Turbo Finance’s Bold Shift from Microfinance Into A Full-Fledged Digital Bank

Lagos, Nigeria – Turbo Finance, a subsidiary of Turbo Group Limited, has announced its official launch with traditional Microfinance Bank (MFB) roots into a full-fledged digital bank. This bold move is designed to address long-standing customer pain points in Nigeria’s banking system and extend financial access to millions who remain underserved across Africa.

For years, Nigerians, like many Africans, have grappled with slow loan approvals, long queues, heavy paperwork, and high costs related to owning a bank account.

The average Nigerian spends nearly 55 minutes in a bank branch per visit (World Bank), while traditional loan approvals often take 2–6 weeks to process. This delay makes it difficult for small businesses and families who require faster access to credit. Despite progress, financial inclusion gaps remain. The EFInA Access to Financial Services (A2F) 2023 Survey shows that 36% of Nigerian adults—about 38 million people—are still financially excluded. Even among those formally included, 20% report poor service or fraud, 16% cite high banking costs, and 13% struggle with unclear financial information as reasons for avoiding formal banks.

How Turbo Finance Is Redefining Banking

• Faster Access to Credit: Loan applications processed digitally with decisions in minutes, not weeks.
• Simplified Onboarding: Open an account in under 5 minutes with seamless, paperless sign-up.
• Banking Without Borders: Access services 24/7 via mobile, web, USSD, or WhatsApp—no more “banking hours.”
• Business Tools: Merchants and SMEs gain access to digital dashboards, records, and scalable finance solutions.
• Human Support, Digitally Delivered: Customer service reinforced by smarter systems for quicker resolutions.

Beyond Nigeria: A Continental Shift

Nigeria’s financial inclusion challenges reflect a broader regional issue. Across Sub-Saharan Africa, 350 million adults remain unbanked (World Bank Global Findex, 2017). Key barriers include:

• 32% cite irregular income as the reason for not opening accounts.
• 22% face distance challenges to physical financial institutions.
• 30% are excluded due to lack of documentation or institutional barriers.

At the same time, Sub-Saharan Africa leads the world in mobile money adoption: 21% of adults hold mobile money accounts, compared to 4% globally. Sub- Saharan Africa is the only region where the share of adults with a mobile money account exceeds 10 %. Yet only 43% of adults have an account with a regulated financial institution, underscoring the need for digital-first banks like Turbo Finance to bridge this divide.

A Bigger Vision

Turbo Finance’s transformation is not happening in isolation. As part of the Turbo Group ecosystem, which also includes PayInvert, Pay4Power, TurboSend, and Turbo Energy, the digital bank will play a central role in powering inclusive growth across fintech, energy, and infrastructure solutions.

This evolution supports both Nigeria’s national financial inclusion strategy and the UN Sustainable Development Goals by providing accessible, trustworthy, and scalable financial services.

About Turbo Finance

Turbo Finance is the digital banking arm of Turbo Group, offering seamless, transparent, and customer-focused financial services to individuals, SMEs, and corporates across Nigeria and Africa. With roots as KKU Microfinance Bank, Turbo Finance leverages proven experience and bold innovation to deliver a digital-first banking model built on speed, trust, and user experience.