Last updated on April 4th, 2023 at 10:15 am
There are 173 legitimate loan apps in Nigeria, according to the latest approval notice issued by the Federal Competition and Consumer Protection Commission (FCCPC).
Out of the 173 loan apps that got the green light from the consumer protection agency, 119 of them got full approval while 54 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.
Why FCCPC is taking action against loan sharks
Recently, fraudulent loan apps flood Nigeria. Most of them sent 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.
FCCPC in an updated message says:
“In furtherance to the investigation by Inter-Agency on Joint Task Force on the Digital Lending Apps, the registration of the Apps to the Limited Interim Regulatory Framework and Guidelines for Digital Lending 2022 had commenced.”
FCCPC
Legitimate loans apps in Nigeria with full approval
Digital lenders that have full approval to operate in Nigeria are:
- Creditwave Finance Limited
- Keenest Tech Service Limited
- Fairmoney Micro Finance Bank
- Altracred Finance Investment Limited
- Sycamore Integrated Solutions Limited
- Trade Depot
- Tajow Investment
- Blue Ridge Microfinance Bank Limited
- Grolatech Credit Limited
- Branch International Financial Services Limited
- p2vest Technology Limited
- Crevance Credit Limited
- Menacred Company Limited
- Afrowide Development Ltd
- Red Planet Nigeria Limited
- Be Resources Limited
- Rockit Lenders Nigeria Limited
- Pivo Technology Limied
- Yes Credit Company Limited
- Irorun Technologies Limited
- Csense Limited
- Supreme Help Cooperative Society Limited
- Orcom And Orcom Bussiness Suport Limited
- Payhippo Limited.
- Easycheck Finance Investment Limited
- Quark Financial Nigeria Limited
- Edmond Solutions Company Limited
- Ted Rocket Limited
- Penaid 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
- Arve Limited
- Dover Credit Limited
- Fubri Century Company Limited
- Berly Spring Global Limited
- Rock Financials Limited
- Phoenix Payment Solution Limited
- Ragekay Global Investment Limited
- Maywood Lending Limited
- Linkpark Technology Nigeria Limited
- Mangnet Lending Limited
- Rubystar Global Limited
- Bestfin Nigeria Limited
- Value Driver Technology Solution Limited
- Nextpayday Limited
- Blackcopper Service Limited
- Trafalgar Associate Limited
- Windville Financial Nigeria Limited
- Fast-Point Intergrated Limited
- Apex Lending Limited
- Piska Tech Nigeria Limited
- Princep Credit System 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
- Omalend Service Limited
- Pockful Finance Limited
- Highcredit Nigeria Limited
- Hollandale Nigeria Limited
- Xgo Finance Limited
- Primera Microfinance Bank
- Credit Tech Lending Company
- Prosperity Archipelago Limited
- Finesest Limited
- Singularity Technology Nigeria Ltd
- Pay Financial Technology Service Limited
- a1 Capital Solution Limited
- Newedge Finance Limited
- Papichou Technology Limited
- Goharvest International Limited
- Mino Sparks Limited
- Econ Mart Fintech Limited
- Pennee Technologies 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
- 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
- Veendhq Limited
- Ucplus Advance Limited
- Maven Finance Limited
- Aella Financial Solutions Limited
- Fintcred Innovation Limited
- Afrosay Fintech Limited
- Fluna Capital Limited
- Newedge Finance Limited
- Ta Prime Limited
- Regxta Global Service Ltd
- Provest Limited
- Mim Finance Company
- Jm Rubinus Limited
- Crossroads e-Payment Systems Limited
- Consynergy Limited
Loan Apps with conditional approval
The commission also noted that 54 of the loan apps have conditional approval. It means the ones that got conditional approval have some fixes to make. They are:
- Fintrade Solutions Limited
- u Technology
- Stellar Finance Limited
- Dash Innovations
- Grit-Tech Limited
- Caelum Technologies Limited
- u Thinking Nigeria Limited
- Tripodbase Limited
- Owoafara Fintech Service
- Paydayhub Online Nigeria Limited
- Retail Booster Limited
- Citadele Capitals Limited
- Fewchore Finance Company Limited
- One Payout Limited
- Lidya Global Limited
- Kwaba International Limited
- Ajax Lending Limited
- The Platform Digital Network Limited
- Zippy Capital Limited
- Lending Edge Limited
- Lendha Technologies Limited
- Doja Lemaire Global Limited
- Finpadi Technologies Limited
- Umba Digital Solutions Limited
- Eaton Hill Investment Limited
- Creditpro Business Support Services Ltd
- Rockshield Microfinance
- Dot Microfinance Bank Limited
- Allawee Technologies Limited
- Lucred Technology Limited
- Nolt Finance Limited
- Soko Lending Limited
- Riverbrand Technology Limited
- Muska Tech Limited
- Helppo Africa Limited
- Renners Investment Limited
- Pebble Financial Tech. Limited
- Citygate Global Investment Limited
- Olivermead Investment Limited
- Lighting Finance Technology Nigeria Limited
- Meno Finance Limited
- Hoil Investment Limited.
- Kiredi Rock Company Ltd
- Glosh Tech Limited
- Clemo Fresh Co. Ltd
- Passeco Technology Nig. Ltd
- Trust Cen Limited
- Riverbank Partners Limited
- Prime Avis Investment Services Limited
- Kiakia Bits Limited
- Wealthbridge Capital Partners Limited
- Trivista Capital Limited
- Atimi Lending Ltd
- Zuvy Technologies Limited
Collateral-Free Mobile Loan Apps
Let’s tell you the interest rate of some of the collateral-free mobile loan apps whether you applying to implement your business ideas or any other entrepreneurial goals you set to achieve.
Some of them have fair interest rate while some of them are not really designed for a small business because their interest rate could kill a small business.
We can’t deny the fact that due to the Fintech uprising in Nigeria, online lending startups are making it easier for businesses and private individuals to obtain quick loans to boost their business
So, let’s get started…
The interest rate of collateral-free mobile loan apps in Nigeria
Let’s pick just five
FairMoney
FairMoney provides short-term loans to help cover immediate needs, bills, business and much more.
They give access to loans at any time and anywhere within 5 minutes after the loan is approved. FairMoney packages include personal loans, business loans, education loans, and more.
With the operative use of technology, they are able to make available a quick and efficient loan app to all their customers.
Interest Rate of FairMoney: From 10% to 30% per month
Our Take:
With 10%-30% interest rate on fairmoney loan wasn’t basically designed for small businesses. A growing business or a startup can’t sustain on such a high-interest rate.
This is only suitable for someone who wants to take a loan of N10, 000 and repay within 15 to 30 days.
KiaKia
KiaKia is one of the collateral-free mobile loan apps in Nigeria that allows you access to personal and small business loans and also permits savers to lend out monies at discussed interests via instinctive conversations.
KiaKia makes use of psychometry, big data, machine learning and digital forensics for its exclusive credit scoring and credit risk calculation algorithm to make available direct and peered personal and business loans to millions of people and SMEs without credit information.
Interest rate of KiaKia Loan: 3.5% per month and the minimum amount you can borrow is N50, 000
Aella Credit
Aella Credit is a platform that makes it easy for people in Africa to gain access to funds.
Though majorly focused on employee lending and enablement, the platform was associated with three main credit bureau organizations in Nigeria to provide quick and easy loans with no paperwork to its users.
Aella Credit makes use of an exclusive credit scoring algorithm to decide the creditworthiness of its users.
The algorithm, which was developed after over five years of obtaining market data and analysis, processes an applicant’s admissibility for a loan by taking into consideration demographic and social factors and also their income-to-debt ratio.
You can take between N1,500 to N700,000 in Nigeria on this platform.
Aella credit Aella Credit: 4% – 29% monthly
Carbon (Formerly Paylater)
Formerly known as Paylater, carbon loan app is one of the pioneer collateral-free mobile loan apps in Nigeria.
It is an easy-to-use and wholly online lending medium that affords short-term loans to individuals and small business owners in Nigeria to help cover unforeseen expenditures or immediate cash needs.
With Paylater, you can have access to about N500,000 loan with no security. Once your application is accepted, funds are immediately credited to your account between 1 – 3 business days.
Timely repayments of the loan can grant you access to a much higher credit limit for your next loan.
The interest rate of Carbon loan: 12%-15%.
The interest rate on Carbon loan app depends on the risk level. But your access to loan on Carbon depends on your repayment trustworthiness.
If you failed to repay as at when due, your next application may be declined or delayed till another date.
Branch
Branch is a simple but dominant mobile loan app in Nigeria and Kenya. Obtaining instant loans on Branch App is so quick and easy to do. It will provide support to sort out your financial issues in real time.
Branch app gives out loans from ₦1,500 to ₦150,000. Loan terms range between 4 – 64 weeks.
Branch loan interest rate: 14% – 28% with equal monthly interest of 1% – 21%, depending on the selected loan option.
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 the 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
Are there any government-approved loan apps in Nigeria?
Yes, there are 173 government-approved loan apps in Nigeria
How can I identify scam loan apps in Nigeria?
Fraudulent loan apps are notorious for sending unsolicited messages and calling you that someone presented you as their referee. They are scams! The legitimate ones must meet registration guidelines and don’t indulge in these dubious acts.
Conclusion:
The above 173 collateral-free legitimate loan apps in Nigeria are the most popular and have met the requirements and conditions of operation 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
