With the number of fake loan apps online, knowing the list of loan apps approved by CBN is a convenient solution for individuals needing swift financial assistance from a reliable source.
The Federal Competition and Consumer Protection Commission has approved at least 162 digital lending applications to operate in Nigeria, with 107 having full approvals and 55 having conditional approvals. This move comes in response to the proliferation of illegal lending apps, which has led to harassment and exploitation of borrowers.
This article highlights the loan apps that are approved by the CBN and FCCPC, ensuring that borrowers can access safe and reliable financial assistance while protected from predatory practices.
Top 10 Popular Loan Apps Approved by CBN
With over 100 loan apps now approved by the Central Bank of Nigeria (CBN), it can be overwhelming trying to determine which ones are the best and most trusted. To make it easier, in this section, we have streamlined the options down to the top 10 most popular and highly-rated loan apps according to customers.
Branch International, a lending app that originated in Kenya in 2015 before expanding to Nigeria in 2017, is one of the approved loan apps by the Central Bank of Nigeria (CBN), it was approved in 2021. With over 10 million downloads and a commendable rating of 4.5, this startup is currently under the leadership of Nigerian Managing Director Dayo Odulate-Ademola. Branch International’s approval by the CBN underscores its commitment to providing safe and reliable financial assistance to borrowers in Nigeria.
OKash, the lending service arm of Opay, is a mobile-based lending platform owned by Opera, a Norway-based software company. It has over 5 million downloads and began its operations in Nigeria in 2018. This convenient personal loan platform for Nigerian mobile users was formed by Blue Ridge Microfinance Bank Limited, duly licensed by the Central Bank of Nigeria (CBN). OKash’s approval by the CBN underscores its commitment to meeting customers’ financial needs 24/7 through a completely online process.
Kuda, also known as Kuda Technologies, is a fintech company that operates in Nigeria and the UK. Founded by Babs Ogundeyi and Musty Mustapha in 2019, Kuda rebranded in June of the same year and obtained a banking license from the CBN Central Bank of Nigeria to launch a full-service digital bank. Kuda’s approval by the CBN signifies its position as a trusted and authorized digital banking platform offering comprehensive financial services to its users in Nigeria.
QuickCheck, a Nigerian fintech company founded in 2017 by Fabiano Di Tomaso, is a prominent player in digital lending. Utilizing machine learning to predict borrower behaviour and instantly evaluate loan applications,
The company’s commitment to providing 24/7 loans to underserved Nigerian consumers and micro-businesses through its mobile application aligns with its goal of offering digital financial services to help individuals achieve their personal and business objectives. Notably, QuickCheck’s provision of loans without collateral underscores its dedication to facilitating access to financial assistance for many users.
FairMoney, a financial technology company launched in 2017 by Laurin Hainy, Matthieu Gendreau, and Nicolas Berthozat, has made significant strides in digital lending. With a solid rating of 4.2, FairMoney is undoubtedly one of Nigeria’s most utilized loan apps.
The app’s offering of fast loans within 5 minutes, without the need for documentation or collateral, has resonated with users. Loan amounts, ranging from N1,500 to N500,000, are determined based on smartphone data and repayment history, with repayment periods spanning 61 days to 180 days at monthly interest rates between 10% and 30%. FairMoney’s widespread adoption underscores its role in providing accessible and efficient financial solutions to a broad spectrum of users in Nigeria.
Palmcredit Review, a loan app owned by Newedge Finance Limited, has garnered significant popularity in Nigeria, with over 5 million downloads. While it comes second to Branch in terms of downloads, Palmcredit remains one of the most utilized loan apps in the country. The lending platform’s claim of providing quick loans of up to N300,000 in less than 3 minutes without any form of collateral has contributed to its widespread patronage.
Users can borrow between N2,000 and N300,000, and if their documentation is complete and accurate, disbursement can occur within a business day, as stated by the platform. Palmcredit’s substantial user base and efficient loan disbursement process underscore its role in meeting the financial needs of a broad spectrum of users in Nigeria.
Renmoney started in 2012 under the leadership of Stephen Jennings and operates with a banking license in Nigeria authorized by the country’s central bank (CBN). The company’s financial app has become very popular, with an average rating of 4.1 out of 5 stars.
Renmoney has gotten a lot of recognition and success because it follows the rules set by the CBN. By getting approval from the CBN, Renmoney shows it is committed to providing a service people can trust that meets the high standards of the central bank. With an easy-to-use interface and positive feedback from users, Renmoney stands out as an app approved by the CBN. This helps more individuals in Nigeria to manage their money and become financially independent.
8. Aella Credit
Aella Credit, a well-known fintech company based in Lagos, Nigeria, was started in 2015 by Akin Jones and Wale Akanbi. With big support from Y Combinator (YC), a famous startup accelerator, Aella Credit has become prominent in the financial technology industry. The company operates as a loan platform, offering financial solutions to people who need help.
Carbon, a Nigerian lending platform founded in 2012 by Chijioke Dozie and Ngozi Dozie, began as OneCredit, later evolving to OneFi. In 2016, they introduced the Paylater mobile app, providing a fully digital consumer lending experience. Expanding its financial services, the app was rebranded as Carbon in 2019. With over 1 million downloads and an impressive 4.3 rating, Carbon signifies a trusted and innovative choice for users seeking digital financial solutions in Lagos, Nigeria.
PayCredit is a digital lending company. It was started to provide salary advances and business loans to working professionals and business owners. PayCredit makes it easy to access credit. You don’t need a guarantor or collateral. You can apply anytime on their app or website, even on nights and weekends. If approved, you can get the money in your account within 24 hours. You can also get lower interest rates and higher loan amounts if you pay back on time.
List of Fully Approved Loan Apps
Given the changing regulatory landscape, we have compiled the full list of loan apps and lenders approved by the CBN. This list reflects the most up-to-date view of authorized loan apps according to the Central Bank.
As the CBN continues to remove non-compliant lending apps, we will be updating this list regularly. Be sure to bookmark this page to always have an accurate, real-time roster of all the lending apps and services currently approved for use by the CBN.
- A1 Capital Solution Limited
- Afrofirst Mobile and Technology Company Limited
- Afrosay Fintech Limited
- Afrowide Development Ltd
- Altracred Finance Investment Limited
- Apex Lending Limited
- Applink Capital Nigeria Limited
- Arve Limited
- Bestfin Nigeria Limited
- Betterlending Company Limited
- Be Resources Limited
- Berly Spring Global Limited
- Bettersave Nigeria Limited
- Betteryield Company Limited
- Blackcopper Service Limited
- Blue Ridge Microfinance Bank Limited
- Branch International Financial Services Limited
- CarbOn Microfinance Bank Limited
- Consynergy Limited
- Credit Tech Lending Company
- Creditville Microfinance Bank Ltd
- Creditwave Finance Limited
- Crevance Credit Limited
- Csense Limited
- Crossroads E-Payment Systems Limited
- Doverty Technologies Limited
- Easycheck Finance Investment Limited
- Edmond Solutions Company Limited
- Eric Vsta Limited
- Econ Mart Fintech Limited
- Fairmoney Micro Finance Bank
- Finesest Limited
- Fluna Capital Limited
- Flo Wood Lending
- Fubri Century Company Limited
- Giasun Technology Nigeria Limited
- Golatech Credit Limited
- Goharvest International Limited
- Grolatech Credit Limited
- Highcredit Nigeria Limited
- Hollandale Nigeria Limited
- Hometown Fintech Limited
- Ibs Golden Investment Company Limited
- Irorun Technologies Limited
- Jm Rubinus Limited
- Keenest Tech Service Limited
- Kiowope Capital Limited
- Lantana Technology Limited
- Letshego Microfinance Bank Ltd
- Liberty Assured Limited
- Linkpark Technology Nigeria Limited
- Mangnet Lending Limited
- Maven Finance Limited
- Maywood Lending Limited
- Menacred Company Limited
- Mino Sparks Limited
- Neo-Link Technology Company Limited
- New Credage Nigeria Limited
- Newedge Finance Limited
- NexxtPayday Limited
- Niz Services Limited
- Orange Loan & Purple Credit Limited
- Otp Internet Technology Limited
- Oxymon Solution Limited
- P2vest Technology Limited
- Papichou Technology Limited
- Paycredit Limited
- Payhippo Limited
- Paylater Hub Limited
- Pay Financial Technology Service Limited
- PenaId Limited
- Phoenix Payment Solution Limited
- Piska Tech Nigeria Limited
- Primera Microfinance Bank
- Princep Credit System Limited
- Prosperity Archipelago Limited
- Provest Limited
- Quark Financial Nigeria Limited
- Quickcheck Nigeria Limited
- Raceova Nig. Limited
- Ragekay Global Investment Limited
- Rankcapital Limited
- Red Harbor Fintech Limited
- Red Planet Nigeria Limited
- Renmoney Microfinance Bank Limited
- Regxta Global Service Ltd
- Rock Financials Limited
- Rockit Lenders Nigeria Limited
- RubyStar Global Limited
- Singular Technology Nigeria Ltd
- Skitloan Nigeria Limited
- Sycamore Integrated Solutions Limited
- Swipebill Technologies Nigeria Limited
- Tajow Investment
- Ta Prime Limited
- Ted Rocket Limited
- Trade Depot
- Trade Lenda Com Limited
- Trafalgar Associate Limited
- UnI Technology Nigeria Ltd
- Ucplus Advance Limited
- Value Driver Technology Solution Limited
- Veendhq Limited
- Windville Financial Nigeria Limited
- Xgo Finance Limited
- Yes Credit Company Limited
- Yegon Tech Limited
In conclusion, the steps Nigeria’s Central Bank (CBN) and Consumer Protection Agency (FCCPC) took to review and monitor digital loan apps show they want to ensure borrowers have a safe and reliable place to get money. By approving over 1o0 loan apps, borrowers now have many options, creating competition and stopping illegal or unfair practices.