There Are 173 Legitimate Loan Apps In Nigeria, Check Them To Avoid Scams

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.


Legitimate loans apps in Nigeria with full approval

Digital lenders that have full approval to operate in Nigeria are:

  1. Creditwave Finance Limited
  2. Keenest Tech Service Limited
  3. Fairmoney Micro Finance Bank
  4. Altracred Finance Investment Limited
  5. Sycamore Integrated Solutions Limited
  6. Trade Depot 
  7. Tajow Investment
  8. Blue Ridge Microfinance Bank Limited
  9. Grolatech Credit Limited
  10. Branch International Financial Services Limited
  11. p2vest Technology Limited
  12. Crevance Credit Limited
  13. Menacred Company Limited
  14. Afrowide Development Ltd
  15. Red Planet Nigeria Limited
  16. Be Resources Limited
  17. Rockit Lenders Nigeria Limited
  18. Pivo Technology Limied
  19. Yes Credit Company Limited
  20. Irorun Technologies Limited
  21. Csense Limited
  22. Supreme Help Cooperative Society Limited
  23. Orcom And Orcom Bussiness Suport Limited
  24. Payhippo Limited.
  25. Easycheck Finance Investment Limited
  26. Quark Financial Nigeria Limited
  27.  Edmond Solutions Company Limited
  28. Ted Rocket Limited
  29. Penaid Limited
  30. Afrofirst Mobile And Technology Company Limited
  31. Rankcapital Limited
  32. Ibs Golden Investment Company Limited
  33. Lendvisery Services Limited
  34. Renmoney Microfinance Bank Limited
  35. Swipebill Technologies Nigeria Limited
  36. Hometown Fintech Limited
  37. Giasun Technology Nigeria Limited
  38. Arve Limited
  39. Dover Credit Limited
  40. Fubri Century Company Limited
  41. Berly Spring Global Limited
  42. Rock Financials Limited
  43. Phoenix Payment Solution Limited
  44. Ragekay Global Investment Limited
  45. Maywood Lending Limited
  46. Linkpark Technology Nigeria Limited
  47. Mangnet Lending Limited
  48. Rubystar Global Limited
  49. Bestfin Nigeria Limited
  50. Value Driver Technology Solution Limited
  51. Nextpayday Limited
  52. Blackcopper Service Limited
  53. Trafalgar Associate Limited
  54. Windville Financial Nigeria Limited
  55. Fast-Point Intergrated Limited
  56. Apex Lending Limited
  57. Piska Tech Nigeria Limited
  58. Princep Credit System Limited
  59. Orange Loan & Purple Credit Limited
  60. Carbon Microfinance Bank Limited
  61. Neo-Link Technology Company Limited
  62. Finnew Fintech Limited
  63. Otp Internet Technology Limited
  64. Red Harbor Fintech Limited
  65.  Paylater Hub Limited
  66. Skitloan Nigeria Limited
  67. Raceova Nig. Limited
  68. New Credage Nigeria Limited
  69. Betterlending Company Limited
  70. Omalend Service Limited
  71. Pockful Finance Limited
  72. Highcredit Nigeria Limited
  73. Hollandale Nigeria Limited
  74. Xgo Finance Limited
  75. Primera Microfinance Bank
  76. Credit Tech Lending Company
  77. Prosperity Archipelago Limited
  78. Finesest Limited
  79. Singularity Technology Nigeria Ltd
  80. Pay Financial Technology Service Limited
  81. a1 Capital Solution Limited
  82. Newedge Finance Limited
  83. Papichou Technology Limited
  84. Goharvest International Limited
  85. Mino Sparks Limited
  86. Econ Mart Fintech Limited
  87. Pennee Technologies Limited
  88. Flo Wood Lending
  89. Liberty Assured Limited
  90. Uni Technology Nigeria Ltd
  91. Trade Lenda Com Limited
  92. Creditville Microfinance Bank Ltd
  93. Letshego Microfinance Bank Ltd
  94. Kiowope Capital Limited
  95. Oxymon Solution Limited
  96. Lantana Technology Limited
  97. Applink Capital Nigeria Limited
  98. Yegon Tech Limited
  99. Fezotech Nigeria Limited
  100. Eric Vsta Limited
  101. Moblaspay Company Limited
  102. Paycredit Limited
  103. Niz Services Limited
  104. Mino Sparks Limited
  105. Veendhq Limited
  106. Ucplus Advance Limited
  107. Maven Finance Limited
  108. Aella Financial Solutions Limited
  109. Fintcred Innovation Limited
  110. Afrosay Fintech Limited
  111. Fluna Capital Limited
  112. Newedge Finance Limited
  113. Ta Prime Limited
  114. Regxta Global Service Ltd
  115. Provest Limited
  116. Mim Finance Company
  117. Jm Rubinus Limited
  118. Crossroads e-Payment Systems Limited
  119. Consynergy Limited
Also Read:  Types of Loans Offered By All Nigerian Banks

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:

  1. Fintrade Solutions Limited
  2. u Technology
  3. Stellar Finance Limited
  4. Dash Innovations
  5. Grit-Tech Limited
  6. Caelum Technologies Limited
  7. u Thinking Nigeria Limited
  8. Tripodbase Limited 
  9. Owoafara Fintech Service
  10. Paydayhub Online Nigeria Limited
  11. Retail Booster Limited
  12. Citadele Capitals Limited
  13. Fewchore Finance Company Limited
  14. One Payout Limited
  15. Lidya Global Limited                    
  16. Kwaba International Limited
  17. Ajax Lending Limited
  18. The Platform Digital Network Limited
  19. Zippy Capital Limited
  20. Lending Edge Limited
  21. Lendha Technologies Limited
  22. Doja Lemaire Global Limited
  23. Finpadi Technologies Limited
  24. Umba Digital Solutions Limited
  25. Eaton Hill Investment Limited
  26. Creditpro Business Support Services Ltd
  27. Rockshield Microfinance
  28. Dot Microfinance Bank Limited
  29. Allawee Technologies Limited
  30. Lucred Technology Limited
  31. Nolt Finance Limited
  32. Soko Lending Limited
  33. Riverbrand Technology Limited
  34. Muska Tech Limited
  35. Helppo Africa Limited
  36. Renners Investment Limited
  37. Pebble Financial Tech. Limited
  38. Citygate Global Investment Limited
  39. Olivermead Investment Limited
  40. Lighting Finance Technology Nigeria Limited
  41. Meno Finance Limited
  42. Hoil Investment Limited.
  43. Kiredi Rock Company Ltd
  44. Glosh Tech Limited
  45. Clemo Fresh Co. Ltd
  46. Passeco Technology Nig. Ltd
  47. Trust Cen Limited
  48. Riverbank Partners Limited
  49. Prime Avis Investment Services Limited
  50. Kiakia Bits Limited
  51. Wealthbridge Capital Partners Limited
  52. Trivista Capital Limited
  53. Atimi Lending Ltd
  54. 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.

Also Read:  Jaiz Bank Gets Over N10Billion From IsDB To Support SMEs in Nigeria

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 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 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.

Also Read:  10 Things To Do Before Applying for BOI Loans

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 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


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.


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.


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