There is a saying that most Nigerian workers can’t “take them home” with the money they earn, so most of them have to find other ways to make money to meet their needs.
This probably explains why the number of loan application sites is growing so quickly, but many have been found to only make promises and not follow through.
Others who actually lend money to their clients have turned into “loan sharks” and use unorthodox ways to go after their clients, who may not pay back their loans because there is usually no collateral.
But despite all of this, Finwealthonline says that there are some banks that offer loan services that have been approved by the Central Bank of Nigeria (CBN). These banks can give “payday” loans to workers, especially those who get paid every month.
Payday loans are short-term loans where a lender gives you credit with high interest based on how much money you make (but some banks offer to both salary earners and non-salary earners).
The CBN says, “You don’t have to know anyone. Just go to the portal, fill out the form, and send your information.” If your information is correct, you would be able to get loans if you meet the rules.
Here are some payday loan services that banks in Nigeria offer that Nigerians who need cash quickly for bills can look into.
Which loan apps are registered with the cbn?
The Federal Government announced that it has approved 173 applications for digital lending in Nigeria.
According to the Federal Competition and Consumer Protection Commission (FCCPC), 54 loan applications were granted conditional approval while 119 were granted full approval.
After years of harassment and intimidation allegedly perpetrated by some loan app companies against Nigerians, the FCCPC has taken action. The agency issued a “Limited Interim Regulatory/ Registration Framework and Guidelines for Digital Lending 2022” in order to regulate the digital lending market and mandate registration and certification for companies wishing to operate in the sector.
The commission published a list of approved apps that can operate in the country on April 4. In Nigeria, businesses without approvals will be unable to operate.
Commission-approved loan applications include, among others, those from Branch International Financial Services Limited, Fairmoney Micro Finance Bank, Pivo Technology Limited, Renmoney Microfinance Bank Limited, Carbon Microfinance Bank Limited, and Creditwave Finance Limited.
READ ALSO: 100+ Best Micro Finance Bank Loan For Salary Earners in Nigeria 2023
Google will remove unapproved loans from the Play Store, making them unavailable for installation. You will get to know the released list of online loan app approved by cbn in this article.
List of CBN Licensed Loan Apps in Nigeria
The Central Bank of Nigeria (CBN) is in charge of regulating and keeping an eye on Nigeria’s financial sector. As part of its job, the CBN has given permission for several loan apps to work in Nigeria and help people with their money. In this article, we’ll talk about some of the loan applications that the CBN said were okay.
List of loan Apps Approved by CBN
FULLY APPROVED LOAN APP BY CBN
- SYCAMORE INTEGRATED SOLUTIONS LIMITED
- TRADE DEPOT
- TAJOW INVESTMENT
- BLUE RIDGE MICROFINANCE BANK LIMITED
- GROLATECH CREDIT LIMITED
- BRANCH INTERNATIONAL FINANCIAL SERVICES LIMITED
- P2VEST TECHNOLOGY LIMITED
- CREDITWAVE FINANCE LIMITED
- KEENEST TECH SERVICE LIMITED
- FAIRMONEY MICRO FINANCE BANK
- ALTRACRED FINANCE INVESTMENT LIMITED
- CREVANCE CREDIT LIMITED
- MENACRED COMPANY LIMITED
- AFROWIDE DEVELOPMENT LTD
- RED PLANET NIGERIA LIMITED
- AFROFIRST MOBILE AND TECHNOLOGY COMPANY LIMITED
- RANKCAPITAL LIMITED
- IBS GOLDEN INVESTMENT COMPANY LIMITED
- LENDVISERY SERVICES LIMITED
- RENMONEY MICROFINANCE BANK LIMITED
- SWIPEBILL TECHNOLOGIES NIGERIA LIMITED
- HOMETOWN FINTECH LIMITED
- GIASUN TECHNOLOGY NIGERIA LIMITED
- BE RESOURCES LIMITED
- ROCKIT LENDERS NIGERIA LIMITED
- PIVO TECHNOLOGY LIMIED
- YES CREDIT COMPANY LIMITED
- IRORUN TECHNOLOGIES LIMITED
- CSENSE LIMITED
- SUPREME HELP COOPERATIVE SOCIETY LIMITED
- ORCOM AND ORCOM BUSSINESS SUPORT LIMITED
- PAYHIPPO LIMITED.
- EASYCHECK FINANCE INVESTMENT LIMITED
- QUARK FINANCIAL NIGERIA LIMITED
- EDMOND SOLUTIONS COMPANY LIMITED
- TED ROCKET LIMITED
- PENAID LIMITED
- ARVE LIMITED
- DOVER CREDIT LIMITED
- RAGEKAY GLOBAL INVESTMENT LIMITED
- MAYWOOD LENDING LIMITED
- LINKPARK TECHNOLOGY NIGERIA LIMITED
- MANGNET LENDING LIMITED
- RUBYSTAR GLOBAL LIMITED
- BESTFIN NIGERIA LIMITED
- FUBRI CENTURY COMPANY LIMITED
- BERLY SPRING GLOBAL LIMITED
- ROCK FINANCIALS LIMITED
- PHOENIX PAYMENT SOLUTION LIMITED
- VALUE DRIVER TECHNOLOGY SOLUTION LIMITED
- NEXTPAYDAY LIMITED
- BLACKCOPPER SERVICE LIMITED
- TRAFALGAR ASSOCIATE LIMITED
- WINDVILLE FINANCIAL NIGERIA LIMITED
- ORANGE LOAN & PURPLE CREDIT LIMITED
- CARBON MICROFINANCE BANK LIMITED
- NEO-LINK TECHNOLOGY COMPANY LIMITED
- FINNEW FINTECH LIMITED
- OTP INTERNET TECHNOLOGY LIMITED
- RED HARBOR FINTECH LIMITED
- PAYLATER HUB LIMITED
- SKITLOAN NIGERIA LIMITED
- RACEOVA NIG. LIMITED
- NEW CREDAGE NIGERIA LIMITED
- BETTERLENDING COMPANY LIMITED
- FAST-POINT INTERGRATED LIMITED
- APEX LENDING LIMITED
- PISKA TECH NIGERIA LIMITED
- PRINCEP CREDIT SYSTEM LIMITED
- OMALEND SERVICE LIMITED
- POCKFUL FINANCE LIMITED
- HIGHCREDIT NIGERIA LIMITED
- HOLLANDALE NIGERIA LIMITED
- PAY FINANCIAL TECHNOLOGY SERVICE LIMITED
- A1 CAPITAL SOLUTION LIMITED
- NEWEDGE FINANCE LIMITED
- PAPICHOU TECHNOLOGY LIMITED
- GOHARVEST INTERNATIONAL LIMITED
- MINO SPARKS LIMITED
- XGO FINANCE LIMITED
- PRIMERA MICROFINANCE BANK
- CREDIT TECH LENDING COMPANY
- PROSPERITY ARCHIPELAGO LIMITED
- FINESEST LIMITED
- SINGULARITY TECHNOLOGY NIGERIA LTD
- ECON MART FINTECH LIMITED
- PENNEE TECHNOLOGIES LIMITED
- OXYMON SOLUTION LIMITED
- LANTANA TECHNOLOGY LIMITED
- APPLINK CAPITAL NIGERIA LIMITED
- YEGON TECH LIMITED
- FEZOTECH NIGERIA LIMITED
- ERIC VSTA LIMITED
- MOBLASPAY COMPANY LIMITED
- PAYCREDIT LIMITED
- NIZ SERVICES LIMITED
- MINO SPARKS LIMITED
- FLO WOOD LENDING
- LIBERTY ASSURED LIMITED
- UNI TECHNOLOGY NIGERIA LTD
- TRADE LENDA COM LIMITED
- CREDITVILLE MICROFINANCE BANK LTD
- LETSHEGO MICROFINANCE BANK LTD
- KIOWOPE CAPITAL LIMITED
- VEENDHQ LIMITED
- UCPLUS ADVANCE LIMITED
- MAVEN FINANCE LIMITED
- AELLA FINANCIAL SOLUTIONS LIMITED
- FLUNA CAPITAL LIMITED
- NEWEDGE FINANCE LIMITED
- TA PRIME LIMITED
- REGXTA GLOBAL SERVICE LTD
- PROVEST LIMITED
- JM RUBINUS LIMITED
- CROSSROADS E-PAYMENT SYSTEMS LIMITED
- CONSYNERGY LIMITED
- FINTCRED INNOVATION LIMITED
- AFROSAY FINTECH LIMITED
- MIM FINANCE COMPANY
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CONDITIONAL APPROVAL BY CBN
- TRIPODBASE LIMITED
- OWOAFARA FINTECH SERVICE
- AJAX LENDING LIMITED
- THE PLATFORM DIGITAL NETWORK LIMITED
- ZIPPY CAPITAL LIMITED
- LENDING EDGE LIMITED
- LENDHA TECHNOLOGIES LIMITED
- DOJA LEMAIRE GLOBAL LIMITED
- PAYDAYHUB ONLINE NIGERIA LIMITED
- RETAIL BOOSTER LIMITED
- CITADELE CAPITALS LIMITED
- FEWCHORE FINANCE COMPANY LIMITED
- ONE PAYOUT LIMITED
- LIDYA GLOBAL LIMITED
- KWABA INTERNATIONAL LIMITED
- FINPADI TECHNOLOGIES LIMITED
- UMBA DIGITAL SOLUTIONS LIMITED
- FINTRADE SOLUTIONS LIMITED
- U TECHNOLOGY
- STELLAR FINANCE LIMITED
- DASH INNOVATIONS
- GRIT-TECH LIMITED
- CAELUM TECHNOLOGIES LIMITED
- U THINKING NIGERIA LIMITED
- EATON HILL INVESTMENT LIMITED
- CREDITPRO BUSINESS SUPPORT SERVICES LTD
- MUSKA TECH LIMITED
- HELPPO AFRICA LIMITED
- RENNERS INVESTMENT LIMITED
- PEBBLE FINANCIAL TECH. LIMITED
- KIAKIA BITS LIMITED
- WEALTHBRIDGE CAPITAL PARTNERS LIMITED
- TRIVISTA CAPITAL LIMITED
- ATIMI LENDING LTD
- ZUVY TECHNOLOGIES LIMITED
- ROCKSHIELD MICROFINANCE
- DOT MICROFINANCE BANK LIMITED
- ALLAWEE TECHNOLOGIES LIMITED
- LUCRED TECHNOLOGY LIMITED
- NOLT FINANCE LIMITED
- SOKO LENDING LIMITED
- CITYGATE GLOBAL INVESTMENT LIMITED
- OLIVERMEAD INVESTMENT LIMITED
- LIGHTING FINANCE TECHNOLOGY NIGERIA LIMITED
- MENO FINANCE LIMITED
- HOIL INVESTMENT LIMITED.
- KIREDI ROCK COMPANY LTD
- GLOSH TECH LIMITED
- CLEMO FRESH CO. LTD
- PASSECO TECHNOLOGY NIG. LTD
- TRUST CEN LIMITED
- RIVERBANK PARTNERS LIMITED
- PRIME AVIS INVESTMENT SERVICES LIMITED
- RIVERBRAND TECHNOLOGY LIMITED
Loan Apps Approved by CBN
Let’s discuss about some of these Loan Applications;
1. Carbon Loan
Carbon (formerly Paylater): Carbon is one of the most popular loan apps in Nigeria, and the CBN has given its approval. Carbon makes it easy to get loans of up to N500,000 and gives you up to 12 months to pay them back. Carbon also has other financial services, like paying bills, buying airtime, and investing.
2. FairMoney Loan
FairMoney is another loan app that the CBN has approved. FairMoney offers loans of up to N500,000 with interest rates as low as 10% per month. The process of applying for a loan is quick, and if you are approved, you can get your money in just a few minutes. FairMoney also lets you buy airtime, pay bills, and make investments, among other things.
3. KwikMoney Loan
KwikMoney is a loan app that has been given the green light by the CBN. KwikMoney offers quick loans of up to N500,000 that can be paid back in different ways. The loan application process is easy, and if you are approved, you can get your loan in just a few minutes. KwikMoney also lets you buy airtime, pay bills, and make investments, among other things.
READ ALSO: Newcredit Loan Interest Rate, Account Number, Contact WhatsApp Number
4. Branch Loan
Branch is a loan app that has been approved by the Central Bank of Nigeria (CBN). Branch gives out loans of up to N500,000 that can be paid back over a period of up to 15 months. The process of applying for a loan is quick and easy, and you can get the money as soon as you get approved. Branch also has other financial services like buying airtime, paying bills, and investing.
5. Renmoney Loan
Renmoney is a loan app that has been given the green light by the CBN. Renmoney offers personal loans of up to N6,000,000, which can be paid back over as long as 24 months. The loan application process is quick and easy, and if you are approved, you can get the money within 24 hours. Renmoney also lets you pay bills and make investments, among other things.
6. PalmCredit Loan
PalmCredit is a loan app that has been approved by the Central Bank of Nigeria (CBN). PalmCredit offers loans of up to N100,000 that can be paid back over a period of up to 12 months. The process of applying for a loan is quick and easy, and you can get the money as soon as you get approved. PalmCredit also has other financial services, like buying airtime, paying bills, and investing.
READ ALSO: Easiest $255 Payday Loans Online Same Day No Credit Check
7. Aella Credit Loan
Aella Credit is a loan app that has been approved by the Central Bank of Nigeria (CBN). Aella Credit offers loans of up to N1,000,000 with flexible payment plans of up to 12 months. The process of applying for a loan is quick and easy, and you can get the money as soon as you get approved. Aella Credit also offers services like buying airtime, paying bills, and making investments.
8. Quick Funding from GTBank
Whether you work for a company or for yourself, you can get cash right away from GT Bank quick credit and pay it back over 6 to 12 months. Quick Credit will lend you up to N5 million at a monthly interest rate of 1.5%. You don’t have to put anything up as collateral, and there are no hidden fees.
You can get QuickCredit right away by calling *737*51*51#, going to their website, or using the bank’s app.
The least you can get is N10,000, and the most you can get is N5 million if you get a salary and N500,000 if you don’t.
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9. Payday Loan from Access Bank
Access Bank PayDay Loans can be used by dialing *901*11*1# or by using Internet Banking, WhatsApp Banking, the Access Mobile App, or the QuickBucks App.
It gives customers a way to get a loan right away (both salary and non-salary earners). With Payday Loan, you can get a loan with a low interest rate and without putting up any paperwork or collateral.
It can be used for up to thirty-one (31) days.
Access Bank Payday Loans have a 5% interest rate. A 1% management fee and 0.3% credit life insurance are also taken out of the loan amount right away.
READ ALSO: How To Quickly Borrow Money From Palmpay App Without BVN – Loan USSD Code
Personal Loan Against Salary Service from First Bank
People who want to use this service must have a salary account with First bank.
A customer can borrow up to N500,000, which is limited to 50% of their net monthly salary.
This product can be accessed through FirstBank’s digital channels, such as the *894*11# USSD code or the FirstMobile app, which is FirstBank’s mobile banking app.
The customer has to pay all fees up front when the loan is given out. This includes the 2.5% interest rate and the 1% management fee. The loan amount has to be paid back within 30 days or when the customer gets their next paycheck (whichever comes first).
READ ALSO: How To Quickly Borrow Money From Palmpay App Without BVN – Loan USSD Code
10. First loan from First Bank
FirstAdvance is a digital loan with a 30-day term that lets people who are waiting for their salaries to get cash quickly and easily.
The product is made for people who get regular paychecks and whose accounts are with First Bank and who have done so for at least two months.
The customer can get up to N500,000, but only if they make at least 50% of their net monthly salary.
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This product can be accessed through FirstBank’s digital channels, such as the *894*11# USSD code or the FirstMobile app, which is FirstBank’s mobile banking app.
There are no hidden fees for using FirstAdvance. All fees, like the 2.5% interest rate and 1% management fee, are paid up front when the loan is given. The loan amount must be paid back within 30 days or when the borrower gets paid (whichever comes first).
11. Credit from UBA Click
Through its click credit scheme, UBA lets people who get a salary borrow up to 1 Million Naira at an interest rate of 30% per year (2.5% per month) and pay it back easily over 12 months with no hidden fees.
To get the loan, you need a UBA account that gets at least N25,000 deposited into it every month.
There are no forms to fill out because you can use the bank’s USSD code or online banking to apply.
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12. Term Loan from Zenith Bank
Customers with a salary account at Zenith bank can use this service to get up to 60% of their monthly salaries at a rate of 2.16% interest per month.
A management charge of 1% is also paid by the borrower.
To use this loan service, you need an account opening form, one passport photo of an authorized signatory, an introduction letter from your employer on the company’s letterhead, and a Staff identity card.
READ ALSO: Best and Fastest Personal Loan Apps in Nigeria 2023
13. Quick Cash FCMB
FCMB FastCash is a way to borrow money without paperwork or collateral. It’s a quick loan, and you can apply for it through the mobile app or by texting *329*11#.
Customers can borrow up to N200,000 at a monthly interest rate of 8%, plus a 1% management fee that is paid up front when the loan is given.
The fee for a non-salaried application is 15% up front.
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