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.
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