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When Partech Africa disclosed in March 2019 in its report that at least 33% of total funding raised by African tech start-ups in 2018 was in the fintech sector, a lot of critics wondered where the funds are meant for.

No doubt, part of the fund must have been invested in their operations including infrastructure development. But some of the financial technology (fintech) startup firms have used their funds to disrupt the lending industry as they are determined to ease the burden of lack of access to fund experienced by several millions of Nigerians.

The good news is that a lot of them offer cheap, affordable loans, which come quite fast as they are disbursed a few minutes after application, without collateral.

Some of them are Carbon (former Paylater), Paystack, Okash, Kudi, TeamApt, OneFi, Lidya, Kwikmoney, Page and Renmoney, among others.


These firms have broken the norm, putting the commercial banks on their toes as they offer loans at interest rates as low as between 5% and 12% monthly, depending on the risk involved. Some of them offer loans on USSD platforms.

[READ MORE: Access Bank, UBA, GTB, 7 others increase loans by N1.84 trillion in 9-month]

Nairametrics looks at these fintechs’ loan products and their interest rates, to help depositors make informed decisions while taking the facilities across the nation, at cheaper rates than most banks.

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Carbon, one of Nigeria’s foremost digital financial services companies, launched a digital platform, Carbon for Business, last month to provide startups, small and medium-sized enterprises (SMEs) with credits and technology required to build and scale their businesses.

What it means: The company’s clients can now access uncollateralised credit, secure online payments, reliable funds transfer and fast know your customer (KYC) compliance obligations. Businesses can take advantage of Carbon’s infrastructure to achieve business objectives and strategic goals, boost their value offerings and get to market faster.

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  • Offers adequate security for its users.
  • It has Carbon IV, which is an identity verification system that enables businesses perform KYC and anti-money laundering services on prospective staff or other parties.
  • It is integrated with all major identity databases including passport, Bank Verification Number (BVN), driver’s license and voter’s card.
  • It offers Optimus, an affordable and reliable funds transfer platform that provides low-cost transfers.
  • For qualified businesses, it provides an overdraft facility that allows customers short-term funding needed to make critical payments during short-term cash shortages.
  • Businesses will be able to accept online payments from Visa, Verve and MasterCard in over 40 currencies.
  • All transactions are PCI DSS compliant, 3D Secure enabled, and processed through an SSL encrypted channel.
  • Users can access up to ₦20 million uncollateralized flexible repayment loans.


Kwikmoney is a product offered by Mines, a global technology company which has developed a digital platform that enables institutions in emerging markets to offer credit products to their customers with ease and minimal risk.


It offers loans on the USSD platform in partnership with banks like GTBank, Fidelity Bank, and technology companies. Kwikmoney is one of the most effective and convenient ways of getting quick and instant loans in Nigeria.


  • Documentation – None
  • Interest – From 5%
  • Tenure – 14 – 30 days
  • Borrow, repay before end of loan tenure, earn increased loan offers, lower interest rates.

[READ ALSO: Banks’ loan to private sector, govt hit N36.48 trillion in September]



Renmoney’s existing and potential customers can get loans up to N4 million that can be repaid within a period of nine months without tendering collateral or a guarantor, or post-dated cheque leaflets.


To access loans from Renmoney, there are certain conditions to meet. They are:

  • Applicants are expected to be between the ages of 22-59.
  • Have a steady source of income with a functional current or savings bank account and a valid means of identification.
  • Provide verification of monthly income and a report of previous loans from a credit bureau.
  • Interest rate of between 4% and 4.5% per month. For instance, a N70,000 loan would be worth N83,690 in a 4-month repayment plan.
  • BVN, Bank statement, Valid ID card, Employment letter.
  • Loan tenure: 3 to 12 months.
  • Repayment channels: Quickteller, cheque, POS, Cash and Online transfers.

Page Financials

Page Financials is an innovative retail financial institution offering various quick personal and salary advance loans to meet the financial requests of customers.

Here, it requires six steps to request a loan and the first one is inputting your BVN details. For its loan, Page Financials at a competitive interest rate. that is not all. Page Financials also has a sister company, Pledge Salary Advance Virtual Wallet, which also offer loans.

The initiative is a financial product that bridges unexpected expenses and short-term financial needs. It is acceptable on all POS and ATMs in Nigeria. Interested patron can access funds via our mobile app as the virtual wallet is convenient and solves all quick financial needs.

  • The interest is charged daily based on what you use –  you won’t be charged for not using the wallet
  • We do not require utility bill, just office ID, any Govt issued ID and passport photograph
  • Repayment channel is Remita and Direct Debit
  • There’s no loan tenure (You pay monthly when you use the wallet & gets credited again – Pay As You Use)


A subsidiary of OPay, Okash also offers loans to Nigerians who agree to the terms and conditions and privacy policy of Blue Ridge Microfinance Bank Ltd, its provider.

In its case, Opera acquired the service from OPay in December 2018 for $9.5 million, but the service is still being promoted in Nigeria on the OPay app.

“OKash’s business (in Kenya, Nigeria, and everywhere) which relies heavily on mobile processors as Opay is also helping OKash disburse and collect loans at cheap interest rates.

[READ FURTHER: GTBank, Access, Zenith, UBA, FBN loans rise to N9.28 trillion in six months]


Aella credit is an app-only easy and quick loan platform. It is designed to help employees access funds between N1,500 and N700,000 at interest rates between 4% and 29% monthly.

Aella credit is available in Ghana, Nigeria and the Philippines.

  • Requirements: BVN
  • Platform: Mobile App
  • Interest rate: 4 – 29%
  • Loan tenure: 1 to 2 months
  • Repayment channels: Direct debit


  1. This is very useful information. More information on Fintech such as volume of transactions processed, customer base, loans issued etc is required to have a full grasp of the impact these innovative startups are have on the financial space.


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