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 
Also Read:  Importance of COVID-19 TCF Reference Number On NMFB Portal

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
Also Read:  100 for 100 PPP CBN Loan Application Process

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.

Are there any government-approved loan apps in Nigeria?

Yes, there are 94 government-approved loan apps in Nigeria

Are there any loan apps in Nigeria that are not scams?

There are fraudulent loan apps in Nigeria. They send unsolicited messages and call you that someone presented you as their referee. They are scams! The legitimate ones must meet registration guidelines

Conclusion:

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

Reference:

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