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There’s no shortage of digital lenders offering loans to Nigerians. What isn’t very common in these parts is lending platforms that match borrowers (whether individuals or businesses) with people who want to lend money in return for interest payments.

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The model we’ve just referred to is called peer-to-peer lending. It brings together people who are looking to earn from giving out funds, and parties that need funding. It’s sort of a marketplace for credit. There are a good number of FinTechs like this elsewhere in the world. And it’s slowly starting to gain traction here too.

Here are five of the most well-known (and widely used) Peer-to-Peer (P2P) lending platforms in Nigeria:


Business Elites Africa

Sycamore lets salaried employees and registered businesses get access to loans without collateral. They can get credited within 24 hours of applying if Sycamore approves their request. Users can also loan to borrowers, track those loans, and earn returns of up to 16% per annum on the funds they lend.

There’s a 1,000 reward for anyone who refers a contact of theirs to Sycamore. Besides being primarily a P2P platform, users can also buy airtime, purchase data, pay for cable TV subscriptions, and settle utility bills on it.


FINT offers individuals and corporate organizations the chance to make money by lending to businesses in multiple sectors and for different purposes: agriculture, power, sustainable projects, agency banking, buyback loans, etc. FINT guarantees lenders anywhere between 25% and 39% per annum in returns on the funds they give out.

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Companies that want a loan can get it after signing up with FINT and undergoing a screening process. The loans are collateral-free. Investors may also find out what the interest on their loans could look like by using the portfolio estimator on FINT’s website.


P2Vest (@P2Vest) / Twitter

Instant loans for personal or business needs are available from P2Vest. It promises that qualified borrowers get funded quickly, enjoy convenient payback plans, and do not have to worry about hidden fees. The platform charges interest rates based on loan recipients’ risk ratings and credit scores.

Lenders may get returns of up to 10% per annum on the funds they lend. They choose who they grant loans to, receive payments from borrowers in installments, and can see when the next payment is scheduled. And under P2Vest’s P2VFB service, businesses can also provide loans and earn from them.



Ajobox runs a community-based lending and investment system. It provides short-term financing to SMEs, funded by individuals and groups of investors who are also registered on the platform. Businesses may secure loans of up to 2 million through it.

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Lenders on Ajobox can earn up to 16% per annum in interest payments on the loans they provide. To keep its repayment rates high, Ajobox screens its would-be borrowers by leveraging AI and weighing their contributions and credit-related behaviour.



Founded in 2016, KiaKia is one of the older P2P lending and borrowing platforms in Nigeria. According to its team, it has successfully given out over 7 billion in loans and recorded exceptional repayment rates.

KiaKia pools funds from lenders, and disburses them to qualified borrowers (loan amounts start at 10,000). Users who give out loans can expect returns approaching 40% per annum, with payments made quarterly, biannually, or annually.

Final Words

The P2P lending space is coming alive, with more players appearing in it in recent times. This can only be good news for people who want to access loans from genuine lenders or want to diversify their income sources.

Featured Image Source: Business Elites Africa
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This article was first published on 23rd July 2022


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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