As of the conclusion of October 2023, the Federal Government, operating through the Federal Competition and Consumer Protection Commission (FCCPC), has officially registered and sanctioned 211 loan applications. This encompasses 172 companies that have secured complete approval from the commission, alongside an additional 39 entities with conditional approval.

It’s worth noting that the commission, in collaboration with the Joint Task Force (JTF), has formulated the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022. This initiative aims to foster fair, transparent, and beneficial alternative lending options for the Nigerian populace.

Loan Apps Regulation to Address Ethical Concerns

In light of escalating concerns surrounding the questionable practices of numerous loan apps within the nation, particularly those engaging in illicit activities, the call for mandatory registration has become unmistakable.

Approved Loan Apps

Allegations of unfair practices and rights abuses have underscored the urgency of regulatory measures. A significant subset of these loan apps has been accused of imposing interest rates blatantly violating ethical lending standards.

Furthermore, a disturbing trend involves the use of naming and shaming tactics during the loan recovery process, infringing upon individuals’ privacy rights. These transgressions, among others, have fueled the necessity for regulatory frameworks that not only curb these unethical practices but also uphold the rights and well-being of borrowers.

Rise in Watchlisted Loan Apps Sparks Regulatory Worries

The tally of loan apps placed under scrutiny has surged from 55 in September to 84 by October, marking a significant escalation. Among these, prominent apps such as

  • Cashlawn App
  • Easynaira App
  • Crediting App
  • Yoyi App
  • Nut Loan App
  • Cashpal App
  • Nairaeasy Gist Loan App
  • Camelloan App
  • Nairaloan App
  • Moneytreefinance Made Easy
  • App Cashme App
  • Secucash App
  • Creditbox App
  • Cashmama App

They have all come under regulatory scrutiny. Other apps on the watchlist include

  • Crimson Credit App
  • Galaxy Credit App
  • Ease Cash App
  • Xcredit
  • Imoney
  • Naira Naija
  • Imoneyplus-Instant
  • Nairanaija-Instant
  • Nownowmoney
  • Naija Cash
  • Getloan

This surge in watchlisted apps raises heightened regulatory concerns, necessitating a closer examination of their operations and practices in the evolving landscape of digital lending.

In addition to the apps currently under regulatory scrutiny, the Federal Competition and Consumer Protection Commission (FCCPC) has collaborated with Google to delist a total of 45 loan apps from the Google Play Store.

This joint effort aims to curb the operations of apps identified as operating illegally within the country. The delisting process, conducted in collaboration with Google, represents a proactive approach to address the proliferation of unauthorized and potentially harmful loan apps in the digital space.

By removing these apps from the Google Play Store, the FCCPC and Google aim to enhance consumer protection and promote a secure digital lending environment, underscoring the commitment to eradicating illegal practices in the Nigerian digital lending landscape.

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FCCPC-Approved Loan Apps in Nigeria

Explore our handpicked selection of FCCPC and CBN-approved loan apps authorized to operate in Nigeria. Additionally, gain valuable insights on selecting the right loan apps, empowering you to make informed decisions that align with your financial requirements.

Many loan apps are available, but here are the top 10 loan apps in Nigeria:

  • Branch International initiated its operations in Kenya in 2015 before expanding its lending services to Nigeria in 2017. Currently, the company is under the leadership of Nigerian Managing Director Dayo Odulate-Ademola, boasting over 10 million downloads with a commendable rating of 4.5.
  • FairMoney, established in 2017 by Laurin Hainy, Matthieu Gendreau, and Nicolas Berthozat, is headquartered in Lagos, Nigeria, with an additional office in Paris, France. Garnering over 10 million downloads and a rating of 4.2, FairMoney has established itself as a prominent player in the Nigerian lending app landscape.
  • Opay’s lending service arm, Okash, emerged in Nigeria in 2018 as part of Opera, a Norway-based software company. With 5 million-plus downloads and a rating of 4.3, Okash provides a mobile-based lending platform for users.
  • Kuda Technologies, a fintech company operating in Nigeria and the UK, was founded in 2019 by Babs Ogundeyi and Musty Mustapha. Boasting over 5 million downloads and a rating of 4.3, Kuda has become a notable player in the financial technology sector.
  • Palm Credit, owned by Newedge Finance Limited, entered the Nigerian lending app scene on June 26, 2018. With a substantial 5 million-plus downloads and a rating of 4.2, Palm Credit has garnered attention as a reliable loan app.
  • Quickcheck, a Nigerian Fintech company founded in 2017 by Fabiano Di Tomaso, provides 24/7 loans to underserved Nigerian consumers and micro-businesses through its mobile application. With over 1 million downloads and an impressive rating of 4.5, Quickcheck stands out in the digital lending space.
  • Carbon, formerly known as Paylater, is a Nigerian lending platform founded in 2012 by Chijioke Dozie and Ngozi Dozie. With over 1 million downloads and a rating of 4.3, Carbon has evolved its suite of financial services, becoming a comprehensive solution for users.
  • Renmoney, operating under a microfinance banking license in Nigeria, was founded in 2012 by Stephen Jennings. With over 1 million downloads and a rating of 4.1, Renmoney has established itself as a reliable player in the financial services sector.
  • Umba, launched in Nigeria in January 2021 by Irish entrepreneur Tiernan Kennedy and former Munster rugby player Barry O’Mahony, has achieved over 1 million downloads, accompanied by a rating of 3.6.
  • Aella Credit, founded in 2015 by Akin Jones and Wale Akanbi, is a YC-backed startup based in Lagos, Nigeria. With over 1 million downloads and a rating of 3.2, Aella Credit contributes to the diverse landscape of lending apps in Nigeria.

Choose a Reliable Loan App: Follow Guidelines

Financial emergencies can arise unexpectedly, and for individuals navigating life on a tight budget or lacking an emergency fund, the need for quick financial assistance becomes crucial. In such situations, money-lending apps present a convenient solution.

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However, it’s essential to approach the selection process judiciously, as these apps may come with various fees, even if interest isn’t explicitly charged.

Here are key considerations to ponder when choosing a loan app:

  • Review the Terms and Conditions: Before opting for a loan app, thoroughly examine the terms and conditions. Pay close attention to details such as repayment schedules, associated fees, and any other relevant clauses. Understanding these terms ensures that you make informed decisions and avoid any unforeseen financial repercussions.
  • Evaluate Fee Structures: Loan apps often impose various fees, which can range from monthly membership fees to one-time processing fees. Scrutinize the fee structures carefully to comprehend the overall cost of borrowing. This transparency is crucial for assessing the affordability of the loan and avoiding any unpleasant surprises later on.
  • Interest Rates: While some loan apps may not charge explicit interest, others do. Be aware of the interest rates associated with the loan, as this directly impacts the total amount you’ll be required to repay. Compare interest rates among different apps to ensure you’re securing the most favorable terms.
  • Repayment Flexibility: Consider the repayment options offered by the loan app. A flexible repayment schedule that aligns with your financial situation can be advantageous. Look for apps that provide options for adjusting repayment dates or offer extensions in case of unforeseen circumstances.
  • User Reviews and Ratings: Explore user reviews and ratings for the loan app you’re considering. Real-life experiences shared by other users can provide valuable insights into the app’s reliability, customer service, and overall user satisfaction. Pay attention to both positive and negative reviews to make a well-rounded assessment.
  • Security Measures: Given the sensitive nature of financial transactions, prioritize loan apps that implement robust security measures. Look for features such as data encryption, secure authentication processes, and adherence to industry-standard security protocols to safeguard your personal and financial information.
  • Customer Support: Assess the availability and responsiveness of customer support provided by the loan app. A responsive customer support team can be instrumental in addressing any queries or concerns promptly, enhancing your overall experience with the app.
  • Loan Approval Process: Understand the loan approval process of the app. Some apps may offer a swift and streamlined approval process, while others may have more stringent requirements. Opt for an app with an efficient approval process that aligns with your urgency for financial assistance.

By carefully considering these factors, you can navigate the landscape of loan apps more effectively and choose an option that best suits your financial needs while minimizing potential drawbacks.


What are the Loan Apps Approved by the Federal Government?

Here is a list of some of the apps: Cashlawn App, Easynaira App, Crediting App, Yoyi App, Nut Loan App, Cashpal App, Nairaeasy Gist Loan App, Camelloan App, Nairaloan App, Moneytreefinance Made Easy App, Cashme App, Secucash App, Creditbox App, and Cashmama App.

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Is OKash Approved by CBN?

OKash is a convenient personal loan platform designed for mobile users in Nigeria. It is presented by Blue Ridge Microfinance Bank Limited, a financial institution duly licensed by the Central Bank of Nigeria (CBN). OKash is dedicated to meeting customers’ financial needs 24/7 through a fully online process, ensuring accessibility and convenience for users seeking personal loans.

Which Loan App Gives More Money without BVN?

The FairMoney Loan app offers an appealing loan range from ₦1,500 to ₦1,000,000 without requiring a Bank Verification Number (BVN). This flexible lending platform provides repayment periods spanning from 61 days to 18 months, accompanied by a monthly low-interest rate that falls within the range of 2.5% to 30%.

The specific loan amount you qualify for is contingent upon your repayment history with FairMoney and other associated loan apps. This system aims to tailor loan offerings to individual borrowers based on their financial track record, enhancing the overall accessibility and customization of the lending experience.

Can I Get a Loan from Opay?

To access the Opay Loan service through USSD, dial *955# using the phone number linked to your Opay account. Navigate to the “loan” option and follow the prompts to initiate the loan application process. Once completed, your loan will be disbursed and credited directly into your account.

How Do I Qualify for a Moniepoint Loan?

To be eligible for a Moniepoint Loan, you must meet the following criteria:

  • Age Requirement: You must be at least 18 years old.
  • Active Phone Number: You should possess an active phone number.
  • Validated Moniepoint Account: Ensure that your Moniepoint account is validated.
  • Stable Source of Income: You must have a dependable and consistent source of income, either through employment or a business venture.

Can Loan Apps Blacklist BVN?

Nonetheless, an online loan app has the capability to share your Bank Verification Number (BVN) with your bank, resulting in your blacklisting from future loan transactions with financial institutions. This occurs when you have accumulated a poor credit record, making it challenging for you to apply for and secure a loan.

Which Loan App Gives Loan in 5 Minutes?

Access instant loans of up to ₹10,000 within 5 minutes with the Tala online loan app! Trusted by over 70 lakh customers worldwide, Tala provides rapid and hassle-free personal loans without the requirement of a salary slip, bank statement, or credit score.


Akinpedia is a passionate and knowledgeable author with a strong background in technology and business; he brings a wealth of expertise and insights to his writing.

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