LIST | Top 10 Lending Apps in Nigeria With Over 1 Million Downloads on PlayStore

In this article, we explore registered lending platforms, based on their registration status and popularity on Google Playstore (as of April 2024).

kodzilla··5 min read

The surge of companies operating in Nigeria’s digital lending sector has drawn attention to concerning trends like aggressive tactics for loan recovery such as harassment and defamation.

This has led the Federal Competition and Consumer Protection Commission (FCCPC) to collaborate with other regulatory bodies in crafting a regulatory framework to address these issues. According to local reports, the commission has approved over 260 digital lenders that have gone through the registration process.

In this article, we explore registered lending platforms, based on their registration status and popularity on Google Playstore (as of April 2024).

 

1.) Branch

Branch International started in Kenya in 2015, before entering Nigeria as a lending app in 2017. Through the app, users can get instant loans up to ₦1,000,000 and enjoy investment yields of up to 10% and 15% per annum.

Number of Downloads: 10 Million+, Rating: 4.5

2.) FairMoney

FairMoney operates as a licensed microfinance bank under the regulation of the Central Bank of Nigeria (CBN). Positioned as a digital bank specializing in lending, FairMoney offers instant loans of up to one million naira, alongside providing bank account services and issuing debit cards.

The company boasts a significant volume of loan processing, with over 10,000 loans approved daily, equating to one loan disbursed every eight seconds.

The mobile app originally launched as a digital lender in Nigeria six years ago. Since then, it has added other financial services, such as debit cards, transfers and payments. It says that it has over six million retail customers.

Number of Downloads: 10 Million+, Rating: 4.2

3.) Okash

Okash is Opay’s lending service arm. Both products are owned by Opera, the Norway-based software company.  The mobile-based lending platform began operations in Nigeria in 2018.

According to Okash, to be eligible for a loan all an individual needs is to be 20-55 years old, an Android device, a data connection, a means of identification, as well as a valid bank account and card.

Number of Downloads: 5 Million+, Rating: 4.3

4.) Kuda

Kuda, also known as Kuda Technologies, is a fintech company operating with a microfinance banking license from the Central Bank of Nigeria. The platform gives overdrafts, and users are eligible to take an overdraft if they become regular users of the Kuda account.

Nigerian citizens above the age of 16 are allowed to register on the platform.

Number of Downloads: 5 Million+, Rating: 4.3

5.) Palm Credit

PalmCredit is defined as a virtual credit card that makes it easy for you to access a loan anytime and
anywhere. Palmcredit offers loans of up to ₦100,000 within minutes on your mobile phone.

Through Palm credit loan app (owned by Newedge Finance Limited) users can get loans ranging from ₦2,500 to ₦100,000 with loan term durations of 12 – 26 weeks.

Number of Downloads: 5 Million+, Rating: 4.2

6.) QuickCheck

Quickcheck is a Nigerian Fintech company founded in 2017 by Fabiano Di Tomaso. It provides 24/7 loans to underserved Nigerian consumers and micro businesses through a mobile application.

Number of Downloads: 1 Million+, Rating: 4.5

7.) Carbon

Carbon is a Microfinance Bank licensed by the Central Bank of Nigeria (CBN) with deposits insured by the Nigerian Deposit Insurance Corporation (NDIC).

The platform boasts a better ecosystem of services, including outstanding customer support, the best pricing on banking transactions, the highest savings interest rates, and attractive credit rates.

Number of Downloads: 1 Million+, Rating: 4.3

8.) RenMoney

Renmoney was founded in 2012 by Stephen Jennings. The company operates on a microfinance banking licence in Nigeria, offering three types of loans:

  • Small loans between N5000, N100,000
  • Medium loans between N25,000 and N3,000,00
  • Big loans up to N6,000,000

Number of Downloads: 1 Million+, Rating: 4.1

See also

9.) Umba

Founded in 2019, Umba is described as a credit-led digital bank providing payroll and financial services to customers in Nigeria and Kenya.

It provides banking services such as loans, current accounts, savings accounts, fixed deposit accounts and bill payments to customers in Nigeria and Kenya.

The fintech has provided over 144k loans in its history.

Number of Downloads: 1 Million+, Rating: 3.6

10.) Aella Credit

Aella Credit was the first lending company in Africa admitted into Y combinator in 2017, and launched the B2C loans under Aella Credit.

Aella Credit started in 2015 and was founded by Akin Jones and Wale Akanbi. The YC backed startup is based in Lagos, Nigeria.

Number of Downloads: 1 Million+, Rating: 3.2

 

 

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