As of January 2023, the FCCPC has granted full approval to 78 companies to operate as digital lenders in Nigeria. An additional 40 companies have received conditional approval.

This brings the total number of FCCPC-regulated digital lenders to 118. Despite these efforts, many Nigerians still fall prey to unapproved loan apps due to their prompt disbursement, flexible repayment options, and attractive interest rates.

Top 10 Most-Downloaded Loan Apps in Nigeria

Curious about which loan apps are making waves in Nigeria? We’ve taken a closer look at the ten most-downloaded loan apps, their interest rates, and what they offer. Here's the lowdown.


1. Branch

Branch is a popular choice for quick online loans in Nigeria, boasting over 10 million downloads on Google Play Store. It uses smartphone data to determine loan eligibility and offers personalized loans ranging from N2,000 to N500,000 with a tenure of 62 days to 1 year. The monthly interest rates vary from 3% to 23%, depending on the risk profile of the customer.

Quick Facts:
Loan Amount: N2,000 to N500,000
Interest Rates: 3% - 23%
Repayment Period: 62 days to 1 year

Example: Borrowing N60,000 at an APR of 181% for 62 days results in a total repayment of N78,400.

2. FairMoney

FairMoney has also crossed the 10 million downloads mark. It offers loans within 5 minutes without requiring documentation or collateral. Loan amounts range from N1,500 to N1 million, with repayment periods from 61 days to 18 months and monthly interest rates from 2.5% to 30%.

Quick Facts:
Loan Amount: N1,500 to N1 million
Interest Rates: 2.5% - 30%
Repayment Period: 61 days to 18 months

Example: Borrowing N100,000 over 3 months at 2.5% monthly interest results in a total repayment of N130,000.

Continue Reading Here: https://africafactszone.com/best-loan-apps-in-nigeria/



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The EFCC should start goinging after banks and all these loan app. Their interest rate is to much, they will post their business on line in a way that appear very friendly and reliable, but after given them a try one end up recreating.