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  There’s a high demand for credit in Nigeria. Individuals and businesses numbering in the millions want loans that’ll help them finance their lifestyles and operations. But traditional lenders—such as commercial, microfinance, and mortgage banks –aren’t able to meet everyone’s needs in this domain.
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Digital lending companies have arisen to plug this gap in the market. They are adopting innovative, tech-driven approaches to qualifying and lending to customers. These companies are getting increasingly successful at identifying and targeting creditworthy borrowers from the mass of financially underserved Nigerians. New players in this space seem to appear every other year. If you’re seeking a loan from online lenders, you’ll find that there’s no shortage of options to choose from. This article gives succinct details about ten of the best digital lenders in Nigeria.


Carbon offers its users a wide variety of banking services, including accounts, loans, and fund transfers to any Nigerian bank. They can access short-term loans of between ₦1,500 and ₦1 million, which may be paid over a maximum of 64 weeks. Interest payable stands at between 1.75% and 30%. Users can top up their loans, and get cashback when they repay on time. They can also invest their funds with Carbon and earn returns of up to 11%. There are no late fees or account maintenance fees.


FairMoney provides loan amounts approaching ₦1 million, with repayment periods of between 61 days and 18 months. The monthly interest on loans range from 2.5% to 30%; these rates may be discounted by up to 90% for early loan repayments. There are no hidden fees on FairMoney’s loan or other services. Besides its lending operations, FairMoney also enables users to open an account on its platform, make deposits, transfer money to their bank accounts for free, and pay bills. Deposits on FairMoney accounts are insured by the Nigeria Deposit Insurance Corporation (NDIC).

Aella Credit

The team at Aella Credit says that users of their app can access loans on it in five minutes (if they’re found creditworthy). All that’s required to do this are basic personal information, a BVN, and a smartphone. Loans of between ₦1,500 and ₦1 million are available from them, with tenors of up to 180 days. Monthly interests on loans stand at between 1.5% and 22%. Other services accessible via Aella include payments for power, airtime, and internet data, as well as health insurance.


Founded in 2018, CredPal delivers loans at relatively competitive rates. Loan amounts on offer from CredPal range from ₦50,000 to ₦2 million, and they can be repaid between 3 months and 9 months. Monthly interest rates stand at between 4% and 5%. CredPal is primarily a loan app, but it grants its users access to other services: a credit card with which they can make purchases from merchants on the platform. They can also pay for TV and data subscriptions, airtime, and electricity on the app.
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Newcredit’s loans are targeted at people who want small loans urgently. The loan amount offered on its app range from ₦5,000 to ₦300,000, with monthly interest rates pegged at between 4% and 24%. Its loan tenor is at least 91 days and may run until 365 days. Newcredit’s loan services are open to Nigerians aged between 18 and 55 years, who possess valid documents that it considers crucial for determining loan applicants’ identity and credit history. Loans from Newcredit are collateral-free. KashKash KashKash provides loans of up to ₦200,000, which it expects to be repaid between 91 and 365 days. Tenor Interest on loans is calculated daily. Anyone who wants to get a loan from KashKash can do so at any time of the day, as their services are available round the clock. To qualify for loans from KashKash, applicants must be residents in Nigeria, aged between 20 and 55 years old, and have a monthly income source. If they repay their loans on time, they could be charged lower interest rates on subsequent loans.


KiaKia is a Peer-to-Peer lending platform, a digital marketplace for credit in which users can access and lend capital for personal and business use. Persons using the KiaKia web platform can get loans at interest rates as low as 6.5%; and if they’re lending money, they could get up to 28% return on the funds they lend. To date, more than ₦7 billion in loans has been disbursed through KiaKia. The company claims that its lenders haven’t recorded any loss on the funds they’ve given out through it.


Palmcredit promises instant loans with flexible repayment plans. Loan amounts on offer from them range from ₦5,000 to ₦300,000, and repayments may be made within a maximum of 365 days. Interest rates are fixed at between 4% and 24%. No collateral or paperwork is required for obtaining a loan from Palmcredit. Benefits accruing to users include the absence of origination fees, rollover fees, or transaction charges. However, applicants must be between 18 and 65 years old and reside in Nigeria.


Sokoloan’s loan product is designed for people who need small loans fast. The company lends up to ₦100,000 per loanee and expects repayments to be made within 3 to 6 months of loan disbursements. Interest and service fees range from 4.5% to 34%. Loans may be requested at any time of the day, and on all days of the week, and applicants can know whether they’ll get a loan within minutes. No paperwork or collateral is required. However, loans are typically granted to persons between 25 and 50 years old who have a job.


Anyone in Nigeria with an android phone can apply for a loan from QuickCheck through its mobile application. They can borrow up to ₦500,000 from the platform and have the money sent to their bank accounts within a relatively short period. The tenor on loans is between 91 days and a year, and monthly interest rates are pegged at 1% to 21%. No collateral or guarantor is needed for loans from QuickCheck. Instead, creditworthiness is determined via a credit scoring process driven by Artificial Intelligence.

Final Words

Nigeria’s market for loans is broad enough to accommodate new lending companies. Many of the existing players have only been around for a few years, but they have scaled rapidly thanks in part to the great demand for their services. The future could see even more lenders appear to take leading positions in this niche. Featured Image Source: Axiom Groupe
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This article was first published on 28th October 2021


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.

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