List of Loan Apps in Nigeria Approved by CBN

In recent years, the financial landscape in Nigeria has witnessed a significant transformation, largely driven by technological advancements and the proliferation of mobile devices. One notable aspect of this transformation is the emergence of loan apps that offer quick and convenient access to credit for individuals and small businesses. However, as the loan app market continues to grow, concerns about safety, reliability, and regulatory compliance have also become more prominent.

To address these concerns and protect the interests of borrowers, the Central Bank of Nigeria (CBN) has taken steps to regulate loan apps operating in the country. This regulatory oversight is aimed at ensuring that loan apps adhere to ethical practices, provide transparent terms and conditions, and safeguard the financial well-being of Nigerian citizens. In this article, we will provide an updated list of loan apps in Nigeria that have been approved by the CBN as of my last knowledge update in September 2021. Additionally, we will address five frequently asked questions (FAQs) regarding these loan apps and their operations.

List of CBN-Approved Loan Apps in Nigeria

  1. Branch

    • Description: Branch is a popular loan app in Nigeria that offers personal loans to individuals. It provides quick access to credit without the need for collateral.
    • Key Features: Competitive interest rates, flexible repayment terms, and a user-friendly app interface.
    • CBN Approval Status: Branch has received approval from the Central Bank of Nigeria to operate in the country.
  2. FairMoney

    • Description: FairMoney is a financial technology company that offers instant loans, airtime purchase, and bill payments through its mobile app.
    • Key Features: Quick loan approval, low-interest rates, and access to other financial services.
    • CBN Approval Status: FairMoney is approved by the CBN to provide loans and financial services in Nigeria.
  3. PalmCredit

    • Description: PalmCredit is a loan app that provides short-term loans to individuals in Nigeria. It has gained popularity for its straightforward loan application process.
    • Key Features: Instant loan approval, flexible repayment options, and competitive interest rates.
    • CBN Approval Status: PalmCredit has received CBN approval to operate as a loan service provider in Nigeria.
  4. Renmoney

    • Description: Renmoney is a financial services company that offers a range of loan products, including personal loans, business loans, and device financing.
    • Key Features: Competitive interest rates, flexible repayment plans, and access to financial education resources.
    • CBN Approval Status: Renmoney is an approved financial institution regulated by the Central Bank of Nigeria.
  5. Carbon (formerly Paylater)

    • Description: Carbon, previously known as Paylater, is a popular fintech platform that offers personal loans, bill payments, and investment opportunities.
    • Key Features: Low-interest rates, access to credit reports, and the ability to build a credit history.
    • CBN Approval Status: Carbon operates under the regulatory framework established by the CBN.
  6. QuickCheck

    • Description: QuickCheck is a loan app that provides instant loans to individuals and small businesses in Nigeria. It aims to make credit accessible to all.
    • Key Features: Fast loan disbursement, competitive interest rates, and educational content on financial literacy.
    • CBN Approval Status: QuickCheck operates within the regulatory framework set by the Central Bank of Nigeria.
  7. Kuda

    • Description: Kuda is a digital bank in Nigeria that offers a range of financial services, including savings accounts, loans, and budgeting tools.
    • Key Features: No hidden fees, free debit card, and the ability to save and borrow seamlessly.
    • CBN Approval Status: Kuda is approved by the Central Bank of Nigeria to provide digital banking and loan services.
  8. Aella Credit

    • Description: Aella Credit is a fintech company that provides instant loans to employees of reputable companies in Nigeria. It uses artificial intelligence for credit scoring.
    • Key Features: Competitive interest rates, employer partnership programs, and accessible loans.
    • CBN Approval Status: Aella Credit is authorized to operate in compliance with CBN regulations.
  9. Page Financials

    • Description: Page Financials offers a variety of financial services, including personal and business loans, investment opportunities, and savings accounts.
    • Key Features: Quick loan approval, attractive interest rates, and personalized financial solutions.
    • CBN Approval Status: Page Financials operates as a regulated financial institution under CBN oversight.
  10. Kiakia

    • Description: Kiakia is a digital lending platform in Nigeria that provides quick personal loans and small business loans to qualified borrowers.
    • Key Features: Fast loan processing, competitive interest rates, and loan tenure flexibility.
    • CBN Approval Status: Kiakia operates under CBN regulations and guidelines.

Please note that the information provided in this list is accurate as of my last knowledge update in September 2021. Regulatory statuses and approval statuses may change over time, so it is advisable to verify the current status of these loan apps with the Central Bank of Nigeria or other relevant authorities.

FAQs about CBN-Approved Loan Apps in Nigeria

FAQ 1: Are CBN-approved loan apps safe to use?

Answer: Yes, loan apps approved by the Central Bank of Nigeria (CBN) are generally considered safe to use. The CBN sets regulatory guidelines and standards that approved loan apps must adhere to, ensuring that they operate ethically and protect the interests of borrowers. However, it is essential to read and understand the terms and conditions of any loan app before using it and to exercise caution when sharing personal and financial information.

FAQ 2: Do CBN-approved loan apps charge high-interest rates?

Answer: The interest rates charged by CBN-approved loan apps can vary from one app to another. Some apps offer competitive interest rates, while others may have higher rates. It is crucial to compare the interest rates and fees of different loan apps before choosing one. Additionally, the CBN regulates the interest rates that financial institutions can charge, so it is advisable to check if the app complies with these regulations.

FAQ 3: What are the eligibility criteria for obtaining a loan from these apps?

Answer: Eligibility criteria may vary among loan apps, but common requirements include being a Nigerian citizen or resident, having a source of income, and meeting minimum age requirements (usually 18 years or older). Each app may have specific criteria, such as a minimum credit score or employment status. It is advisable to check the eligibility requirements of the app you are interested in to determine if you qualify for a loan.

FAQ 4: Can I get a loan from multiple CBN-approved loan apps simultaneously?

Answer: It is possible to obtain loans from multiple CBN-approved loan apps simultaneously, but it is essential to manage your borrowing responsibly. Borrowing from multiple sources can lead to financial strain if you are unable to repay the loans on time. Before taking loans from multiple apps, carefully assess your ability to meet the repayment terms and consider the total cost of borrowing.

FAQ 5: What should I do if I have concerns or complaints about a CBN-approved loan app?

Answer: If you have concerns or complaints about a CBN-approved loan app, you should take the following steps:

  1. Contact Customer Support: Most loan apps have customer support channels that you can use to address issues or seek clarification. Check the app's website or within the app itself for contact information. Be sure to provide specific details about your concern when reaching out.

  2. Review Terms and Conditions: Carefully review the loan agreement and terms and conditions provided by the app. Ensure that you understand the terms of the loan, including interest rates, repayment schedules, and any applicable fees.

  3. Escalate to Regulatory Authorities: If your concerns are not adequately addressed by the loan app's customer support, you can escalate the matter to the appropriate regulatory authorities. In Nigeria, the Central Bank of Nigeria (CBN) oversees financial institutions and can help resolve disputes between borrowers and lenders.

  4. Seek Legal Advice: If your situation is complex and you believe that your rights as a borrower have been violated, consider seeking legal advice. An attorney with expertise in financial matters can provide guidance on how to proceed and protect your interests.

  5. Monitor Your Credit: Regularly monitor your credit report to ensure that loan apps accurately report your borrowing activities. If you notice any discrepancies or inaccuracies, dispute them with the relevant credit bureau.

  6. Financial Counseling: If you are struggling with multiple loans or debt, consider seeking financial counseling or advice from reputable organizations. They can help you create a plan to manage your debt and improve your financial health.

  7. Leave a Review: Sharing your experience with others can also be a way to hold loan apps accountable. Leave honest reviews on app stores or review websites, as this can help potential borrowers make informed decisions.


Remember that responsible borrowing is crucial to maintaining your financial well-being. Only take out loans when you have a clear plan for repayment, and avoid borrowing more than you can comfortably afford to pay back.

Additionally, it's important to stay informed about changes in regulations and the status of loan apps. The approval status of loan apps can change over time, so periodically check with the CBN or other relevant authorities for updates on the status of loan apps in Nigeria.

In conclusion, while the availability of loan apps in Nigeria offers convenience and access to credit, it's essential to exercise caution, understand the terms and conditions, and be aware of your rights as a borrower. CBN-approved loan apps are regulated to ensure compliance with ethical and legal standards, but borrowers should still take proactive steps to protect themselves and seek assistance when needed.

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