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.com – 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.