CBN Approved Loan Apps in Nigeria: Full List of Licensed and Trusted Platforms

Getting access to quick and secure loans in Nigeria is easier when you borrow from trusted sources. The Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC) officially approved 364 loan apps to operate in the country. Out of these, 322 are fully licensed, while 42 are conditionally approved.

This list will help you identify only the legit and regulated loan apps in Nigeria, so you can avoid fraudulent platforms that exploit borrowers.

What Are CBN Approved Loan Apps?

CBN-approved loan apps are digital lending platforms that meet regulatory standards set by the Central Bank of Nigeria. These apps are licensed to provide instant loans with fair terms, proper data security, and customer protection policies. Using a regulated loan app ensures:

• Safety and Trust – You’re dealing with an officially recognized lender.
• Fair Interest Rates – Rates and repayment policies are regulated.
• Customer Protection – You can report complaints through official channels.
• Data Security – Your personal details are handled according to financial regulations.

Full List of Loan Apps Approved by CBN in Nigeria

Here are the licensed loan apps you can safely use in Nigeria this year:

1. 1-Hour Loan App
2. 9Credit
3. A1 Credit App
4. Aella App
5. Branch Loan App
6. Carbon Loan App
7. FairMoney
8. QuickCheck
9. PalmCredit
10. Renmoney
11. Umba Loan App
12. Sokoloan
13. Aella Credit
14. Okash (by Opay)
15. Money in Minutes
16. P2Vest App
17. LendMe App
18. Irorun Mobile App
19. Credit Wallet App
20. Sycamore App

(The complete official list contains over 300 apps, but these are some of the most popular and reliable ones Nigerians use daily.)

Top 10 Latest Best CBN Approved Loan Apps 

Here’s a closer look at the best-performing loan apps approved by CBN this year:

1. Carbon Loan App

• Loan range: ₦1,500 – ₦1,000,000
• Interest rate: 1.75% – 30% per month
• Repayment period: 1 – 12 months
• Benefits: Low interest rates, no collateral, and additional services like bill payments and savings.

2. FairMoney

• Loan range: ₦1,500 – ₦3,000,000
• Interest rate: 2.5% – 30% per month
• Repayment period: 14 days – 18 months
• Benefits: Fast approval, high ratings on Google Play, longer repayment options.

3. Branch Loan App

• Loan range: ₦1,000 – ₦500,000
• Interest rate: 15% – 34% per month
• Repayment period: 4 – 52 weeks
• Benefits: No paperwork or collateral, higher loan limits for loyal borrowers.

4. PalmCredit

• Loan range: ₦2,000 – ₦300,000
• Interest rate: 14% – 24% per month
• Repayment period: 91 – 365 days
• Benefits: Quick disbursement, flexible repayment, no collateral required.

5. QuickCheck

• Loan range: ₦1,500 – ₦500,000
• Interest rate: 2% – 30% per month
• Repayment period: 30 days – 12 months
• Benefits: Uses AI for credit scoring, friendly repayment terms.

6. Aella Credit

• Loan range: ₦2,000 – ₦1,000,000
• Interest rate: 4% – 29% per month
• Repayment period: 30 – 60 days
• Benefits: Business and personal loans with competitive interest.

7. Okash by Opay

• Loan range: ₦3,000 – ₦500,000
• Interest rate: 10% – 30% per month
• Repayment period: 15 – 91 days
• Benefits: Trusted by Opay users, quick emergency loans.

8. Umba Loan App

• Loan range: ₦2,000 – ₦500,000
• Interest rate: 10% – 25% per month
• Repayment period: 62 – 180 days
• Benefits: Does not require BVN, making it attractive to privacy-conscious borrowers.

9. Renmoney

• Loan range: ₦50,000 – ₦6,000,000
• Interest rate: 4% – 8% per month
• Repayment period: 3 – 24 months
• Benefits: Higher loan amounts, longer repayment terms, ideal for businesses.

10. Sokoloan

• Loan range: ₦5,000 – ₦100,000
• Interest rate: 4.5% – 34% per month
• Repayment period: 7 – 180 days
• Benefits: Fast emergency loans for everyday expenses.

Loan Apps Without BVN in Nigeria 2025

If you prefer apps that don’t require a BVN, you can try:

• Umba Loan App
• PalmCredit
• Branch

Loan Apps with the Lowest Interest Rates

If affordability is your priority, these apps offer the lowest loan interest rates:

• Renmoney (4% – 8% per month)
• Carbon Loan App (1.75% – 30% per month)
• Aella Credit (4% – 29% per month)

Fake Loan Apps to Avoid

Stay away from fraudulent apps that harass borrowers or misuse personal data. Apps such as KashKash, Speedy Choice, and GoCash are not approved by the CBN.

Frequently Asked Questions

1. What is the best loan app approved by CBN in Nigeria?

Carbon, FairMoney, and Branch are currently among the top-rated options.

2. Which loan app has the lowest interest rate?
Renmoney, Carbon, and Aella Credit.

3. Can I get a loan without BVN?
Yes, apps like Umba and PalmCredit allow loans without BVN.

4. What happens if I don’t repay on time?
Late repayment may attract extra charges, affect your credit score, or restrict future borrowing.

5. How do I confirm if a loan app is legit?
Check if it is listed on the official CBN or FCCPC-approved loan apps directory, and read user reviews.

Borrowing from a CBN-approved loan app in Nigeria gives you peace of mind, better repayment terms, and stronger protection against fraud. Whether you need funds for personal use, business growth, or emergencies, sticking to these licensed apps is the safest choice.

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