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:
- ARVE LIMITED ow
- TRADE DEPOT
- PENAID LIMITED
- CSENSE LIMITED
- TAJOW INVESTMENT
- RANKCAPITALS LIMITED
- BE RESOURCES LIMITED
- MENACRED COMPANY LIMITED
- AFROWIDE DEVELOPMENT LTD
- RED PLANET NIGERIA LIMITED
- GROLATECH CREDIT LIMITED
- P2VEST TECHNOLOGY LIMITED
- CREDITWAVE FINANCE LIMITED
- KEENEST TECH SERVICE LIMITED
- FAIRMONEY MICRO FINANCE BANK
- CREVANCE CREDIT LIMITED
- YES CREDIT COMPANY LIMITED
- FUBRIL CENTURY LIMITED
- IRORUN TECHNOLOGIES LIMITED
- SUPREME HELP COOPERATIVE SOCIETY LIMITED
- ORCOM AND ORCOM BUSSINESS SUPORT LIMITED
- PAYHIPPO LIMITED.
- QUARK FINANCIAL NIGERIA LIMITED
- TED ROCKET LIMITED
- PIVO TECHNOLOGY LIMIED
- MANGNET LENDING LIMITED
- RUBYSTAR GLOBAL LIMITED
- BESTFIN NIGERIA LIMITED
- BERLY SPRING GLOBAL LIMITED
- DOVER CREDIT LIMITED
- MAYWOOD LENDING LIMITED
- LENDVISERY SERVICES LIMITED
- CREDITWAVE FINANCE LIMITED
- HOMETOWN FINTECH LIMITED
- ROCKIT LENDERS NIGERIA LIMITED
- FUBRI CENTURY COMPANY LIMITED
- EDMOND SOLUTIONS COMPANY LIMITED
- GIASUN TECHNOLOGY NIGERIA LIMITED
- RAGEKAY GLOBAL INVESTMENT LIMITED
- ALTRACRED FINANCE INVESTIMENT LIMITED
- IBS GOLDEN INVESTMENT COMPANY LIMITED
- BLUE RIDGE MICROFINANCE BANK LIMITED
- LINKPARK TECHNOLOGY NIGERIA LIMITED
- RENMONEY MICROFINANCE BANK LIMITED
- EASYCHECK FINANCE INVESTMENT LIMITED
- SWIPEBILL TECHNOLOGIES NIGERIA LIMITED
- SYCAMORE INTEGRATED SOLUTIONS LIMITED
- BRANCH INTERNATIONAL FINANCIAL SERVICES LIMITED
- 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:
- PAYLATER HUB
- TRIPPDBASE LIMITED
- AJAX LENDING LIMITED
- RACEOVA NIG. LIMITED
- BLACKCOPPER SERVICE
- PENAID LIMITED
- OWOAFAR FINTECH SERVICE
- WINDVILLE FINANCIAL NIGERIA LIMITED
- OTP INTERNET TECHNOLOGY LTD
- RED HARBOR FINTECH LIMITED
- BERYL SPRING GLOBAL LIMITED
- HOMETOWN FINTECH LIMITED
- LANTANA TECHNOLOGY LIMITED
- ZIPPY CAPITAL LIMITED
- NEO-LINK TECHNOLOGY LIMITED
- TRIPOBASE LIMITED
- BESTFIN NIGERIA LIMITED
- POCKETFUEL FINANCE LIMITED
- LENDING EDGE LIMITED
- TED ROCKET LIMITED
- ALTARA CREDIT LIMITED
- RETAIL BOOSTER LIMITED
- FINNEW FINTECH LIMITED
- FEZOTECH NIGERIA LIMITED
- CITADELE CAPITALS LIMITED
- A1 CAPITAL SOLUTION LIMITED
- ONE PAYOUT LIMITED
- LIDYA GLOBAL LIMITED
- RED PLANET NIGERIA LIMITED
- KWABA INTERNATIONAL LIMITED
- MAYWOOD LENDING LIMITED
- NEW CREDAGE NIGERIA LIMITED
- LENDHA TECHNOLOGIES LIMITED
- DOJA LEMAIRE GLOBAL LIMITED
- PRINCEPS CREDIT SYSTEM LIMITED
- FINPADI TECHNOLOGIES LIMITED
- PAYDAYHUB ONLINE NIGERIA LIMITED
- ORANGE LOAN & PURPLE CREDIT LIMITED
- LINKPARK TECHNOLOGY NIGERIA LIMITED
- LINKPARK TECHNOLOGY NIGERIA LIMITED
- PHOENIX PAYMENT SOLUTIONS LIMITED
- THE PLATFORM DIGITAL NETWORK LIMITED
- ORCOM AND ORCOM BUSINESS SUPPORT LIMITED
- 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.
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:
- 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