As of September 2024, the number of companies approved to provide loan to Nigerians through digital platforms—commonly referred to as loan apps—has surged to 320, up from 284 in May. This increase reflects a significant rise in demand for loans amid ongoing economic challenges, with applications reportedly quadrupling this year.
Digital lenders are playing an essential role in providing credit to the informal sector, facilitating access to financial services that traditional banks may not offer. However, the rise in these companies has also led to concerns over unethical practices in loan recovery, prompting the Federal Competition and Consumer Protection Commission (FCCPC) to implement a regulatory framework in collaboration with other industry regulators.
Through the Limited Interim Regulatory Framework and Guidelines for Digital Lending, the FCCPC has registered and approved digital lenders that meet specific standards, ensuring consumer protection and transparency. Here’s a list of some of the notable loan app companies licensed by the Central Bank of Nigeria (CBN):
Loan Apps in Nigeria Approved by CBN
- FairMoney
- Type: Microfinance Bank
- Loans: Personal, Business
- Amount: Up to ₦1M
- Features: Fast disbursement, flexible repayment options.
- Renmoney
- Type: Microfinance Bank
- Loans: Personal, Micro-business
- Amount: Up to ₦6,000,000
- Features: No collateral, competitive interest rates.
- Branch
- Type: Finance Company
- Loans: Personal
- Amount: Up to ₦200,000
- Features: No late fees, payback over time.
- Carbon
- Type: Microfinance Bank
- Loans: Personal, Payday, Business
- Amount: Up to ₦1,000,000
- Features: Real-time decisions, no collateral needed.
- Aella Credit
- Type: Financial Solutions Company
- Loans: Personal, Business
- Amount: Up to ₦1,000,000
- Features: Offers insurance and investment products.
- Blue Ridge Bank
- Type: Microfinance Bank
- Loans: Micro and SME loans
- Amount: Not specified
- Features: Tailored for small businesses, easy access.
- P2Vest
- Type: Technology Limited
- Loans: Peer-to-peer lending
- Amount: Varies
- Features: Investors can fund loans, borrowers get competitive rates.
- Crevance Credit
- Type: Credit Limited
- Loans: Personal, Emergency
- Amount: Up to ₦4,000,000
- Features: Quick loan processing, minimal documentation.
- Grolatech Credit
- Type: Credit Limited
- Loans: Business and Personal
- Amount: Up to ₦3,000,000
- Features: Technology-driven solutions, flexible terms.
- Swipebill Technologies
- Type: Technologies Nigeria Ltd
- Loans: Business loans
- Amount: Up to ₦10,000,000
- Features: Quick processing.
Notable CBN-Approved Loan Companies
In addition to the above apps, other licensed companies making strides in the digital lending space include:
- Sycamore Integrated Solutions Limited
- Trade Depot
- Tajow Investment
- Blue Ridge Microfinance Bank Limited
- Grolatech Credit Limited
- Branch International Financial Services Limited
- P2Vest Technology Limited
- Creditwave Finance Limited
- Keenest Tech Service Limited
- FairMoney Micro Finance Bank
- Altracred Finance Investment Limited
- Crevance Credit Limited
- Menacred Company Limited
- Afrowide Development Ltd
- Red Planet Nigeria Limited
- Afrofirst Mobile and Technology Company Limited
- Rankcapital Limited
- IBS Golden Investment Company Limited
- Lendvisery Services Limited
- Renmoney Microfinance Bank Limited
- Swipebill Technologies Nigeria Limited
- Hometown Fintech Limited
- Giasun Technology Nigeria Limited
- Be Resources Limited
- Rockit Lenders Nigeria Limited
- Pivo Technology Limited
- Yes Credit Company Limited
- Irorun Technologies Limited
- Csense Limited
- Supreme Help Cooperative Society Limited
- Orcom and Orcom Business Support Limited
- Payhippo Limited
- Easycheck Finance Investment Limited
- Quark Financial Nigeria Limited
- Edmond Solutions Company Limited
- Ted Rocket Limited
- Penaid Limited
- Arve Limited
- Dover Credit Limited
- Ragekay Global Investment Limited
- Maywood Lending Limited
- Linkpark Technology Nigeria Limited
- Mangnet Lending Limited
- Rubystar Global Limited
- Bestfin Nigeria Limited
- Fubri Century Company Limited
- Berly Spring Global Limited
- Rock Financials Limited
- Phoenix Payment Solution Limited
- Value Driver Technology Solution Limited
- Nextpayday Limited
- Blackcopper Service Limited
- Trafalgar Associate Limited
- Windville Financial Nigeria Limited
- Orange Loan & Purple Credit Limited
- Carbon Microfinance Bank Limited
- Neo-Link Technology Company Limited
- Finnew Fintech Limited
- Otp Internet Technology Limited
- Red Harbor Fintech Limited
- Paylater Hub Limited
- Skitloan Nigeria Limited
- Raceova Nig. Limited
- New Credage Nigeria Limited
- Betterlending Company Limited
- Fast-Point Integrated Limited
- Apex Lending Limited
- Piska Tech Nigeria Limited
- Princet Credit System Limited
- Omalend Service Limited
- Pockful Finance Limited
- Highcredit Nigeria Limited
- Hollandale Nigeria Limited
- Pay Financial Technology Service Limited
- A1 Capital Solution Limited
- Newedge Finance Limited
- Papichou Technology Limited
- Goharvest International Limited
- Mino Sparks Limited
- Xgo Finance Limited
- Primera Microfinance Bank
- Credit Tech Lending Company
- Prosperity Archipelago Limited
- Finestest Limited
- Singularity Technology Nigeria Ltd
- Econ Mart Fintech Limited
- Pennee Technologies Limited
- Oxymon Solution Limited
- Lantana Technology Limited
- Applink Capital Nigeria Limited
- Yegon Tech Limited
- Fezotech Nigeria Limited
- Eric Vsta Limited
- Moblaspay Company Limited
- Paycredit Limited
- Niz Services Limited
- Mino Sparks Limited
- Flo Wood Lending
- Liberty Assured Limited
- Uni Technology Nigeria Ltd
- Trade Lenda Com Limited
- Creditville Microfinance Bank Ltd
- Letshego Microfinance Bank Ltd
- Kiowope Capital Limited
- Veendhq Limited
- Ucplus Advance Limited
- Maven Finance Limited
- Aella Financial Solutions Limited
- Fluna Capital Limited
- Newedge Finance Limited
- Ta Prime Limited
- Regxta Global Service Ltd
- Provest Limited
- JM Rubinus Limited
- Crossroads E-Payment Systems Limited
- Consynergy Limited
- Fintcred Innovation Limited
- Afrosay Fintech Limited
- MIM Finance Company
Meanwhile, these are just a few among the CBN-approved list, for more information on the full list of approved loan apps visit the official FCCPC website.