credibility to operate the business. It’s possible that dishonest micro-lenders will just use deception to get you to part with money in exchange for access to quick cash. Additionally, some agencies impose excessive interest rates that go beyond the legal maximum.

Selecting the best SME Loan Agency

Factors to consider when assessing a loan agency include interest rates, terms, and the flexibility of repayment options. Complementarily, online reviews provide insights into the reputation and reliability of these financial institutions. Ratings and reviews may indicate improper conduct by certain finance providers. If you have seen a pattern of customer complaints, it’s probably an indication that you need to work with another company.

eKomi’s Picks for the best SME Loaning Agency

For analysis purposes, the data used was obtained from Google My Business Profiles, and it is purely based on official Google ratings and reviews as of December 21, 2022. The primary objective is to gauge customer service based on what SME clients say about SME financing institutions in Lagos Nigeria. That said, here are the stats.

Most reviewed SMEs funding institutions

Institution	Reviews	Rating
Migo – Instant Loans in Nigeria	199	3.9
Renmoney	124	4.1
Accion Microfinance Bank	99	4.8
Rosabon Financial Services	87	4.2
One Finance and Investment Limited	74	4.2
QuickCheck	72	3.9
Aella credit	40	3.3
Specta	33	3.1
FundQuest Financial Services Limited	31	4.7
nairaCompare	29	4.5

Based on the findings illustrated in the table above, Migo Instant Loans in Nigeria is the most reviewed agency and comes out on top with 199 reviews. Renmoney is in second place with 124 reviews and is followed by Accion Microfinance Bank with 99 reviews. 

On the other hand, ratings are also very important to a company’s importance and improve customer satisfaction and sales in the long run. Therefore, we completed the StarInsights review by creating a list of the ten highest rated SME funding agencies in Lagos. 

Top-rated SMEs funding institutions

Institution	Rating	Reviews
TRJ Company Limited	5.0	14
Baines Credit Microfinance	5.0	10
Lendigo	5.0	5
CIT MICROFINANCE	4.9	22
EDFIN MICROFINANCE	4.9	13
Fewchore Finance Company Limited	4.9	8
Just-Dream Global	4.9	7
Skystone Capital And Investment Limited	4.9	7
Accion Microfinance	4.8	99
FundQuest Financial Services Limited	4.7	31

The foremost SME financing agency in Lagos is a tie between three agencies, namely, TRJ Company Limited, Baines Credit Microfinance, and Lendigo, with a 5.0 star rating; the only difference lies in the number of reviews. These SME funding institutions have made considerable progress in delivering a better experience for their clients. They put a strong emphasis on building meaningful relationships with their customers.

Most importantly, SME loaning services are subject to reviews and ratings by business clients, and although the sector seems to be performing slightly well in that area, there is still significant room for improvement. eKomi’s concept is to improve upon these encouraging statistics, helping both brands and businesses to achieve exponential growth through an increase in positive reviews, which in turn should garner organic traffic and make more SMEs patronise loan institutions as the best option to run their own businesses.