How Many Legitimate Loan Apps Are in Nigeria?

There are 94 safe and trustworthy loan apps in Nigeria, according to the latest approval notice issued by the  Federal Competition and Consumer Protection Commission (FCCPC).

Out of the 94 companies that got the green light from the consumer protection agency, 49 of them got full approval while 45 of the digital lenders got conditional approval.

FCCPC is one of the agencies of Nigeria’s Federal Ministry of Trade and Investment that ensures that there is fair market competition and protects consumers.

Reputable loan apps in Nigeria

Digital lenders that have full approval to operate loan apps are:

1. ARVE LIMITED ow
2. TRADE DEPOT
3. PENAID LIMITED
4. CSENSE LIMITED 
5. TAJOW INVESTMENT 
6. RANKCAPITALS LIMITED 
7. BE RESOURCES LIMITED 
8. MENACRED COMPANY LIMITED 
9. AFROWIDE DEVELOPMENT LTD 
10. RED PLANET NIGERIA LIMITED 
11. GROLATECH CREDIT LIMITED 
12. P2VEST TECHNOLOGY LIMITED 
13. CREDITWAVE FINANCE LIMITED 
14. KEENEST TECH SERVICE LIMITED 
15. FAIRMONEY MICRO FINANCE BANK 
16. CREVANCE CREDIT LIMITED 
17. YES CREDIT COMPANY LIMITED 
18. FUBRIL CENTURY LIMITED 
19. IRORUN TECHNOLOGIES LIMITED 
20. SUPREME HELP COOPERATIVE SOCIETY LIMITED 
21. ORCOM AND ORCOM BUSSINESS SUPORT LIMITED 
22. PAYHIPPO LIMITED. 
23. QUARK FINANCIAL NIGERIA LIMITED 
24. TED ROCKET LIMITED
25. PIVO TECHNOLOGY LIMIED 
26. MANGNET LENDING LIMITED 
27. RUBYSTAR GLOBAL LIMITED 
28. BESTFIN NIGERIA LIMITED 
29. BERLY SPRING GLOBAL LIMITED 
30. DOVER CREDIT LIMITED 
31. MAYWOOD LENDING LIMITED
32. LENDVISERY SERVICES LIMITED 
33. CREDITWAVE FINANCE LIMITED 
34. HOMETOWN FINTECH LIMITED
35. ROCKIT LENDERS NIGERIA LIMITED
36. FUBRI CENTURY COMPANY LIMITED 
37. EDMOND SOLUTIONS COMPANY LIMITED 
38. GIASUN TECHNOLOGY NIGERIA LIMITED 
39. RAGEKAY GLOBAL INVESTMENT LIMITED 
40. ALTRACRED FINANCE INVESTIMENT LIMITED 
41. IBS GOLDEN INVESTMENT COMPANY LIMITED 
42. BLUE RIDGE MICROFINANCE BANK LIMITED
43. LINKPARK TECHNOLOGY NIGERIA LIMITED
44. RENMONEY MICROFINANCE BANK LIMITED 
45. EASYCHECK FINANCE INVESTMENT LIMITED 
46. SWIPEBILL TECHNOLOGIES NIGERIA LIMITED
47. SYCAMORE INTEGRATED SOLUTIONS LIMITED
48. BRANCH INTERNATIONAL FINANCIAL SERVICES LIMITED 
49. AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED 

Digital lenders with conditional approval

Digital lenders with conditional approval still have some conditions to meet before they can get full approval. They are:

1. PAYLATER HUB
2. TRIPPDBASE LIMITED 
3. AJAX LENDING LIMITED 
4. RACEOVA NIG. LIMITED 
5. BLACKCOPPER SERVICE
6. PENAID LIMITED 
7. OWOAFAR FINTECH SERVICE 
8. WINDVILLE FINANCIAL NIGERIA LIMITED 
9. OTP INTERNET TECHNOLOGY LTD 
10. RED HARBOR FINTECH LIMITED 
11. BERYL SPRING GLOBAL LIMITED 
12. HOMETOWN FINTECH LIMITED 
13. LANTANA TECHNOLOGY LIMITED 
14. ZIPPY CAPITAL LIMITED 
15. NEO-LINK TECHNOLOGY LIMITED 
16. TRIPOBASE LIMITED 
17. BESTFIN NIGERIA LIMITED 
18. POCKETFUEL FINANCE LIMITED 
19. LENDING EDGE LIMITED 
20. TED ROCKET LIMITED 
21. ALTARA CREDIT LIMITED 
22. RETAIL BOOSTER LIMITED 
23. FINNEW FINTECH LIMITED 
24. FEZOTECH NIGERIA LIMITED 
25. CITADELE CAPITALS LIMITED 
26. A1 CAPITAL SOLUTION LIMITED 
27. ONE PAYOUT LIMITED 
28. LIDYA GLOBAL LIMITED 
29. RED PLANET NIGERIA LIMITED 
30. KWABA INTERNATIONAL LIMITED
31. MAYWOOD LENDING LIMITED
32. NEW CREDAGE NIGERIA LIMITED 
33. LENDHA TECHNOLOGIES LIMITED 
34. DOJA LEMAIRE GLOBAL LIMITED 
35. PRINCEPS CREDIT SYSTEM LIMITED 
36. FINPADI TECHNOLOGIES LIMITED
37. PAYDAYHUB ONLINE NIGERIA LIMITED 
38. ORANGE LOAN & PURPLE CREDIT LIMITED 
39. LINKPARK TECHNOLOGY NIGERIA LIMITED 
40. LINKPARK TECHNOLOGY NIGERIA LIMITED
41. PHOENIX PAYMENT SOLUTIONS LIMITED 
42. THE PLATFORM DIGITAL NETWORK LIMITED 
43. ORCOM AND ORCOM BUSINESS SUPPORT LIMITED 
44. AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED 

How do I know if a loan app in Nigeria is legitimate or not?

In 2022, the commission in collaboration with other monetary agencies mandated that digital money lenders comply with guidelines which expire on January 31, 2023.  

To know a legitimate loan app in Nigeria, it must follow the guidelines on the operation of loan apps by possessing the following documents:

• Operating licence from the CBN as a digital lender
• Evidence of registration with the Corporate Affairs Commission (CAC)
• Evidence of registration with FCCPC
• Complete form DLG 001 (it requires applicant to provide identification and operation information to FCCPC)
• Complete form DLG 002

Note:

Form DLG 002 contains declarations relating to: 

• Compliance with applicable regulatory requirements; 
• Lawful source of funds
• Conformity with anti-money laundering
• Data protection laws
• Legitimacy

Why FCCPC is taking action against loan sharks

Recently, fraudulent loan apps flood Nigeria by sending unsolicited messages to intending borrowers which prompted the FCCPC to message Google to delist such questionable loan apps.

To know a legitimate loan app, Nigeria’s authorities vetted digital money lenders in Nigeria to curb the menace of unlicensed loan apps also known as loan sharks.

Conclusion:

The above 94 digital money lenders are the most popular legitimate loan app operators in Nigeria.

Reference:

• FCCPC (January 24, 2023). “The Status of Registration of Fintech/Digital Companies with FCCPC on the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending 2022”. fccpc.gov.ng