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If you’re looking for a business loan in Nigeria, chances are that you’ve already thought about getting it from a regular bank. And your loan application was likely either turned down, or you were offered terms that you found unacceptable. Coming up against either of these blocks can be discouraging.

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But you don’t have to shop around for credit from traditional banks alone. Thanks to newer FinTech companies, you can obtain the business loans you want with greater ease and with less stringent conditions. This article reviews the best among the many digital lenders for businesses that exist in Nigeria today.

Carbon

Carbon is a well-established digital lender that provides loans of up to ₦9.5 million within 48 hours from the application being received. No collateral or guarantor is required. The maximum tenor of loans from Carbon is 6 months. SMEs that source their credit and short-term financing from the platform get lower interest rates and longer tenors for their loans if they repay in full within the deadlines assigned. For new SMEs, the interest on loans is 5.5%. But it’s reduced for returning borrowers who fulfil their obligations promptly.

Kuda

One of Nigeria’s foremost digital banks, Kuda lends to businesses through purchase orders and invoice financing. The bank aims to deliver working capital to productive and transparent businesses. You can get loans of up to ₦5 million, repayable between 6 and 12 months from when they’re made available to you. Interest rates on Kuda business loans hover around the 30% mark. Businesses that choose to take out a loan from them don’t have to present collateral to get it. All they have to do is demonstrate creditworthiness through their existing accounts.

Migo

This FinTech enables businesses and digital platforms to embed the provision of credit into their own apps. They are also working to close the financing gap for SMEs in underserved areas. Loans may be received by borrowers in as little as 2 minutes. According to Migo, it has disbursed over ₦40 billion in loans to more than a million clients thus far. People who seek to repay their loans can do that either through their online accounts or with a designated USSD code.

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FairMoney

FairMoney grants SME loans of up to ₦3 million without requesting collateral. These loans are made available within 24 hours of being applied for (if the applicant qualifies for them), and may have a tenor of up to 6 months. You can request a business loan from FairMoney if you have the FairMoney business app installed on your smartphone. As is the case with many legitimate digital lenders, you will be required to provide proof of identity and financial status in order to be eligible for a loan.

Lidya

Lidya is a well-regarded digital bank with a global reach. But their strongest market remains Nigeria, where they were founded in 2016. They offer loans of up to ₦10 million to first-time borrowers. Loan durations span between 8 and 12 months, and repayments can be made in several instalments. A precondition for accessing loans from Lidya is registration on their platform. Another is the provision of bank statements covering 3 months for all of the applicants’ accounts. This allows the bank to review the creditworthiness of the potential borrower.

Renmoney

Renmoney is one of Nigeria’s oldest digital banks. Since 2012, they have provided financial services to numerous individuals and businesses. Their approach combines traditional microfinance banking and digital technology in a way that’s given them a competitive advantage over rivals. Renmoney offers a range of credit types to SMEs, including LPO financing, invoice financing, and outright loans. These credit solutions help to even out the liquidity of beneficiaries across time, so that they can accomplish more in less convenient periods.

Moniepoint

Moniepoint is the largest organisation of all the FinTechs on this list. Their presence in Nigeria’s business landscape is hard to miss. Recent data says the company has garnered over 10 million individual and business clients. This gives Moniepoint an immense advantage in terms of positioning and allows it to drive its loan product within an already large customer base. You can secure a loan of at least ₦1 million from Moniepoint without presenting collateral for it. Effective interest rates on a loan from this source will likely be between 24% and 40%. Approvals happen within 24 to 72 hours after applications are submitted (on the app), and loans may be repaid in instalments that borrowers find convenient.

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Final Words

The lenders discussed above are among the best places to get a business loan in Nigeria online. They have proven their trustworthiness and understanding of local business realities by their successful delivery of credit to SMEs that need it. You can investigate them further on their websites to find out which one works best for your business.

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This article was first published on 23rd June 2025
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ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.