List of Approved Loan Apps in Nigeria: FCCPC and CBN-Approved Companies

If you are living in Nigeria, it is important to be aware of companies that have received official authorization from regulatory bodies, such as the Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria (CBN), to operate and provide loan services through mobile applications.

These apps have undergone a thorough evaluation and approval process to ensure they comply with established guidelines and regulations governing the loan industry in Nigeria.

The approval indicates that these companies meet the necessary standards, including ethical practices, transparency, and fair lending terms. The list of approved loan apps serves as a reference for consumers, highlighting trustworthy platforms for accessing financial services and loans through digital means.

The Federal Competition and Consumer Protection Commission (FCCPC) has recently released a comprehensive list of 154 companies granted full approval to operate loan apps. This move follows a ‘clean-up’ process where the initial list was deleted for a more detailed and accurate representation.

The FCCPC not only granted full approval to 154 companies but also provisionally approved approximately 40 loan app firms. Additionally, 20 loan apps have been placed under a watchlist due to suspected unethical practices.

Top 10 FCCPC-Approved Loan Apps

For borrowers seeking reliable digital lending options, here are the top 10 FCCPC-approved loan apps in Nigeria:

1. Branch

  • Downloads: 10 Million+
  • Rating: 4.5

2. FairMoney

  • Downloads: 10 Million+
  • Rating: 4.2

3. Okash

  • Downloads: 5 Million+
  • Rating: 4.3

4. Kuda

  • Downloads: 5 Million+
  • Rating: 4.3

5. Palm Credit

  • Downloads: 5 Million+
  • Rating: 4.2

6. Quickcheck

  • Downloads: 1 Million+
  • Rating:* 4.5

7. Carbon

  • Downloads: 1 Million+
  • Rating: 4.3

8. Renmoney

  • Downloads: 1 Million+
  • Rating: 4.1

9. Umba

  • Downloads:.1 Million+
  • Rating: 3.6

10. Aella Credit

  • Downloads: 1 Million+
  • Rating: 3.2

Full List of Approved Loan Apps in Nigeria

Here is the list of CBN and FCCPC-approved loan app in Nigeria:

1. Clan App – CreditClan Tech Limited

2. Rapidalart App – Acetech Finance Limited

3. Kashout – Acetech Finance Limited

4. Flashcredit – Acetech Finance Limited

5. Flashalart – Acetech Finance Limited

6. Swiftcredit – Acetech Finance Limited

7. Rapidloans – Acetech Finance Limited

8. Acecredit – Acetech Finance Limited

9. Aceloan – Acetech Finance Limited

10. Letsgo App – Letshego Microfinance Bank Limited

11. Nextpayday App – Nextpayday Limited

12. Aladdin Digital App – Aladdin Scheme Limited

13. Kobogo App – Kobogo Nigeria Limited

14. Oxloan Pro App – Singularity Technology Nigeria Limited

15. Lioncash – Grola Tech Credit Limited

16. Laira Plus – Grola Tech Credit Limited

17. Lcash – Grola Tech Credit Limited

18. Cashloan App – Grola Tech Credit Limited

19. Truenaira App – Grola Tech Credit Limited

20. Caycredit App – Grola Tech Credit Limited

21. Nairaplus App – Grola Tech Credit Limited

22. Crancash App – Grola Tech Credit Limited

23. Mycashier Mobile – Fast Point Integrated Limited

24. Fast Point Web App – Fast Point Integrated Limited

25. Paylater App – Paylater Hub Limited

26. Shoptopup App – Trade Depot Limited

27. Pennee App – Pennee Technologies Ltd

28. 9credit – OTP Internet Technology

29. Vkash App – Altracred Finance Investment Limited

30. Red Harbour App – Red Harbour Fintech Limited

31. Menacred App – Menacred Company Limited

32. – Crevance Credit Limited

33. Csense App – CSENSE Limited

34. Supreme Help Co-operative Society – Supreme Help Co-operative Society Limited

35. Cashrun – Flowood Lending Limited

36. Mintcredit – Flowood Lending Limited

37. Creditnow App – Flowood Lending Limited

38. Moneypal App – Zedvance Finance

39. Plentycash – Fintrade Solutions Limited

40. Lifeline – Fintrade Solutions Limited

41. Steadykash App – Fintrade Solutions Limited

42. Trivista App – Trivista Capital Limited

43. Airmoni – Commercemen Trading Co. Limited

44. Urgent2k App – Commercemen Trading Co. Limited

45. Vibecredit App – Instawave Internet Technology

46. Ncredit – Finnew Fintech Limited

47. Nmoney – Finnew Fintech Limited

48. Fitloan – Finnew Fintech Limited

49. Swiftnaira – Finnew Fintech Limited

50. Bgloan – Finnew Fintech Limited

51. Wecredit – Finnew Fintech Limited

52. Umba Mobile App – Umba Digital Solutions Limited

53. Umba Web – Umba Digital Solutions Limited.

Tips for Choosing a Loan App

  • When choosing loan apps, consider the following tips:
  • FCCPC Approval: Ensure the app is FCCPC-approved for regulatory compliance.
  • Reviews and Ratings: Check user reviews and ratings for insights into app reliability.
  • Transparent Fees: Be aware of fees and charges associated with the lending platform.

The release of the FCCPC-approved loan app list signifies a step towards ensuring transparency and ethical practices within the loan app industry in Nigeria. The watchlist serves as an additional layer of protection for consumers, allowing them to identify the companies behind the apps they use and reducing the likelihood of app duplicity.

The FCCPC continues its efforts to engage with Google to address the presence of unapproved loan apps on the Play Store, emphasizing the importance of compliance with established guidelines.

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