In recent years, loan apps have become increasingly popular in Nigeria. They offer a convenient way for people to access quick loans without the hassle of visiting a bank or filling out lengthy paperwork. However, with so many loan apps available, it’s important to ensure that the app you’re using is registered and approved by the Central Bank of Nigeria (CBN).
The CBN is responsible for regulating and supervising financial institutions in Nigeria. As part of its mandate, the CBN has a list of approved loan apps that are legal and registered to provide loans in Nigeria. Using an unregistered loan app can put you at risk of fraud, identity theft, and other financial crimes.
List Of Loan Apps Approved By CBN
Here’s a list of loan apps that are approved by the CBN:
Carbon (formerly Paylater)
Carbon is a loan app that allows you to access loans of up to ₦1 million without collateral. The app also offers investment opportunities and bill payment services. Carbon is registered and approved by the CBN and has been in operation since 2016.
Renmoney is a loan app that provides personal and business loans to individuals and SMEs in Nigeria. The app offers loans of up to ₦6 million without collateral and has a repayment period of up to 24 months. Renmoney is registered and approved by the CBN and has been in operation since 2012.
FairMoney is a loan app that offers quick loans of up to ₦500,000 without collateral. The app also offers bill payment services and investment opportunities. FairMoney is registered and approved by the CBN and has been in operation since 2017.
Palmcredit is a loan app that offers loans of up to ₦100,000 without collateral. The app also offers investment opportunities and bill payment services. Palmcredit is registered and approved by the CBN and has been in operation since 2018.
KiaKia is a loan app that offers quick loans of up to ₦200,000 without collateral. The app also offers investment opportunities and bill payment services. KiaKia is registered and approved by the CBN and has been in operation since 2016.
Branch is a loan app that offers loans of up to ₦200,000 without collateral. The app also offers investment opportunities and bill payment services. The Branch is registered and approved by the CBN and has been in operation since 2015.
Aella Credit is a loan app that offers personal and business loans of up to ₦1 million without collateral. The app also offers investment opportunities and bill payment services. Aella Credit is registered and approved by the CBN and has been in operation since 2015.
Kuda Bank Loan App
Kuda Bank is a mobile-first digital bank that offers a range of financial services including loans. The Kuda loan app provides loans of up to ₦200,000 with no collateral or paperwork required. The platform also offers flexible repayment options and competitive interest rates.
Specta Loan App
Specta is a licensed online lending platform that provides loans of up to ₦5 million to individuals and small businesses. The platform uses a proprietary credit scoring system to evaluate borrowers and determine their creditworthiness. The Specta loan app also offers flexible repayment options and competitive interest rates.
KwikCash is a mobile loan app owned by 9mobile, a telecommunications company in Nigeria. The app provides quick loans to individuals and small businesses with minimal documentation. KwikCash is approved by the CBN.
These loan apps have been approved by the CBN and are legal to use in Nigeria. However, it’s important to read and understand the terms and conditions of each app before applying for a loan. This will help you avoid hidden charges and ensure that you can comfortably repay the loan within the stipulated period.
Full List Of Loan Apps Approved By CBN in Nigeria
The Federal Competition and Consumer Protection Commission (FCCPC) in Nigeria has released a list of loan apps that have been approved to operate in the country. A total of 119 loan apps have been given full approvals, while 54 have been given conditional authorizations. The move by the FCCPC aims to control the digital lending market and make registration and approval a requirement for companies seeking to operate in the space. Some of the approved loan apps include Branch International Financial Services Limited, Fairmoney Micro Finance Bank, Pivo Technology Limited, Renmoney Microfinance Bank Limited, Carbon Microfinance Bank Limited, and Creditwave Finance Limited. Loans without FCCPC approval will be removed from the Google Play Store and will not be available for download. The move follows years of harassment and cyberbullying that some loan app companies have reportedly unleashed on Nigerians.
- SYCAMORE INTEGRATED SOLUTIONS LIMITED
- TRADE DEPOT
- TAJOW INVESTMENT
- BLUE RIDGE MICROFINANCE BANK LIMITED
- GROLATECH CREDIT LIMITED
- BRANCH INTERNATIONAL FINANCIAL SERVICES LIMITED
- P2VEST TECHNOLOGY LIMITED
- CREDITWAVE FINANCE LIMITED
- KEENEST TECH SERVICE LIMITED
- FAIRMONEY MICRO FINANCE BANK
- ALTRACRED FINANCE INVESTMENT LIMITED
- CREVANCE CREDIT LIMITED
- MENACRED COMPANY LIMITED
- AFROWIDE DEVELOPMENT LTD
- RED PLANET NIGERIA 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
- 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
- ARVE LIMITED
- DOVER CREDIT LIMITED
- RAGEKAY GLOBAL INVESTMENT LIMITED
- MAYWOOD LENDING LIMITED
- LINKPARK TECHNOLOGY NIGERIA LIMITED
- MANGNET LENDING LIMITED
- RUBYSTAR GLOBAL LIMITED
- BESTFIN NIGERIA LIMITED
- FUBRI CENTURY COMPANY LIMITED
- BERLY SPRING GLOBAL LIMITED
- ROCK FINANCIALS LIMITED
- PHOENIX PAYMENT SOLUTION LIMITED
- VALUE DRIVER TECHNOLOGY SOLUTION LIMITED
- NEXTPAYDAY LIMITED
- BLACKCOPPER SERVICE LIMITED
- TRAFALGAR ASSOCIATE LIMITED
- WINDVILLE FINANCIAL NIGERIA 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
- FAST-POINT INTERGRATED LIMITED
- APEX LENDING LIMITED
- PISKA TECH NIGERIA LIMITED
- PRINCEP CREDIT SYSTEM LIMITED
- OMALEND SERVICE LIMITED
- POCKFUL FINANCE LIMITED
- HIGHCREDIT NIGERIA LIMITED
- HOLLANDALE NIGERIA LIMITED
- PAY FINANCIAL TECHNOLOGY SERVICE LIMITED
- A1 CAPITAL SOLUTION LIMITED
- NEWEDGE FINANCE LIMITED
- PAPICHOU TECHNOLOGY LIMITED
- GOHARVEST INTERNATIONAL LIMITED
- MINO SPARKS LIMITED
- XGO FINANCE LIMITED
- PRIMERA MICROFINANCE BANK
- CREDIT TECH LENDING COMPANY
- PROSPERITY ARCHIPELAGO LIMITED
- FINESEST LIMITED
- SINGULARITY TECHNOLOGY NIGERIA LTD
- ECON MART FINTECH LIMITED
- PENNEE TECHNOLOGIES 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
- 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
- VEENDHQ LIMITED
- UCPLUS ADVANCE LIMITED
- MAVEN FINANCE LIMITED
- AELLA FINANCIAL SOLUTIONS LIMITED
- FLUNA CAPITAL LIMITED
- NEWEDGE FINANCE LIMITED
- TA PRIME LIMITED
- REGXTA GLOBAL SERVICE LTD
- PROVEST LIMITED
- JM RUBINUS LIMITED
- CROSSROADS E-PAYMENT SYSTEMS LIMITED
- CONSYNERGY LIMITED
- FINTCRED INNOVATION LIMITED
- AFROSAY FINTECH LIMITED
- MIM FINANCE COMPANY
- TRIPODBASE LIMITED
- OWOAFARA FINTECH SERVICE
- AJAX LENDING LIMITED
- THE PLATFORM DIGITAL NETWORK LIMITED
- ZIPPY CAPITAL LIMITED
- LENDING EDGE LIMITED
- LENDHA TECHNOLOGIES LIMITED
- DOJA LEMAIRE GLOBAL LIMITED
- PAYDAYHUB ONLINE NIGERIA LIMITED
- RETAIL BOOSTER LIMITED
- CITADELE CAPITALS LIMITED
- FEWCHORE FINANCE COMPANY LIMITED
- ONE PAYOUT LIMITED
- LIDYA GLOBAL LIMITED
- KWABA INTERNATIONAL LIMITED
- FINPADI TECHNOLOGIES LIMITED
- UMBA DIGITAL SOLUTIONS LIMITED
- FINTRADE SOLUTIONS LIMITED
- U TECHNOLOGY
- STELLAR FINANCE LIMITED
- DASH INNOVATIONS
- GRIT-TECH LIMITED
- CAELUM TECHNOLOGIES LIMITED
- U THINKING NIGERIA LIMITED
- EATON HILL INVESTMENT LIMITED
- CREDITPRO BUSINESS SUPPORT SERVICES LTD
- MUSKA TECH LIMITED
- HELPPO AFRICA LIMITED
- RENNERS INVESTMENT LIMITED
- PEBBLE FINANCIAL TECH. LIMITED
- KIAKIA BITS LIMITED
- WEALTHBRIDGE CAPITAL PARTNERS LIMITED
- TRIVISTA CAPITAL LIMITED
- ATIMI LENDING LTD
- ZUVY TECHNOLOGIES LIMITED
- ROCKSHIELD MICROFINANCE
- DOT MICROFINANCE BANK LIMITED
- ALLAWEE TECHNOLOGIES LIMITED
- LUCRED TECHNOLOGY LIMITED
- NOLT FINANCE LIMITED
- SOKO LENDING 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
- RIVERBRAND TECHNOLOGY LIMITED
Now, let’s answer some frequently asked questions about loan apps and the CBN:
Can loan apps use my BVN?
Yes, loan apps may require your BVN as part of the Know Your Customer (KYC) requirements for opening an account. However, it is important to ensure that the loan app is registered and licensed by the CBN before providing any sensitive information.
Is Opay truly licensed by CBN?
Yes, Opay is licensed and regulated by the CBN. The company obtained its license to operate as a Payment Service Bank (PSB) in Nigeria in November 2020.
Is Palmcredit registered under CBN?
Yes, Palmcredit is registered and licensed by the CBN. The loan app is operated by Transnet Financial Nigeria Limited, a subsidiary of Transsion Holdings, the parent company of popular smartphone brands such as Infinix and Tecno.
Is FairMoney registered with CBN?
Yes, FairMoney is registered and licensed by the CBN. The loan app provides quick and easy access to loans for individuals and small businesses in Nigeria.
Which loan apps don’t require BVN in Nigeria?
While most loan apps require BVN as part of their KYC requirements, there are a few that do not. Examples of loan apps that do not require BVN include KwikCash and Aella Credit.
Is Quick Credit approved by CBN?
Yes, Quick Credit is approved and licensed by the CBN. The loan app is operated by Access Bank, one of the leading commercial banks in Nigeria.
Is it safe to use loan apps in Nigeria?
Yes, it is safe to use loan apps in Nigeria as long as you use a registered loan app that is approved by the CBN. These loan apps are required to adhere to certain regulations to ensure the safety and security of their users’ personal and financial information.
What should I do if I encounter a fake loan app?
If you encounter a fake loan app, you should immediately report it to the appropriate authorities. You can report the app to the CBN, the Nigeria Interbank Settlement System (NIBSS), and the Nigerian Communications Commission (NCC). You should also warn others about the app and encourage them to report it as well.
Can loan apps use my personal information for fraudulent activities?
Registered loan apps that are approved by the CBN are required to adhere to certain regulations to protect users’ personal and financial information. However, it is important to be cautious when providing personal information to any loan app and to only use apps that are reputable and trustworthy.
Are there any loan apps that don’t require collateral?
Yes, there are loan apps in Nigeria that do not require collateral. These apps typically use other factors, such as credit scores or social media profiles, to determine eligibility for loans.
Can loan apps charge exorbitant interest rates?
Registered loan apps that are approved by the CBN are required to adhere to certain regulations regarding interest rates. However, it is important to read the terms and conditions of any loan app carefully before agreeing to a loan, to ensure that the interest rates and fees are reasonable and transparent.
Can I apply for multiple loans from different loan apps at the same time?
It is possible to apply for loans from multiple loan apps at the same time, but it is important to be cautious and responsible when borrowing money. Applying for multiple loans can lead to financial overextension and difficulty in repaying the loans. It is important to borrow only what you need and can afford to repay and to carefully consider the terms and conditions of each loan before agreeing to it.
In conclusion, loan apps have become an increasingly popular way for Nigerians to access quick and convenient loans. However, it is important to be cautious when using loan apps and to only use those that are registered and approved by the Central Bank of Nigeria (CBN).
The CBN has approved several loan apps that are safe and legal for Nigerian consumers to use, including FairMoney, Palmcredit, Carbon, Renmoney, and more. These loan apps offer a range of loan products and have varying requirements, so it’s important to carefully review their terms and conditions before applying for a loan.
It’s also important to be aware of the risks associated with loan apps, such as the potential for fraud and the risk of sharing personal information. Consumers should always protect their personal and financial information and only use loan apps that are reputable and secure. Overall, loan apps can be a useful tool for accessing credit and financial services in Nigeria, but it’s important to be informed and cautious when using them. By using only approved loan apps and being vigilant about security and privacy, consumers can enjoy the benefits of convenient and accessible loans while minimizing their risks.