The FCCPC has finally given its nod to 173 registered loan apps in Nigeria after the online lending platforms successfully scaled through the rigorous approval process of the regulatory agency.
The Federal Competition and Consumer Protection Commission (FCCPC) have finally given operational approval after formally registering 173 digital lending applications and loan apps in Nigeria.
Of these, 119 have full approvals while the other 54 have conditional approvals. The move follows a registration drive launched by the FCCPC aimed at protecting citizens from the unsavoury practices of loan apps.
The regulatory body released a ‘Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022’ document to regulate the digital lending space and make registration and approval a prerequisite for companies seeking to operate in the sector.
Operations of fake loan apps and illegal lending companies led to the intervention of the FCCPC’s approval of loan apps legally permitted to operate across the country.
The FCCPC has now released a list of approved loan apps that can operate in the country. Companies without approval will not be able to operate in the digital lending space. Google has also taken action to enforce regulatory compliance, removing unapproved loan apps from its Play Store in Kenya in March.
The FCCPC released a statement in August 2022, outlining its efforts to create a clear regulatory framework for digital lending.
Recall our various reports how many borrowers and customers have been faced with the fraudulent activities, harassment and social shaming from various loan sharks, many times such extending to family and contact list of the victim.
The commission had earlier stated that the “inter-agency Joint Regulatory and Enforcement Task Force has developed and mutually adopted a Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending, 2022 as the first and interim step to establishing a clear regulatory framework.”
The guidelines are enforceable immediately and mandate different service providers in the relevant ecosystem to require regulatory approval before providing services.
FCCPC disclosed on its website that “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. Please find attached the list of the companies/Digital Lending Apps for the Commission’s Website.”
List of FG Fully Approved and Registered Loan Apps in Nigeria
Some of the registered loan apps in Nigeria that have been approved and given micro-lending licence to conduct their operations across the country whether online or offline include Sycamore Solutions, Trade Depot, Tajow Investment, Blue Ridge, Grolatech Credit, Branch, P2Vest, Creditwave, Keenest Tech, FairMoney, Altracred Finance, Crevance, Menacred, Irorun, Orange Loan, Carbon, OTP, NextPayDay, NewEdge, and Aella Credit among others.
Below is the full list of approved loan apps legally permitted to operate in Nigeria:
- 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
List of Loan Apps in Nigeria Granted Conditional Approval
Find below list of loan apps in Nigeria that have been granted conditional operational licence:
- 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
What Are The Top 10 Loan Apps in Nigeria To Borrow Money Right Now in 2023?
The most credible and reliable top 10 loan apps in Nigeria to borrow money right now in 2023 include Carbon, FairMoney, Aella Credit, Umba, QuickCheck, GTB Quick Credit App, ALAT by Wema, Money in Minutes among others. These lending applications protect their customers data privacy and approve loan with lowest interest without collateral, documentation or paperwork.
What Is The Best Loan App in Nigeria in 2022/2023?
Some of the best loan app in Nigeria in 2023 for instant lending and fast disbursement include Branch App, Carbon App, FairMoney App, Aella App, Umba App, Renmoney App, QuickCheck, Money in Minutes and Lendigo App among other reliable and legit platforms. These applications are very fast in loan approval process and need no collateral, documentation or physical office visit, as is common with conventional money deposit banks.
What Are The Top 20 Loan App in Nigeria?
The following are the top 20 loan apps in Nigeria for instant lending and disbursement: Branch App, Carbon App, FairMoney App, Aella Credit App, Irorun App, Kiakia App, Money in Minutes App, Umba App, Renmoney and QuickCheck among others.
None of the top 20 lending platform in Nigeria require collateral, documentation or need for any physical office visit. You can simply apply for a quick loan anytime anywhere and get your cash approved and transferred to your bank account within a few minutes.
What is the List of Fake Loan Apps in Nigeria?
The most dangerous list of fake loan apps and lending platforms in Nigeria include: Cash Mall, CashLion, FastMoney, LendCash, BorrowNow, LCredit, NairaPlus, 9ja Cash, Cash Wallet, 9Credit, Sokoloan, Palmcash, Ease Cash, ForNaira, KashKash, Rapid Naira, EasyMoni, among others. Many have been scammed and defrauded, and their bank accounts illegally debited by these fraudulent digital lenders. Google have removed most of them from its Play Store.
We warn borrowers and customers to beware of any lending application found on our well researched list of fake fraudulent platforms.
Which App Gives Highest Loan Instantly in Nigeria?
At the moment, Lendigo app gives the higest loan amount instantly in Nigeria. You can get between N100,000 – ₦10,000,000 loan amount per invoice and credit line with 1% processing and commitment fees of loan facility and per invoice. Interest rate of 4% to 8% per month applies on borrowed amount. Loan tenure is between 1 – 6 Months.
- Loan Amount: ₦100,000 to ₦10,000,000
- Interest Rate: 4% – 8%
- Loan Tenure: 1 – 6 months
Other loan apps that give the highest loan amount instantly include Branch App, Carbon App, Fairmoney App, Aella Credit App, QuickCheck App and Alat by Wema among other credible platforms.
Which app gives the fastest loan?
Money in Minutes gives the fastest loans in Nigeria, with requests getting approval within a few minutes. Loans From Money in Minutes range between ₦5,000 – ₦5m. Interest Rates could be as low as 3%.
The platform is managed by MIM Finance Company a UK-originated lending platform with a presence across three (3) continents and Nigeria’s 1st Credit Membership that gives access to quick and affordable quick online loans.
Which App Can Borrow Me Money Instantly in Nigeria?
Aella Credit is well reputed and reliable loan app in Nigeria that can borrow you money instantly with no documentation, collateral or paperwork and has immense respect for your data privacy. The platform allows you to quickly borrow urgent cash loan either for personal or business use and disburses to your bank account immediately.
Other similar loan apps can that can let you borrow money instantly in Nigeria include Branch, Carbon, Umba, Quick Check, Fairmoney, PalmCredit, Lendigo App and Migo among other notable lending platforms.
With your active phone number, BVN and a few others, you can get an instant loan within few minutes of application without requiring collateral, documentation or any paper work.
What Are The Best Online Loan Apps In Nigeria With Low Interest Rate?
Currently, Branch and Carbon are the best loan apps in Nigeria with low interest rate for an instant loan without extra fees or interest for late payments. Other best loan apps in Nigeria include Renmoney, Umba, Lendigo, Migo loan, Aella Credit, etc. Branch monthly interest rate is 2.5% to 20% monthly interest which translates to an APR of 18% to 260%.
How much can I borrow from FairMoney for the first time?
FairMoney is a licensed online lender, one of the best quick cash loan apps in Nigeria that provides instant loans up to N1,000,000 for a duration of 18 months to its customers and clients. For the first time, FairMoney’s minimum loan amount is N10,000 and the upper limit for a new customer is N40,000. Monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%).
What are The Registered Loan Apps in Nigeria in 2023?
The registered loan apps in Nigeria that have been approved to conduct their operations across the country include NextPayDay, NewEdge, Aella Credit, Sycamore Solutions, Trade Depot, Tajow Investment, Blue Ridge, Grolatech Credit, Branch, P2Vest, Creditwave, Keenest Tech, FairMoney, Altracred Finance, Crevance, Menacred, Irorun, Orange Loan and Carbon among others.
These lending applications have been duly licensed by the Federal Competition & Consumer Protection Commission (FCCPC) in Nigeria and fully approved as micro-finance financial institutions.
What are the Loan Apps in Nigeria for Students?
The most popular loan apps in Nigeria for students where you can acquire immediate funding for tuition or school related expenses include but not limited to: KwikMoney (MIGO), Carbon, Okash, FairMoney, Branch, Aella Credit, PalmCredit, QuickCheck.
Because the platforms are online, it means you can apply for these loans using your smartphone from the comfort of your home. And you do not need any collateral or document to access any of these fast loans.
What are the New Loan Apps in Nigeria?
The new loan apps in Nigeria include but not limited to: AllCredit, Express Credit, Fair Loans, FlashNaira, SukFin Loan App, Coolbucks Loan App, C24 Capital, MoneyPal (Zedvance), PalmPay among other fantastic lending platforms that have established their reputable by granting quick and instant loans to customers.
What are the Quick Loan Apps in Nigeria?
There are many quick loan apps in Nigeria today but the following are recommended because they won’t compromise your data to the public nor share your profile message to disgrace you in social media: Branch, Carbon, Aella, FairMoney, QuickCheck, Quick Credit, Alat By Wema and GTB Quick Credit among others.
There are many lending platforms and digital banks that you may want to patronize for your emergency loan. However with the threatening and defamatory messages from many fake loan apps and loan sharks these days, it may be necessary to only borrow money from legit platforms that are customer friendly and won’t compromise your private data to unsolicited public.
The best loan apps in Nigeria to borrow money right now with the fastest loan processing and guaranteed approval include: Branch App, Carbon App, FairMoney App, Aella Credit, Umba Lending App, QuickCheck, ALAT By Wema, Money in Minutes App among other reputable platforms. These lending applications protect their customers data privacy, guarantee quick lending and low interest without collateral, documentation or paperwork.