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FAQS
Your Questions, Answered
Find quick answers to the most common questions about Lightway MFB’s services, products, and features. Everything you need to know, right at your fingertips.
Lightway Microfinance Bank is a fully licensed Microfinance Bank, regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). We offer seamless digital banking services such as your day-to-day banking transactions, loan offers (personal loans, SME loans, and business loans), savings plans, investments, and many more.
Yes, we do. However, most of the services we offer are accessible via our online platforms; our mobile application and website.
To get started, download the app, tap Create Account, and follow our simple 4-step onboarding process. You only need your basic information, BVN, and NIN.
Yes, you do. To access your account, a passcode is required to login on the app. So even as an existing customer, you must complete the 4-step onboarding process on the app to generate your login passcode, which is needed to access your account digitally.
This is normal. After creating your account, you'll be redirected to the login page. Simply enter your phone number and passcode to access your account.
Your passcode is created in Step 2 of the onboarding process. Many users skip or forget this, so please pay close attention during that step.
Use the "Forgot Passcode" option on the login screen to reset it.
Please try the following:
- Check your internet connection
- Restart the app and/or your phone
- Update the app to the latest version
- Reinstall if necessary
Depending on your chosen account tier, you may need:
- Basic personal information
- BVN
- NIN
- Valid ID (NIN Slip, Voter's Card, Driver's License, International/Local Passport)
- Proof of Address (utility bill)
Tier 1 – Basic level, suitable for light users and quick onboarding.
- Basic personal information
- BVN
- NIN
Tier 2 – Intermediate level with higher limits and more features.
- Basic personal information
- BVN
- NIN
- Valid ID OR Utility bill
Tier 3 – Highest level account with the most features and highest limits.
- Basic personal information
- BVN
- Valid ID
- Proof of Address (Utility Bill)
- Full KYC profile
Yes. You can upgrade at any time by submitting the additional required documents.
You cannot directly upgrade your account through the mobile app presently. However, you can reach out to our support team with the necessary documents required for the upgrade and it will be sorted out.
Tier 1
- Max single deposit: ₦50,000
- Daily cumulative debit: ₦50,000
- Max account balance: ₦300,000
Tier 2
- Max single deposit: ₦200,000
- Daily cumulative debit: ₦200,000
- Max account balance: ₦500,000
Tier 3
- Max single deposit: ₦5,000,000
- Daily cumulative debit: ₦5,000,000
- Max account balance: Unlimited
- Personal Savings – Perfect for everyday banking and transactions.
- Business Current Account – Designed for SMEs, enterprises, and corporate organizations.
- Target Savings – Save toward a specific goal. Interest rate increases as your savings grow.
- EDU Savings – A structured savings account for educational expenses, plus access to education-based loans.
- Daily Savings – Ideal for daily contributions with higher interest compared to informal savings groups.
- Fixed Deposit – Locked savings for 1 month and above with the highest interest rates (varies by duration).
- Escrow Account – Secure joint account for transactions involving two or more parties.
- Fund transfers
- Utility bills payments (electricity, airtime, etc.)
- Loan applications & repayment
- Savings & investment management
- Account upgrades
- Viewing statements & transaction history
Not yet. Card services will be introduced soon. For now, you can perform transfers and make utility payments directly from the app.
You can apply directly through the mobile app or via the website's loan application portal. Terms and conditions apply as regards to loan grants.
Lightway Microfinance Bank offers:
- Personal loans
- SME loans
- Business loans
No. Corporate accounts and business dashboard features are accessible only on the website.
Yes. All products and services are available either directly through the website or through the mobile app.
Yes. We are licensed by the CBN and protected by the NDIC. Your account is secured using industry-standard encryption and authentication systems.
No. We will never request your passcode, OTP, or PIN under any circumstances.
Contact our support team immediately through phone, WhatsApp, or email.
You can reach us via:
- Calls/WhatsApp: +234 806 712 7479, 02013306299
- Email: info@lightwaymfb.com, banking@lightwaymfb.com
- Website: www.lightwaymfb.com
Yes! You can find and follow us on all our social media platforms:
- Instagram: @lightwaymfb
- TikTok: @lightwaymfb
- Facebook: Lightway MFB