Full List of Approved Loan Apps in Nigeria

The rise of loan apps in Nigeria has been an exciting development in recent years.

Not only have these apps transformed the lending industry by making it easier, faster, and more convenient to borrow money, they have also streamlined the process to make it more accessible to a wider range of people.

That was why in 2022, the Federal Government of Nigeria, through the Federal Competition and Consumer Protection Commission (FCCPC), released a ‘Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022’ to regulate the digital lending space and make registration and approval a prerequisite for companies seeking to operate in the space.

After shifting its deadline multiple times, it finally adopted March 27, 2023, as the close of registration.

With the registration closed, the FCCPC has now released a list of approved apps that can operate in the country.

The Commission granted 173 digital lending applications permission to operate in the country. Of the 173, 119 have full approvals and 54 have conditional approvals.

The regulation became necessary to protect citizens from loan apps that were employing extreme loan-collection tactics.

Loan Apps with full approval

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 Business Support Limited

32. Payhippo Limited.

33. Easycheck Finance Investment Limited

34. Quark Financials 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. Creditech Lending Company

83. Prosperity Archipelago Limited

84. Fineset 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. Fintcred Innovation Limited

117. Afrosay Fintech Limited

118. Mim Finance Company

119. Glosh Tech Limited

120. Clemo Fresh Co. Ltd

121. Passeco Technology Nig. Ltd

122. Trust Cen Limited

123. Cornerblock Services Limited

124. Acetech Finance Limited

125. Kiredi Rock Company Ltd

126. Fundshome Limited

127. Creditclan Tech Ltd

128. UGT Technologies Limited

129. Dot Microfinance Bank Limited

Loan Apps with 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. Allawee Technologies Limited

38. Lucred Technology Limited

39. Nolt Finance Limited

40. Soko Lending Limited

41. Citygate Global Investment Limited

42. Olivermead Investment Limited

43. Lighting Finance Technology Nigeria Limited

44. Meno Finance Limited

45. Hoil Investment Limited.

46. Riverbank Partners Limited

47. Prime Avis Investment Services Limited

48. Riverbrand Technology Limited

For now, the FCCPC is silent on loan apps without its approval though it said that they will be removed from the Play Store by Google and unavailable for download.

The Commission has also commended Google for its “broad and responsible policy of barring digital lending applications that are equipped to access personal information such as contacts, photos, videos, precise location data and call logs from its Play Store.”

What to expect with more loan apps

Loan apps in Nigeria often have lower interest rates than traditional lenders.

This is because loan apps operate on a peer-to-peer lending model, cutting out intermediaries such as banks and credit unions.

This means that borrowers can save money on interest and fees, making it a more affordable option for those who need to borrow money.

With more loan apps joining the ecosystem, some changes are likely to occur.

1. More flexibility

Loan apps offer more flexibility than traditional lenders. Borrowers can choose the amount they want to borrow and the length of time they need to repay the loan.

This means that borrowers can find a loan that works for their unique financial situation, rather than being limited to a one-size-fits-all approach.

More loan apps mean more competition in the system and thus, more options for the borrower.

2. Faster approval

Ordinarily, more players under better regulation translates to competition.

One benefit borrowers in Nigeria are likely to experience is a faster approval process than traditional lenders.

Loan apps in Nigeria use algorithms and other data-driven methods to assess a borrower's creditworthiness. This means that borrowers can receive an approval decision in an even shorter time.

3. High approval rates

In Nigeria, loan app approval rates have been steadily increasing in recent years.

According to a report, the approval rate for personal loans from online lenders was 76.9% in 2020, up from 72.4% in 2019.

This shows that loan apps are becoming a more viable option for borrowers who need to access credit.

More players naturally translates to a higher approval rate.

One of the biggest advantages of using technology in lending is that it allows lenders to make more informed decisions. By analysing a borrower's financial data, credit history, and other information, lenders can assess risk more accurately and offer personalized loan options. This means that borrowers are more likely to receive a loan that fits their unique needs and budget.

4. Stronger borrower- lenders relationship

The evolving relationship between borrowers and lenders is another trend in the Nigerian lending industry.

Loan apps and alternative lending options are disrupting the traditional lender-borrower relationship by offering more transparency, flexibility, and personalization.

One way that the new approvals is expected to impact the digital lending space is the fostering of a stronger relationship between the borrower and the lender.

Loan apps are changing the relationship between borrowers and lenders by offering more transparency.

Loan apps often provide borrowers with real-time updates on their loan status, as well as detailed information on the loan terms and fees. This means that borrowers are more informed and can make better decisions about their finances.

Risks of using loan apps

While quick loans and personal loans come in handy in times of unexpected financial need, there are also potential risks and challenges associated with using loan apps.

One challenge is that, despite the strict regulation by the appropriate bodies, there are still pockets of predatory lending practices.

Another potential risk of using loan apps is that borrowers may be more likely to take on debt that they cannot afford.

Loan apps in Nigeria often offer quick and easy access to credit, which could lead some borrowers to take on more debt than they can realistically repay.

Also, loan apps may not be suitable for all borrowers. Borrowers who have a poor credit history or limited financial resources may not be able to access credit through loan apps or may be subject to higher interest rates and fees.

Conclusion

The future looks bright for borrowers with more loan apps getting approved

While there are potential risks and challenges associated with using loan apps, the benefits of these platforms outweigh the drawbacks.

By offering more transparency, flexibility, and personalized loan options, loan apps are disrupting the traditional lender-borrower relationship and making it easier for people to access credit.

As loan app approval rates continue to rise, we can expect to see more innovation in the lending industry and a shift towards digital solutions that make borrowing money faster, easier, and more convenient than ever before.

Visit nairaCompare today to compare rates from different lenders and select the one that’s best for you!