List of Loan Apps Approved By CBN


The Central Bank of Nigeria (CBN) is Nigeria’s national banking authority. Currently, CBN’s responsibilities have expanded over time to include fostering the development of an efficient payment system, serving as the lender of last resort to banks, and promoting sustainable economic development. Well, focusing on loan apps in Nigeria approved by CBN, this post offers a list of some of the loan apps approved by CBN in Nigeria.

List of Loan Apps Approved By CBN
List of Loan Apps Approved By CBN

List of Loan Apps Approved By CBN

Established by the CBN Act of 1958, CBN began its operations on July 1, 1959. The CBN plays a pivotal role in overseeing the country’s financial stability and monetary policy.

The Central Bank of Nigeria has implemented regulations to protect borrowers, requiring loan apps to register with the CBN, disclose all fees upfront, conduct credit checks, and submit lending activity to credit bureaus. This ensures that loan apps operate within a framework that protects consumers​​.

Top 20 Loan Apps in Nigeria Approved By CBN

Below are some of the loan apps approved by the Central Bank of Nigeria (CBN):

  1. FairMoney Microfinance Bank
  2. Branch
  3. Renmoney
  4. Palmcredit
  5. Kuda
  6. Okash
  7. Umba
  8. Keenest Tech Service Limited
  9. MenaCred Company Limited
  10. One Payout Limited
  11. CreditWave Finance Limited
  12. P2Vest Technology Limited
  13. Altracred Finance Investment Limited
  14. Grolatech Credit Limited
  15. Lendvisery Services Limited
  16. QuickCheck
  17. Afrofirst Mobile and Technology Company Limited
  18. AJAX LENDING Limited

FairMoney Microfinance Bank:

FairMoney Microfinance Bank is an online lender that offers personal loans and bill payments. It’s known for its quick application process and instant loan disbursement. FairMoney offers loans ranging from N1,500 to N3,000,000 without requiring collateral. The application is fully digital, with a quick disbursement process.

Loan terms range is typically from 61 days to 18 months, with APRs between 2% to 36% depending on eligibility. Early repayment can lead to discounts of up to 90%, and there are no hidden fees.


Branch is a global personal finance app offering loans, investment products, and other financial services. In Nigeria, it provides quick, unsecured loans through a simple mobile app process. The branch offers loans in Nigeria with amounts ranging from ₦2,000 to ₦500,000. The interest rates vary from 1.5% to 15% monthly, translating to an APR range of 18% to 260%.

Loan terms can extend from 1 to 12 months. They use smartphone data to determine loan eligibility and provide financial products accessible anywhere, emphasizing privacy and security for customer data.


Renmoney is a fintech lending company licensed by the Central Bank offering personal loans, savings, and fixed deposit investment options. It is recognized for its straightforward application process and competitive interest rates. They provide convenient loan options with NDIC-insured savings and deposits.

For specific loan amounts, interest rates, eligibility criteria, and repayment terms, please visit their official website.


Palmcredit, operated by Newedge Finance Limited, is a CBN-approved loan app in Nigeria, offering collateral-free personal loans. It provides loans ranging from ₦2,500 to ₦300,000 with terms of 3/6/9/12 months and interest rates from 5% to 28% monthly. The app requires your BVN, full name, phone number, bank account details, and other personal information for KYC.

It offers a credit card that makes it easy for people to access loans anytime and anywhere. Palmcredit offers fast, reliable, and round-the-clock services to its customers.


Kuda is a full-service digital microfinance bank that offers free banking services and profit-earning savings accounts, along with personal loans to its customers. Kuda offers loans up to ₦150,000 through its app, with repayment in up to three months. The application process is straightforward, requiring no collateral. Interest rates vary but are detailed in the loan offer letter.


Operated by OPay and managed by Blue Ridge Microfinance Bank Limited, OKash offers fast and convenient loans through a mobile app, targeting individuals needing short-term financing. It also offers collateral-free loans in Nigeria for users meeting certain criteria. Loan amounts range from NGN 3,000 to NGN 500,000, with the entire process online.

Requirements include a valid mobile number, National ID (NIN), Bank Verification Number (BVN), a Nigerian bank account, being aged 20 to 55, and having a reliable source of monthly income. The application is straightforward via the OKash app, available on Android.


Umba is a digital bank and loan platform operating in Nigeria, offering a range of financial services through its mobile app. Umba provides personal loans ranging from ₦2,000 to ₦30,000. Requirements for a loan include a valid mobile number, National ID (NIN), and Bank Verification Number (BVN). The app facilitates easy loan applications and repayments, with a repayment term of 62 days and an interest rate of 10%.

Apart from loans, customers can pay bills, transfer money, and carry out other financial services through a mobile app, with a focus on user experience and financial inclusion.

Keenest Tech Service Limited:

Keenest Tech Service Ltd offers MiniCredit, a loan app for Android users in Nigeria, providing collateral-free loans. This company likely provides financial technology services, including lending solutions, though specific details about its loan offerings are less widely known.

The app allows for loan repayments between 91 to 365 days with interest rates from 12% to 24%. The process includes downloading the app, selecting a loan product, and submitting personal and banking information.

MenaCred Company Limited:

Specializes in digital lending and financial services aimed at providing quick and easy access to credit for individuals and businesses. MenaCred offers digital lending services in Nigeria, aiming to provide easy access to finance without a credit history, paperwork, or a guarantor.

They offer loans for various needs with interest rates as low as 5% and repayment terms ranging from 30 to 180 days. Loans range from small amounts to up to 1 million, depending on the product chosen.

One Payout Limited:

One Payout offers financial services in Nigeria, focusing on instant loans, foreign currency brokerage, flexible insurance, and mobile money solutions. They cater to a wide range of financial needs for both individuals and businesses, including those without access to traditional banking.

It offers financial services, potentially including loans and payment solutions, tailored to meet the needs of its users for quick and easy financial transactions.

CreditWave Finance Limited:

CreditWave Finance Limited is approved by the Central Bank of Nigeria (CBN) to operate as a loan app in Nigeria. This approval is part of a broader effort by the CBN and the Federal Government to regulate digital lending and ensure consumer protection​​. As a loan app, CreditWave offers digital lending solutions aimed at providing fast and convenient access to credit for individuals and small businesses.

P2Vest Technology Limited:

P2Vest Technology Limited operates P2Vest, a peer-to-peer online loan app in Nigeria, designed for both personal and business lending. It connects borrowers with lenders, offering a platform for users to access loans without the traditional banking process and high interest rates typical of some online loan services. The platform allows for a wide range of loan amounts, starting from as low as N5,000 up to N100,000 for borrowers.

The app operates with dynamic interest rates for loans, which can range from 2% to 20% per month, depending on the borrower’s credit rating. This rate is tailored to ensure competitiveness and affordability for borrowers while providing attractive returns for lenders. Borrowers can choose repayment terms up to 180 days, allowing for tailored repayment plans that suit individual financial situations.

Altracred Finance Investment Limited:

Altracred Finance Investment Limited is a company based in Lagos, Nigeria. It was incorporated on February 14, 2021, with the registration number RC-1757713. The company is described as a digital finance entity that offers fully digitalized personal loan services. It aims to provide low-interest personal loans that are disbursed instantly into the borrower’s bank account, facilitating quick and easy access to funds for personal finance needs​​​​.

This app provides financial services, including investment opportunities and lending solutions, to help individuals and businesses achieve their financial goals.

Grolatech Credit Limited:

Grolatech Credit Limited is a financial institution in Nigeria offering various loan products designed for both individuals and businesses. Their process for obtaining a loan includes researching loan products and eligibility, gathering required documentation, and applying either online or in person. The specific eligibility requirements, loan amounts, interest rates, and repayment periods vary depending on the product and applicant’s details.

Specializes in providing tech-driven financial solutions, potentially including loans and credit facilities, to support personal and business development.

Lendvisery Services Limited:

Lendvisery Services Limited offers a loan app in Nigeria with an interest rate of 15% for 14 days. The company emphasizes transparency and fairness, ensuring loan terms are communicated. They provide instant loans with a focus on customer satisfaction. However, user reviews indicate issues with the loan application process, including charges without loan approval and difficulties in completing loan applications.

Offers financial consulting and services, which may include lending solutions aimed at helping clients manage their financial needs more effectively.


QuickCheck is a mobile app that uses data science to grant instant loans to users. It offers a fast, secure, and convenient way to access credit without collateral. QuickCheck offers business loans with instant disbursals in less than 5 minutes, flexible loan durations with repayment up to 12 months, easy repayment through multiple channels, and prioritizes privacy and security. The app is praised for its user-friendly interface, low-interest rates, and considerate repayment tenure.

Afrofirst Mobile and Technology Company Limited:

Afrofirst Mobile and Technology Company Limited focuses on providing digital financial services to meet personal and business goals in Nigeria. Likely involved in providing technology-driven financial services, including mobile and digital solutions for accessing loans and managing finances.

They utilize machine learning to predict borrower behavior and instantly evaluate loan applications. Their platforms are designed to be easy to use, seamless to navigate, and fully secured, ensuring the optimum security of user data electronically.


The Ajax Loan App in Nigeria offers instant loans without collateral or paperwork, directly through your smartphone. You can obtain up to NGN 100,000 with the app, and the process is quick, with loan disbursement within an hour of application submission. The app requires a BVN, bank account, good credit score, source of income, and that you are above 18 years old. Interest rates range from 5% to 25%, with repayment periods between 7 to 180 days. For first-time users, the interest rate might be higher and the repayment period shorter​​.

Provides digital lending services, focusing on delivering quick and easy access to loans for individuals and small businesses.


IBS Golden Investment Company Limited offers a range of financial solutions including easy loans without stiff collateral requirements, foreign exchange services, and investments and brokerage. They aim to provide seamless, effective, and stress-free financial solutions, emphasizing transparency, customer satisfaction, and time-saving processes for their clients.

Engages in investment and financial services, possibly including lending, aimed at offering profitable opportunities to its clients.


Red Planet Nigeria Limited is recognized by the Federal Capital Territory Holden in Abuja and provides digital financial services through a user-friendly platform. They offer quick, hassle-free loans with flexible options and dedicated customer support, all accessible via a 100% online process on mobile without the need for collateral​​.

This company might focus on providing a range of financial services, potentially including lending solutions, designed to meet the diverse needs of its customers.

The Importance of using Loan Apps Approved By CBN

Using loan apps approved by the Central Bank of Nigeria (CBN) offers several advantages, particularly in ensuring the security and reliability of the lending service. Here are some reasons why individuals and businesses might opt for these apps:

Regulatory Compliance:

Loan apps approved by the CBN comply with the regulatory framework and guidelines set by the central bank. This compliance means that these apps adhere to the laws and regulations governing financial services in Nigeria, providing users with a layer of security and trust.

Consumer Protection:

The CBN sets strict guidelines for financial institutions, including digital lenders, to protect consumers. By choosing CBN-approved loan apps, customers are more likely to be shielded from predatory lending practices, such as exorbitant interest rates and hidden fees.


Approved apps are typically more transparent about their loan terms, interest rates, repayment schedules, and any additional fees. This transparency allows borrowers to make informed decisions without worrying about unexpected charges.

Data Security:

CBN-approved lenders must adhere to stringent data protection regulations to safeguard borrowers’ personal and financial information. This commitment to data security helps protect against identity theft and fraud.

Reputation and Reliability:

Apps that have received CBN’s approval are generally considered more reliable and reputable. They have passed through a vetting process that evaluates their financial stability, lending practices, and the quality of their services.

Access to Redress Mechanisms:

In case of disputes or grievances, customers using CBN-approved loan apps can access formal redress mechanisms. The CBN provides channels through which consumers can lodge complaints against financial service providers, ensuring that they have recourse if treated unfairly.

Financial Inclusion:

The CBN encourages initiatives that promote financial inclusion. Approved loan apps often offer services designed to reach underserved or unbanked populations, providing them with access to financial services that might otherwise be unavailable.

Innovation and Competition:

The CBN’s approval process encourages innovation within the financial sector. Approved apps often incorporate new technologies and innovative lending models to serve their customers better, while also fostering healthy competition among lenders.


Approved loan apps are more likely to provide a safer borrowing environment, protect consumers’ personal and financial information, and offer reasonable loan terms and interest rates. Moreover, while approved loan apps offer a layer of security and reliability, users should still assess their financial situation.

Central Bank of Nigeria (CBN) has approved Each of these loan apps listed above.


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