I-Care Microfinance Bank I-Care Non-Interest Microfinance (Deposits and Financing)
Islamic Business Financing in Kano
I-Care is one of only three microfinance banks the CBN has licensed under its non-interest (Islamic) framework, approved in 2017 and operating from 296 Rimi Market Road in Kano's commercial heart. It remains NDIC-insured in 2026 and stayed clear of the CBN's July 2026 cull of 46 microfinance licences, twelve of which were Kano institutions. Beyond that, public information runs dry: the bank maintains no website and publishes no product names, rates or account terms. This single row summarizes the institution's whole offering, deposits and Shariah-compliant micro-financing for Kano's traders, because there is nothing granular to describe honestly.
I-Care is a licence, an address and an insurance listing, and that is genuinely worth something. In a state where the CBN just revoked twelve microfinance licences in a single day, a Kano MFB that holds the rare non-interest classification, stays on the NDIC register and keeps its doors open at Rimi Market since 2017 has passed the tests that matter most. But this is the thinnest public profile of any institution in our Nigeria database: no website, no product sheet, no scholar, no number of any kind. We list it because excluding one of the country's three licensed Islamic MFBs would misrepresent the segment, not because we can tell you what it pays on savings or charges on murabaha. If you bank there, you are trusting the licence and the neighborhood reputation. Both are real; neither is a substitute for asking hard questions in person.
Pros
- One of only three CBN-licensed non-interest MFBs in Nigeria
- Licence legally binds it to Shariah-compliant modes with a mandated Advisory Committee of Experts
- NDIC-insured and not on the July 2026 revocation list that removed 12 Kano MFBs
- Located inside Rimi Market, embedded in the trader economy it serves
Cons
- No website, no published products, no rates: effectively zero public disclosure
- Single-state Kano licence with one verifiable location
- No published ACE roster or Shariah reports
- Impossible to compare against alternatives without visiting in person
Apply Now
Visit I-Care Microfinance Bank's website to learn more and get started.
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Product Details
Structure
undisclosed
I-Care Microfinance Bank in Kano
I-Care Microfinance Bank's I-Care Non-Interest Microfinance (Deposits and Financing) is available for businesses in Kano, using a undisclosed structure. Microfinance products depend on branch presence in your area; confirm local coverage before planning around a facility. I-Care Microfinance Bank serves 1 state, including Kano.
Our Take on I-Care Microfinance Bank
I-Care is the hardest kind of institution to write about honestly: regulatory records prove it is real, licensed and insured, and nothing else about it is publicly knowable. The licence is the rare one, held by only three MFBs in a country of hundreds, and it does legal work that marketing cannot: I-Care is bound by CBN guidelines to Shariah-compliant instruments, barred from riba, and required to maintain an Advisory Committee of Experts. Its survival is itself evidence of substance, since the CBN's July 2026 enforcement wave revoked twelve Kano MFB licences in one day and I-Care was not among them, nor was it on earlier revocation rounds. Its Rimi Market address places it exactly where Islamic micro-trade finance belongs, among traders whose religious objection to interest is well documented as a financial inclusion barrier in northern Nigeria. But prospective customers deserve the plain truth: there is no website, no published product, no rate, no named scholar, and no way to compare I-Care against anything without standing in the branch. We include it because a map of Nigeria's Islamic microfinance segment that omitted one of its three licensed institutions would be wrong, and we assign it a single summary row because describing products it does not publish would be fiction. If you bank at Rimi Market, ask for terms in writing; if you do not, this institution is not currently reachable.
How I-Care Microfinance Bank Works
Go to Rimi Market Road
I-Care has no website or remote onboarding. All account opening and financing happens at 296 Rimi Market Road, Kano Metropolis.
Open an insured non-interest account
Deposits at a licensed NIMFB carry NDIC insurance. Ask whether your account is safekeeping (wadi'ah/amanah) or profit-sharing (mudaraba) and how any profit is computed.
Apply for micro-financing
Bring your trading or enterprise evidence. Under the licence class, financing must be structured through Shariah-compliant modes rather than interest loans; ask which contract applies and see the markup or ratio in writing.
Verify before you commit
Because nothing is published, verify the essentials in the branch: current licence status, NDIC insurance, the governing contract and the total cost of any facility. The CBN's *959# verification service can confirm licence status.
Financing Structure
I-Care's structural guarantee is regulatory rather than self-described. Its CBN non-interest MFB licence legally restricts it to Shariah-compliant instruments: no interest may be charged or paid, financing must run through trade, lease or partnership modes (murabaha, ijara, musharaka, mudaraba and similar), and products require approval by a mandated Advisory Committee of Experts. The bank publishes nothing about which specific contracts it uses. Customers should ask at the branch which contract governs any deposit or facility and how the bank's return is generated, and expect answers consistent with the murabaha-dominant pattern documented across Islamic microfinance globally.
In-Depth Analysis
I-Care Microfinance Bank Ltd was licensed by the Central Bank of Nigeria in 2017 as a non-interest (Islamic) microfinance bank in Kano State, reported at the time by Leadership newspaper and the Nigerian Investment Promotion Commission as one of the first two NIMFB licences granted alongside the formalization of the CBN's non-interest microfinance framework (Tijarah, licensed 2014, was the pioneer; a third institution was then awaiting final approval). The 2017 guidelines bind licensees to Shariah-compliant financing modalities, prohibit interest entirely, and require an Advisory Committee of Experts to approve every product.
The bank's registered address, 296 Rimi Market Road, Kano Metropolis, is a strategic fact in itself. Rimi Market is one of Kano's major commercial hubs, and northern Nigerian financial inclusion research consistently identifies religious aversion to interest as a leading reason traders remain unbanked. A licensed Islamic MFB physically inside the market is the textbook institutional answer, and I-Care's nine-year survival there suggests the model has found its customers, even if no public data describes them.
Regulatory standing is the one dimension where I-Care can be positively verified. It appears on the NDIC's insured microfinance bank register as crawled on 2026-08-04. It is not on the CBN's 1 July 2026 revocation list of 46 MFBs, an enforcement wave that fell disproportionately on Kano State, closing twelve institutions there in a single action for capital shortfalls, inactivity or failure to commence operations. Surviving that filter while holding a niche licence is meaningful evidence of a functioning institution.
Everything else is undisclosed. I-Care has no website, no discoverable social media, no published product names, no rates, no account terms, no ACE roster and no Shariah reports. Standard practice in its licence class is murabaha trade financing, mudaraba or wadi'ah deposits and qard hasan facilities, and it would be surprising if I-Care's shelf differed much, but we decline to present segment norms as institutional facts. We record one summary row for the institution's offering and state plainly: the licence, the insurance and the address are verified; the products are not publicly described anywhere.
Shariah Compliance Details
- Licensed by the CBN as a non-interest (Islamic) microfinance bank in Kano State in 2017 (NIPC and Leadership press reports, checked 2026-08-04)
- Listed on the NDIC insured MFB register as I-Care Microfinance Bank Ltd, 296 Rimi Market Road, Kano Metropolis (register crawled 2026-08-04)
- Not on the CBN's 1 July 2026 revocation list of 46 MFBs, which included 12 Kano institutions (CBN and NDIC notices, checked 2026-08-04)
- No ACE roster, Shariah reports or product documentation published anywhere online (checked 2026-08-04)
How I-Care Microfinance Bank Compares
Within Kano, I-Care's non-interest competition is not microfinance at all: Jaiz Bank and TAJBank both maintain a strong Kano presence with full branches, published products and formal Shariah boards, and for anyone whose needs exceed micro-scale they are simply better documented institutions. I-Care's niche is below their radar: market-stall working capital, micro-deposits and trader financing at ticket sizes a commercial bank branch will not underwrite. Against its two licence-class peers, I-Care sits between them geographically and behind both informationally: Tijarah (Bauchi) carries an international product award and published impact research, Halal Credit (Katsina) publishes a real product shelf online, and I-Care publishes nothing. It wins on location alone, being the only licensed Islamic MFB in Nigeria's largest northern commercial city.
Full Islamic bank with deep Kano presence, published products and a formal Shariah board; the verifiable choice for anything above micro-scale.
National non-interest bank with strong northern distribution and digital channels I-Care lacks entirely.
The pioneer licence-class peer in Bauchi with an award and impact evidence, equally silent online.
The Katsina peer that publishes named contracts and a mobile app; the transparency leader among the three NIMFBs.
Bottom Line
I-Care is a verified licence, an NDIC listing and a Rimi Market address wrapped around a completely undisclosed business. The regulatory facts justify trust at micro-deposit scale for Kano traders who need non-interest banking; everything else, from products to pricing to scholars, must be established in person, because the bank publishes nothing at all.
Read full I-Care Microfinance Bank reviewShariah Compliance & Oversight
I-Care's non-interest MFB licence requires an Advisory Committee of Experts under the CBN's 2017 NIMFB guidelines, but the bank has no website and publishes no ACE roster, Shariah reports or product certifications anywhere online (checked 2026-08-04). Compliance oversight exists as a regulatory obligation; none of it is publicly inspectable.
2026-08-04
Why It's Halal
The strongest evidence is the licence itself: I-Care was approved by the CBN specifically as a non-interest microfinance bank under guidelines that legally restrict it to Shariah-compliant financing modes, prohibit riba outright, and require an Advisory Committee of Experts to approve products. Industry and academic sources consistently list it alongside Tijarah and Halal Credit as one of Nigeria's three Islamic MFBs, and standard practice in the segment is murabaha trade financing with mudaraba-based savings. What cannot be verified publicly is everything else: no scholar names, no contracts, no compliance reports and no product documentation exist online. The regulatory framework does real work here, since a non-interest licence is not a marketing label but a binding legal classification supervised by the CBN. Customers should still ask the Rimi Market Road office which contract governs any specific deposit or facility.
Regional Availability
Available in 1 region
Apply Now: I-Care Microfinance Bank
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NationwideFrequently Asked Questions
What is I-Care Microfinance Bank I-Care Non-Interest Microfinance (Deposits and Financing)?
Why is I-Care Microfinance Bank I-Care Non-Interest Microfinance (Deposits and Financing) considered halal?
Is I-Care Microfinance Bank I-Care Non-Interest Microfinance (Deposits and Financing) available in Kano?
What Shariah oversight does I-Care Microfinance Bank have?
What financing structure does I-Care Microfinance Bank I-Care Non-Interest Microfinance (Deposits and Financing) use?
How do I apply for I-Care Microfinance Bank I-Care Non-Interest Microfinance (Deposits and Financing) in Kano?
What Islamic microfinance serves Kano?
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