List of FCCPC-approved loan apps in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) operates within the Federal Ministry of Trade and Investment and is responsible for protecting market competition and promoting consumer protection.

The Commission is empowered by the Federal Competition and Consumer Protection Act 2018 (FCCPA) to, among other things, promote fair business practices and safeguard the interest of consumers.

Getting approved by the FCCPC to be able to operate as a digital lender in Nigeria is essential today. Furthermore, borrowers need to ascertain that the digital loan app they want to use is FCCPC approved to ensure their interests are protected.

Recall FCCPC has continued to crack down on predatory loan apps to protect the rights of consumers in Nigeria. Since the agency was formed in 2018, it has been holding loan apps that violate the data protection rights of their users with stronger arms.

Top 10 Popular Loan Apps Approved by FCCPC

While there are several loan apps, here are the top 10 loan apps in Nigeria:

Branch

Branch International started in Kenya in 2015, before entering Nigeria as a lending app in 2017. The startup is currently led by Nigerian Managing Director, Dayo Odulate-Ademola.

Number of Downloads: 10Million+, Rating: 4.5

FairMoney

FairMoney was launched in 2017 by Laurin Hainy, Matthieu Gendreau and Nicolas Berthozat. The company is based in Lagos, Nigeria, with an office in Paris, France.

Number of Downloads: 10Million+, Rating: 4.2

Okash

Okash is Opay’s lending service arm. Both products are owned by Opera, the Norway based software company.  The mobile-based lending platform began operations in Nigeria in 2018.

Number of Downloads: 5Million+, Rating: 4.3

Kuda

Kuda, also known as Kuda Technologies, is a fintech company operating in Nigeria and the UK. It was founded by Babs Ogundeyi and Musty Mustapha in 2019.

Number of Downloads: 5M+, Rating: 4.3

Palm credit loan app

Palm credit is a loan app in Nigeria owned by Newedge Finance Limited. The app was launched on June 26, 2018

Number of Downloads: 5Million+, Rating: 4.2

Quickcheck

Quickcheck is a Nigerian Fintech company founded in 2017 by Fabiano Di Tomaso. It provides 24/7 loans to underserved Nigerian consumers and micro businesses through a mobile application

Number of Downloads: 1Million+, Rating: 4.5.

Carbon

Carbon is a Nigerian lending platform founded in 2012 by Chijioke Dozie and Ngozi Dozie. The Lagos based startup started with the name OneCredit, then evolved to OneFi. In 2016, they launched a mobile app which offered a fully digital consumer lending experience and named it Paylater. Finally, in 2019 as they expanded the app's suite of financial services, they renamed it Carbon.

Number of Downloads: 1Million+, Rating: 4.3

Renmoney

Renmoney was founded in 2012 by Stephen Jennings. The company operates on a microfinance banking licence in Nigeria.

Number of Downloads: 1Million+, Rating: 4.1

Umba mobile app

Umba launched in Nigeria in January 2021 by Irish entrepreneur Tiernan Kennedy and former Munster rugby player Barry O'Mahony. 

Number of Downloads: 1Million+, Rating: 3.6

Aella Credit

Aella Credit started in 2015 and was founded by Akin Jones and Wale Akanbi. The YC backed startup is based in Lagos, Nigeria.

Number of Downloads: 1Million+, Rating: 3.2

List of Approved Loan Apps

Here’s a list of the current loan apps approved by FCCPC.

List Of Delisted Apps

Below is a list the list of fake Nigerian loan apps delisted by the FCCPC:

• 1. SWIFTKASH APP
• 2. HEN CREDIT LOAN APP
• 3. CASH DOOR APP
• 4. JOY CASH-LOAN UP TO 1,000,000 APP
• 5. EAGLECASH APP
• 6. LUCKYLOAN PERSONAL LOAN APP
• 7. GETLOAN APP
• 8. EASELOAN APPS
• 9. NAIRA NAIJA
• 10. CASHLAWN APP
• 11. EASYNAIRA APP
• 12. CREDITING APP
• 13. YOYI APP
• 14. NUT LOAN APP
• 15. CASHPAL APP
• 16. NAIRAEASY GIST LOAN APP
• 17. CAMELLOAN APP
• 18. MONEYTREEFINANCE MADE EASY APP
• 19. CASHME APP
• 20. SECUCASH APP
• 21. CREDITBOX APP
• 22. CASHMAMA APP
• 23. CRIMSON CREDIT APP
• 24. GALAXY CREDIT APP
• 25. EASE CASH APP
• 26. XCREDIT
• 27. IMONEY
• 28. NAIRA NAIJA
• 29. IMONEYPLUS-INSTANT
• 30. NAIRANAIJA-INSTANT
• 31. NOWNOWMONEY
• 32. NAIJA CASH
• 33. EAGLE CASH
• 34. FIRSTNELL APP
• 35. FLYPAY
• 36. SPARK CREDIT
• 37. SOFTNAIRA APP
• 38. CASHDEY APP
• 39. NAIRALOANS-LOANS APP
• 40. SWIFTCASH APP
• 41. NAIARALAND APP
• 42. SURECREDIT-RELIABLE LOAN APP
• 43. MAMA CREDIT LOAN APP
• 44. NIGERIA LOAN APP
• 45. LOAN 300,000 NAIRA IN CRANCASH

Tips for choosing a loan app

Apps that lend money may be able to help you when you’re in a financial bind. For people who are living paycheck to paycheck or who may not have an emergency fund, a sudden expense can leave them scrambling to cover the cost.

But apps that lend money often charge fees, even if they don’t charge interest. Fees can range from monthly membership fees to one-time processing fees. Carefully review the terms and conditions before using an app to take out an advance. Here are things to consider:

Consider the purpose of your loan

While personal loans can be used for a pretty broad range of purposes, it’s not financially smart to use them for things like home improvements, vacations, weddings, funerals, large purchases and other personal expenses. 

Lenders often restrict the use of personal loans for postsecondary education expenses, business purposes and illegal activities, at a minimum. When considering a lender, confirm that your intended use of the loan is permissible under its borrower agreement.

Keep an eye out for additional fees 

Some lenders offer fee-free personal loans that don’t require borrowers to pay origination fees, late payment fees, prepayment penalties or any other common loan costs. However, this is more of the exception, than the rule. 

So it’s essential to ask about fees when shopping for the best loan terms. And, if a lender charges an origination fee, find out whether it’s built into the APR or taken out of the loan amount prior to funding, as this may impact the loan amount you need to request.

Evaluate the lender’s customer support options 

If you’ve found a lender that’s prepared to offer the money you need at acceptable terms, there’s one more thing to consider before signing the loan agreement. 

While customer support may not seem like a big deal in the honeymoon phase of your loan, it can make a huge difference if you encounter issues with payments or face financial hardship during your repayment period. Review the lender’s customer service resources and read reviews from past and current borrowers to make sure it’s a good fit.