Have you ever been in need of cash and didn’t know where to get loan because there are no licensed companies to give loans?
Or are you scared to approach the traditional financial institutions because you know they will turn you down?
Well then you can stop worrying because the Central Bank of Nigeria (CBN), has approved the license of 16 digital lending companies.
You see many people don’t know that the The digital lending landscape in Nigeria is growing.
This is because many licensed loan app companies offering credit facilities to both individuals and businesses are springing up daily.
These loan companies, have been licensed by the Central Bank of Nigeria (CBN), and they play a crucial role in providing financial services to the informal sector.
Have You Read:Â FG Set To Shut Down Loan Apps In Nigeria
In this article we shall concern ourselves with the 16 CBN-licensed loan app companies actively operating in Nigeria’s digital lending space:
16 CBN-licensed Loan App CompaniesÂ
Fast Credit Limited (FCL)
Fast Credit Limited (FCL), is a loan company that offers investment and loan products to individuals and SMEs.
FCL also provides micro and nano loans via its mobile app and USSD service.
Baines Credit Microfinance Bank Limited
Baines Credit Microfinance Bank Limited provides quick digital loans and salary advances for various sectors, including salary earners and MSMEs.
Greenbond Finance Company Limited
Greenbond Finance Company Limited facilitates instant loan services through its app Apply 24/7. It provides salary advances and asset finance without collateral or guarantor requirements.
Ekondo Microfinance Bank
Ekondo Microfinance Bank focuses on credit facilities for clients in the South-South region, offering civil servant loans, salary advances, and fast cash.
Accion Microfinance Bank
Accion Microfinance Bank offers personal and business loans, including a School Fees Loan for easy payment facilitation.
Newedge Finance Limited
Newedge Finance Limited provides instant loan services through multiple apps such as Palm Credit, New Credit, Easy Buy, Xcross Cash, and Xcash.
Shepherd Trust Microfinance Bank
Shepherd Trust Microfinance Bank gives savings, investment, and loan products to MSMEs, with individual loans available to qualifying salary earners.
Firmus Microfinance Bank
Firmus Microfinance Bank provides financial services to individuals and SMEs, offering various loans through its mobile app, including personal, house, school, and car loans.
Cashbridge Microfinance Bank
Cashbridge Microfinance Bank Offers business loans, school fees loans, and home loans, among others, designed to fulfill customers’ financial goals.
Zedvance Finance Limited
Zedvance Finance Limited provides instant collateral-free loans through its MoneyPal App, tailored to customers’ specific needs.
Credit Direct Limited
Credit Direct Limited focuses on quick turnaround loans with minimal documentation and efficient processes, emphasizing customer service.
FairMoney
FairMoney processes instant loans of up to one million naira, along with banking services, for individuals and businesses.
Branch International Financial Services
Branch International Financial Services offers personalized loan offers through its mobile app, with loan eligibility determined using smartphone data.
Carbon Finance and Investments Limited
Carbon Finance and Investments Limited provides a range of financial services, including personal and business loans, payments, credit scoring, savings, and investments.
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Renmoney Microfinance Bank
Renmoney Microfinance Bank Grants personal and micro-business loans ranging from N50,000 to N6 million, alongside savings and banking services.
Links Microfinance Bank
Links Microfinance Bank Provides a one-stop approach to banking services, including savings, loans and investments through its Sofri mobile app
