list of loan apps approved by cbn

Full List Of Loan Apps Approved By CBN in Nigeria

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

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

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

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

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

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

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.

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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:

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.

FULLY APPROVED

  1. SYCAMORE INTEGRATED SOLUTIONS LIMITED
  2. TRADE DEPOT
  3. TAJOW INVESTMENT
  4. BLUE RIDGE MICROFINANCE BANK LIMITED
  5. GROLATECH CREDIT LIMITED
  6. BRANCH INTERNATIONAL FINANCIAL SERVICES LIMITED
  7. P2VEST TECHNOLOGY LIMITED
  8. CREDITWAVE FINANCE LIMITED
  9. KEENEST TECH SERVICE LIMITED
  10. FAIRMONEY MICRO FINANCE BANK
  11. ALTRACRED FINANCE INVESTMENT LIMITED
  12. CREVANCE CREDIT LIMITED
  13. MENACRED COMPANY LIMITED
  14. AFROWIDE DEVELOPMENT LTD
  15. RED PLANET NIGERIA LIMITED
  16. AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED
  17. RANKCAPITAL LIMITED
  18. IBS GOLDEN INVESTMENT COMPANY LIMITED
  19. LENDVISERY SERVICES LIMITED
  20. RENMONEY MICROFINANCE BANK LIMITED
  21. SWIPEBILL TECHNOLOGIES NIGERIA LIMITED
  22. HOMETOWN FINTECH LIMITED
  23. GIASUN TECHNOLOGY NIGERIA LIMITED
  24. BE RESOURCES LIMITED
  25. ROCKIT LENDERS NIGERIA LIMITED
  26. PIVO TECHNOLOGY LIMIED
  27. YES CREDIT COMPANY LIMITED
  28. IRORUN TECHNOLOGIES LIMITED
  29. CSENSE LIMITED
  30. SUPREME HELP COOPERATIVE SOCIETY LIMITED
  31. ORCOM AND ORCOM BUSSINESS SUPORT LIMITED
  32. PAYHIPPO LIMITED.
  33. EASYCHECK FINANCE INVESTMENT LIMITED
  34. QUARK FINANCIAL NIGERIA LIMITED
  35.  EDMOND SOLUTIONS COMPANY LIMITED
  36. TED ROCKET LIMITED
  37. PENAID LIMITED
  38. ARVE LIMITED
  39. DOVER CREDIT LIMITED
  40.  RAGEKAY GLOBAL INVESTMENT LIMITED
  41.  MAYWOOD LENDING LIMITED
  42. LINKPARK TECHNOLOGY NIGERIA LIMITED
  43.  MANGNET LENDING LIMITED
  44. RUBYSTAR GLOBAL LIMITED
  45. BESTFIN NIGERIA LIMITED
  46. FUBRI CENTURY COMPANY LIMITED
  47. BERLY SPRING GLOBAL LIMITED
  48. ROCK FINANCIALS LIMITED
  49. PHOENIX PAYMENT SOLUTION LIMITED
  50. VALUE DRIVER TECHNOLOGY SOLUTION LIMITED
  51. NEXTPAYDAY LIMITED
  52. BLACKCOPPER SERVICE LIMITED
  53. TRAFALGAR ASSOCIATE LIMITED
  54. WINDVILLE FINANCIAL NIGERIA LIMITED
  55. ORANGE LOAN & PURPLE CREDIT LIMITED
  56. CARBON MICROFINANCE BANK LIMITED
  57. NEO-LINK TECHNOLOGY COMPANY LIMITED
  58. FINNEW FINTECH LIMITED
  59. OTP INTERNET TECHNOLOGY LIMITED
  60. RED HARBOR FINTECH LIMITED
  61.  PAYLATER HUB LIMITED
  62. SKITLOAN NIGERIA LIMITED
  63. RACEOVA NIG. LIMITED
  64. NEW CREDAGE NIGERIA LIMITED
  65. BETTERLENDING COMPANY LIMITED
  66. FAST-POINT INTERGRATED LIMITED
  67. APEX LENDING LIMITED
  68. PISKA TECH NIGERIA LIMITED
  69. PRINCEP CREDIT SYSTEM LIMITED
  70. OMALEND SERVICE LIMITED
  71. POCKFUL FINANCE LIMITED
  72. HIGHCREDIT NIGERIA LIMITED
  73. HOLLANDALE NIGERIA LIMITED
  74. PAY FINANCIAL TECHNOLOGY SERVICE LIMITED
  75. A1 CAPITAL SOLUTION LIMITED
  76. NEWEDGE FINANCE LIMITED
  77. PAPICHOU TECHNOLOGY LIMITED
  78. GOHARVEST INTERNATIONAL LIMITED
  79. MINO SPARKS LIMITED
  80. XGO FINANCE LIMITED
  81. PRIMERA MICROFINANCE BANK
  82. CREDIT TECH LENDING COMPANY
  83. PROSPERITY ARCHIPELAGO LIMITED
  84. FINESEST LIMITED
  85. SINGULARITY TECHNOLOGY NIGERIA LTD
  86. ECON MART FINTECH LIMITED
  87. PENNEE TECHNOLOGIES LIMITED
  88. OXYMON SOLUTION LIMITED
  89. LANTANA TECHNOLOGY LIMITED
  90. APPLINK CAPITAL NIGERIA LIMITED
  91. YEGON TECH LIMITED
  92. FEZOTECH NIGERIA LIMITED
  93. ERIC VSTA LIMITED
  94. MOBLASPAY COMPANY LIMITED
  95. PAYCREDIT LIMITED
  96. NIZ SERVICES LIMITED
  97. MINO SPARKS LIMITED
  98. FLO WOOD LENDING
  99. LIBERTY ASSURED LIMITED
  100. UNI TECHNOLOGY NIGERIA LTD
  101. TRADE LENDA COM LIMITED
  102. CREDITVILLE MICROFINANCE BANK LTD
  103. LETSHEGO MICROFINANCE BANK LTD
  104. KIOWOPE CAPITAL LIMITED
  105. VEENDHQ LIMITED
  106. UCPLUS ADVANCE LIMITED
  107. MAVEN FINANCE LIMITED
  108. AELLA FINANCIAL SOLUTIONS LIMITED
  109. FLUNA CAPITAL LIMITED
  110. NEWEDGE FINANCE LIMITED
  111. TA PRIME LIMITED
  112. REGXTA GLOBAL SERVICE LTD
  113. PROVEST LIMITED
  114. JM RUBINUS LIMITED
  115. CROSSROADS E-PAYMENT SYSTEMS LIMITED
  116. CONSYNERGY LIMITED
  117. FINTCRED INNOVATION LIMITED
  118. AFROSAY FINTECH LIMITED
  119. MIM FINANCE COMPANY
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CONDITIONAL APPROVAL

  1. TRIPODBASE LIMITED
  2. OWOAFARA FINTECH SERVICE
  3. AJAX LENDING LIMITED
  4. THE PLATFORM DIGITAL NETWORK LIMITED
  5. ZIPPY CAPITAL LIMITED
  6. LENDING EDGE LIMITED
  7. LENDHA TECHNOLOGIES LIMITED
  8. DOJA LEMAIRE GLOBAL LIMITED
  9. PAYDAYHUB ONLINE NIGERIA LIMITED
  10. RETAIL BOOSTER LIMITED
  11. CITADELE CAPITALS LIMITED
  12. FEWCHORE FINANCE COMPANY LIMITED
  13. ONE PAYOUT LIMITED
  14. LIDYA GLOBAL LIMITED
  15. KWABA INTERNATIONAL LIMITED
  16. FINPADI TECHNOLOGIES LIMITED
  17. UMBA DIGITAL SOLUTIONS LIMITED
  18. FINTRADE SOLUTIONS LIMITED
  19. U TECHNOLOGY
  20. STELLAR FINANCE LIMITED
  21. DASH INNOVATIONS
  22. GRIT-TECH LIMITED
  23. CAELUM TECHNOLOGIES LIMITED
  24. U THINKING NIGERIA LIMITED
  25. EATON HILL INVESTMENT LIMITED
  26. CREDITPRO BUSINESS SUPPORT SERVICES LTD
  27. MUSKA TECH LIMITED
  28. HELPPO AFRICA LIMITED
  29. RENNERS INVESTMENT LIMITED
  30. PEBBLE FINANCIAL TECH. LIMITED
  31. KIAKIA BITS LIMITED
  32. WEALTHBRIDGE CAPITAL PARTNERS LIMITED
  33. TRIVISTA CAPITAL LIMITED
  34. ATIMI LENDING LTD
  35. ZUVY TECHNOLOGIES LIMITED
  36. ROCKSHIELD MICROFINANCE
  37. DOT MICROFINANCE BANK LIMITED
  38. ALLAWEE TECHNOLOGIES LIMITED
  39. LUCRED TECHNOLOGY LIMITED
  40. NOLT FINANCE LIMITED
  41. SOKO LENDING LIMITED
  42. CITYGATE GLOBAL INVESTMENT LIMITED
  43. OLIVERMEAD INVESTMENT LIMITED
  44. LIGHTING FINANCE TECHNOLOGY NIGERIA LIMITED
  45. MENO FINANCE LIMITED
  46. HOIL INVESTMENT LIMITED.
  47. KIREDI ROCK COMPANY LTD
  48. GLOSH TECH LIMITED
  49. CLEMO FRESH CO. LTD
  50. PASSECO TECHNOLOGY NIG. LTD
  51. TRUST CEN LIMITED
  52. RIVERBANK PARTNERS LIMITED
  53. PRIME AVIS INVESTMENT SERVICES LIMITED
  54. RIVERBRAND TECHNOLOGY LIMITED

FAQ

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.

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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.

Conclusion

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.

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