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List of Loan App Companies in Nigeria Licensed by CBN

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.

Loan App Companies in Nigeria Licensed by CBN

Notable CBN-Approved Loan Companies

In addition to the above apps, other licensed companies making strides in the digital lending space include:

  1. Sycamore Integrated Solutions Limited
  2. Trade Depot
  3. Tajow Investment
  4. Blue Ridge Microfinance Bank Limited
  5. Grolatech Credit Limited
  6. Branch International Financial Services Limited
  7. P2Vest Technology Limited
  8. Creditwave Finance Limited
  9. Keenest Tech Service Limited
  10. FairMoney Micro Finance Bank
  11. Altracred Finance Investment Limited
  12. Crevance Credit Limited
  13. Menacred Company Limited
  14. Afrowide Development Ltd
  15. Red Planet Nigeria Limited
  16. Afrofirst Mobile and Technology Company Limited
  17. Rankcapital Limited
  18. IBS Golden Investment Company Limited
  19. Lendvisery Services Limited
  20. Renmoney Microfinance Bank Limited
  21. Swipebill Technologies Nigeria Limited
  22. Hometown Fintech Limited
  23. Giasun Technology Nigeria Limited
  24. Be Resources Limited
  25. Rockit Lenders Nigeria Limited
  26. Pivo Technology Limited
  27. Yes Credit Company Limited
  28. Irorun Technologies Limited
  29. Csense Limited
  30. Supreme Help Cooperative Society Limited
  31. Orcom and Orcom Business Support Limited
  32. Payhippo Limited
  33. Easycheck Finance Investment Limited
  34. Quark Financial Nigeria Limited
  35. Edmond Solutions Company Limited
  36. Ted Rocket Limited
  37. Penaid Limited
  38. Arve Limited
  39. Dover Credit Limited
  40. Ragekay Global Investment Limited
  41. Maywood Lending Limited
  42. Linkpark Technology Nigeria Limited
  43. Mangnet Lending Limited
  44. Rubystar Global Limited
  45. Bestfin Nigeria Limited
  46. Fubri Century Company Limited
  47. Berly Spring Global Limited
  48. Rock Financials Limited
  49. Phoenix Payment Solution Limited
  50. Value Driver Technology Solution Limited
  51. Nextpayday Limited
  52. Blackcopper Service Limited
  53. Trafalgar Associate Limited
  54. Windville Financial Nigeria Limited
  55. Orange Loan & Purple Credit Limited
  56. Carbon Microfinance Bank Limited
  57. Neo-Link Technology Company Limited
  58. Finnew Fintech Limited
  59. Otp Internet Technology Limited
  60. Red Harbor Fintech Limited
  61. Paylater Hub Limited
  62. Skitloan Nigeria Limited
  63. Raceova Nig. Limited
  64. New Credage Nigeria Limited
  65. Betterlending Company Limited
  66. Fast-Point Integrated Limited
  67. Apex Lending Limited
  68. Piska Tech Nigeria Limited
  69. Princet Credit System Limited
  70. Omalend Service Limited
  71. Pockful Finance Limited
  72. Highcredit Nigeria Limited
  73. Hollandale Nigeria Limited
  74. Pay Financial Technology Service Limited
  75. A1 Capital Solution Limited
  76. Newedge Finance Limited
  77. Papichou Technology Limited
  78. Goharvest International Limited
  79. Mino Sparks Limited
  80. Xgo Finance Limited
  81. Primera Microfinance Bank
  82. Credit Tech Lending Company
  83. Prosperity Archipelago Limited
  84. Finestest Limited
  85. Singularity Technology Nigeria Ltd
  86. Econ Mart Fintech Limited
  87. Pennee Technologies Limited
  88. Oxymon Solution Limited
  89. Lantana Technology Limited
  90. Applink Capital Nigeria Limited
  91. Yegon Tech Limited
  92. Fezotech Nigeria Limited
  93. Eric Vsta Limited
  94. Moblaspay Company Limited
  95. Paycredit Limited
  96. Niz Services Limited
  97. Mino Sparks Limited
  98. Flo Wood Lending
  99. Liberty Assured Limited
  100. Uni Technology Nigeria Ltd
  101. Trade Lenda Com Limited
  102. Creditville Microfinance Bank Ltd
  103. Letshego Microfinance Bank Ltd
  104. Kiowope Capital Limited
  105. Veendhq Limited
  106. Ucplus Advance Limited
  107. Maven Finance Limited
  108. Aella Financial Solutions Limited
  109. Fluna Capital Limited
  110. Newedge Finance Limited
  111. Ta Prime Limited
  112. Regxta Global Service Ltd
  113. Provest Limited
  114. JM Rubinus Limited
  115. Crossroads E-Payment Systems Limited
  116. Consynergy Limited
  117. Fintcred Innovation Limited
  118. Afrosay Fintech Limited
  119. 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.

How to Choose the Right Loan Apps

Choosing the right loan app is crucial for a safe and positive borrowing experience. Here are some key factors to consider:

1. Licensing and Regulation

Ensure the app is approved by the Central Bank of Nigeria (CBN) or relevant regulatory bodies. This guarantees compliance with legal standards.

2. User Reviews and Ratings

Check app stores and online forums for user feedback. Positive reviews can indicate reliability, while consistent complaints may raise red flags.

3. Transparent Terms

Read the loan agreement carefully. Look for clear information on interest rates, repayment terms, and any hidden fees.

4. Data Security

Choose apps that prioritize user privacy and employ robust security measures to protect personal and financial information.

5. Customer Support

Opt for apps that offer responsive customer service. Good support can help resolve issues quickly if they arise.

6. Flexible Repayment Options

Select an app that provides various repayment plans tailored to your financial situation. Flexibility can ease financial strain.

7. Loan Amount and Purpose

Ensure the app provides loans that meet your specific needs, whether for personal use, business, or emergencies.

8. Application Process

Look for apps with a straightforward and quick application process. Complicated procedures can be frustrating and time-consuming.

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