Full Review: Sparkle Microfinance Bank

Microfinance banks offer financial services like savings, loans, and money transfers to people with low incomes, those who don’t have bank accounts, and groups like women who sell in markets and young people without jobs. These services can help people improve their financial situation. Microfinance banks also offer small loans, which are often used to start or expand a small business.

In Nigeria, there is a considerable number of microfinance banks, and it’s important to differentiate between legitimate ones and those that are not. To address this concern, the Central Bank of Nigeria (CBN) has taken steps to provide clarity. They have released an official list of licensed microfinance banks, aiming to assure people about the authenticity of these institutions.

Among the licensed microfinance banks is Sparkle Microfinance Bank. This means that Sparkle Microfinance Bank has met the necessary requirements and regulations set by the CBN, ensuring its legitimacy in providing financial services to the public.

At Sparkle Microfinance Bank, it’s easy to save money and handle your transactions. You can use it to save up and pay for things, and also keep track of your money wherever you are. It’s very convenient; you can do all this whenever you want, no matter where you are.

sparkle microfinance bank

Features of Sparkle Microfinance Bank

Within its platform, Sparkle Microfinance Bank offers various features.

Sparkle Stash

With Sparkle Stash, you can create your own special savings pot. Just give it a name, add a picture, and pick a category that suits you. It’s all about making your savings experience personal.

You can put money in however you like; whether it’s now and then, every month, week, or even every day. And here’s something cool: you can set it up to take a small percentage from every purchase you make with your Sparkle account and add it to your stash.

If you keep at least ₦100,000 in your Sparkle Stash, you’ll get a 3.75% interest rate on what you’ve saved every year. But, you can take out money from your interest stash only twice.

Sparkle Stash isn’t just for solo savers. If you’re all about teamwork, you can check out the “Esusu” feature. It lets you team up with other Sparkle users and save together.


The Breakdown feature in Sparkle account shows you where your money goes. It sorts your transactions, and tells you how much you spend.

To use the Breakdown feature, go to your Sparkle account and click on the tab. You will see a list of all your expenses and transactions, organized by category. You can also see how much you spend on each category on a daily, weekly, and monthly basis.

The Breakdown feature is a great way to track your spending and make sure you are not overspending. It can also help you point out areas where you can save money.

Bill Payments

Sparkle’s bill payments feature makes it easy to send and receive money, pay bills, and schedule payments.

You can send money to your friends and family instantly. You can also pay your bills right from the app. Sparkle to Sparkle transfers are also secure and fast. You can make inter-bank transactions and set up automatic payments with Sparkle.

Sparkle Cards

Sparkle Cards are convenient payment cards that you can use both online and in-person. You can also get cards for your team members, which can help you manage business expenses. Sparkle Card has a unique color gradient that makes it stand out. It also has smart features that allow you to control your transactions and spending. You can set limits for yourself, so you don’t overspend.

If your Sparkle Card is lost or stolen, you can quickly block it from the app. This will prevent unauthorized use. You can also order a new card, which will be delivered to your doorstep in five working days.

Is Sparkle Microfinance Bank Legit?

Sparkle Microfinance Bank is a legitimate financial institution. Established in the fourth quarter of 2019, Sparkle operates under a license granted by Central Bank of Nigeria. This recognition from a regulatory authority is a strong indicator of its legitimacy and compliance with the necessary financial regulations.

You can find Sparkle Microfinance Bank app on both Google Play Store and the App Store. With over 500,000 downloads, it’s evident that the microfinance bank has gained a significant user base.

When it comes to user feedback, Sparkle app has a rating of 3.2 of Google Play Store. While ratings can vary, this demonstrates that many users have found value in the services offered by Sparkle Microfinance Bank. However, it is important to consider that ratings can be influenced by individual experiences and expectations.

In conclusion, based on its licensing by the Central Bank, availability on app stores, and substantial user base, Sparkle Microfinance Bank appears to be a legitimate financial institution. As with any financial service, individuals are encouraged to conduct their own research and due diligence to make informed decisions.


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