he surge of companies operating in Nigeria’s digital lending sector has drawn attention to concerning trends like aggressive tactics for loan recovery such as harassment and defamation.

Due to this, the Federal Competition and Consumer Protection Commission (FCCPC) has worked with other regulatory agencies to draft a regulatory framework that addresses these concerns; as of this writing, over 260 digital lenders that have completed the registration process have been approved by the commission, based on reports from the local community.

This article examines registered lending platforms according to their Google Playstore popularity and registration status (as of April 2024).

1.) Branch

Branch International began as a loan app in Kenya in 2015 and moved on to Nigeria in 2017. Users of the app can benefit from investment yields of up to 10% and 15% annually in addition to receiving immediate loans up to ₦1,000,000 in total. More than 10 million downloads, 4.5 stars

2.) FairMoney

Equitable Money Operating under the Central Bank of Nigeria’s (CBN) regulations, FairMoney is a licenced microfinance bank. FairMoney bills itself as a digital bank with a lending focus and provides debit cards and bank account services in addition to fast loans up to one million naira. At this point, the company is processing over 10,000 loans a day, or one loan every eight seconds, which is a substantial amount of loans processed. Six years ago, the mobile app was first released in Nigeria as a digital lender. Other financial services, including debit cards, transfers, and payments, have been offered since then. It claims to have more than six million retail clients. Over 10 million downloads, with a rating of 4.2

3.) Okash

Okash is the lending services division of Opay. Opera, a software corporation based in Norway, owns both products. In Nigeria, the mobile-first lending platform went live in 2018. Okash claims that all a person needs to qualify for a loan is to be between the ages of 20 and 55, have an Android device, a data connection, a way to identify themselves, and have a working bank account and credit card. Over 5 million downloads, with a rating of 4.3

4.) Kuda

Bravo The Central Bank of Nigeria has granted Kuda, also known as Kuda Technologies, a licence to conduct microfinance banking operations. Overdrafts are available on the site, and individuals who use their Kuda account regularly are qualified to take out an overdraft. Anyone over 16 who is a citizen of Nigeria is eligible to register on the platform. Over 5 million downloads, with a rating of 4.3

5.) Palm Credit

Credit for Palm A virtual credit card that makes it simple for you to obtain a loan whenever and wherever you choose is what PalmCredit is. Using your smartphone, Palmcredit provides loans up to ₦100,000 in a matter of minutes. Users of the Palm Credit Loan App (owned by Newedge Finance Limited) can apply for loans with terms ranging from 12 to 26 weeks and amounts between ₦2,500 and ₦100,000. Over five million downloads, with a rating of 4.2

6.) QuickCheck

Rapid Exam Fabiano Di Tomaso launched Quickcheck, a Fintech business based in Nigeria, in the year 2017. Through a smartphone application, it offers loans to underprivileged Nigerian consumers and small businesses around-the-clock. Over a million downloads, with a rating of 4.5

7.) Carbon

Carbon is a microfinance bank having deposits covered by the Nigerian Deposit Insurance Corporation (NDIC) and a licence from the Central Bank of Nigeria (CBN). With the best pricing on banking transactions, the highest interest rates on savings, the best customer assistance, and appealing credit rates, the platform offers a superior ecosystem of services. Over a million downloads, with a rating of 4.3

8.) RenMoney

Stephen Jennings founded Renmoney in 2012. With a microfinance banking licence in Nigeria, the business provides three different kinds of loans: little loans ranging from N5,000 to N100,000 moderate loans ranging from N25,000 to N3,000 Large loans of N6,000,000 Download count: over a million. Score: 4.1

(9) Umba

Umba is a credit-led digital bank that was established in 2019 and offers financial services and payroll to clients in Kenya and Nigeria. It offers clients in Nigeria and Kenya financial services such loans, current accounts, savings accounts, fixed deposit accounts, and bill payment. In its existence, the fintech has given out more than 144k loans. Over a million downloads, with a rating of 3.6

10.) Aella Credit

Credit for Aella In 2017, Aella Credit started its B2C loans under the Aella Credit brand and became the first lending firm in Africa to be accepted into Y Combinator. 2015 saw the founding of Aella Credit by Akin Jones and Wale Akanbi. The Nigerian startup, Lagos, is supported by YC. Over a million downloads, with a rating of 3.2