With the number of unbanked Nigerian adults put at 60 million as of 2021, the majority of the about 40 million that have bank accounts are still underbanked as they have no access to credit and other financial services. This is why the fintech and loan apps are being warmly embraced by millions of Nigerians.
With the provision of quick loans without collateral, loan apps are bridging the financial inclusion gap left by the traditional banks in Nigeria.
Although there have been complaints that the interest rates being charged by some of these are too high, it has not stopped many Nigerians from patronizing them. In fact, going by the number of downloads of these apps, some of the digital lending platforms now have more customers on their apps than the big traditional banks in the country.
While there are now tons of loan apps providing credit services in Nigeria, including those licensed by the Central Bank of Nigeria (CBN) and the unlicensed ones otherwise known as loan sharks, all of them continue to enjoy patronage as they are meeting the financial needs of many Nigerians.
Nairametrics looks at the download figures of these apps on the Google Play Store, which gives a fair idea of the apps being mostly used by Nigerians. Here are the top 5 loan apps that have crossed 5 million downloads on the Google Play Store as of the end of Q3 2022:
Branch is a platform that offers quick online loans in Nigeria. As of Q3 2022, this app is the most-downloaded loan app in Nigeria that has crossed 10 million downloads on Google Play Store.
The app determines loan eligibility and personalized loan offers using the users’ smartphone data. Their interest rates range from 15% – 34%. You can get access to loans from N1,000 to N200,000 within 24hrs, depending on your repayment history, with a period of 4 to 40 weeks to pay back.
All you need to apply is your phone number or Facebook account, bank verification number (BVN) and bank account number. They will also request access to the data on your phone in order to build your credit score.
Palmcredit comes a distant second to Branch in terms of downloads, it is nonetheless one of the most patronized loan apps in Nigeria. The lending platform says it can provide a quick loan of up to N300,000 in less than 3 minutes without any form of collateral. You can borrow between N2,000 to N300,000 quick loan and if your documentations are complete and accurate, you can get your disbursement within a business day, the platform claims. The app has been downloaded over 5 million times on the Google Play Store as of Q3 2022.
FairMoney says it offers fast loans within 5 minutes with no documentation or collateral required. The loan amounts vary based on your smartphone data and repayment history. Loan amounts range between N1,500 to N500,000 with repayment periods from 61 days to 180 days at monthly interest rates that range from 10% to 30%. The app is, no doubt, one of the most used by Nigerians as it has also been downloaded 5 million times and still counting.
Okash (1 million downloads) now 5 million
Okash is a convenient quick online loan platform for Nigeria mobile users managed by Blue Ridge Microfinance Bank Limited. OKash fulfills customers’ financial needs completely online 24/7. The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account. The app offers loans ranging from N3,000 to N500,000 and repayment plan ranges from 91 days to 365 days.
The app is one of the most-downloaded loan apps on the Play Store as it had crossed 5 million downloads as of Q3 2022.
Palmpay is an automated lending service focused on increasing access to credit to financially under-served/excluded individuals around Africa. Launched in Nigeria in 2019, the company says it has provided over 5,000,000 customers with convenient and affordable digital payments.
The company also claims that loan decisions on its app are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes, 24 hours a day, 7 days a week. On the app, the usual amount for new borrowers is N10, 000.
This app is one of the most-downloaded loan apps in Nigeria. As of Q3 end, it had recorded over 5 million downloads to be among the top 5 with such record.
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