Digital lenders, popularly known as loan apps, continue to play a pivotal role in Nigeria’s credit ecosystem, even as concerns persist around their operations and lending practices.
The growing number of Nigerians patronizing these platforms has also led to a steady rise in the number of companies offering the services.
As of May 2025, the number of companies registered and licensed to offer digital lending services via mobile apps has risen to 425, up from 320 recorded in the previous year.
These include firms that have either secured approval from the Federal Competition and Consumer Protection Commission (FCCPC) or obtained licenses from the Central Bank of Nigeria (CBN).
According to the FCCPC database, 362 of these lenders have been granted full approval, 42 operate with conditional approval, and 21 are licensed directly by the CBN.
While this surge in players has expanded access to credit, it has also contributed to a rise in borrower indebtedness, as some users hop from one app to another, accumulating loans without repayment.
Yet, in the crowded marketplace of lending apps, a few have managed to stand out. Based on Google Play Store data, seven loan apps have crossed the five million download milestone, a testament to their popularity and continued growth.
Here are the top seven most-downloaded loan apps in Nigeria as of May 2025:
7. EaseMoni (5 million downloads)
This digital lending company, operated by Blue Ridge Microfinance Bank, has become one of the most-downloaded loan apps with over five million downloads on the Google Play Store.
The instant loan company claims it now serves over six million customers, who are consistently taking loans from the platform. The app offers loans from N3,000 up to N2 million at a minimum interest rate of 5% to 10% and an Annual Percentage Rate of 60% to 120%.
6. Newcredit (5 million downloads)
Newcredit is another instant loan app in Nigeria that has crossed 5 million downloads. The personal loan app gives Nigerian collateral-free loans of up to N300,000. The app uses Artificial Intelligence (AI) to analyze prospective customers’ financial records, including the bank transaction SMS on their phones and their creditworthiness from other lenders.
The app’s loan amount range from N10,000 to N300,000 with repayment from 91 days to 365 days. The company charges a monthly interest rate of 4%.
5. Carbon (5 million downloads)
Carbon is a digital financial service platform that provides a range of financial services, including personal loans, business loans, payments, funds transfers, credit scoring, savings, and investments. The Carbon has been downloaded over 5 million times, making it one of the favourites of Nigerians seeking instant loans.
Loan amounts range between N2,500 to N1 million with repayment periods from 61 days to 12 months at monthly interest rates that range from 4.5% to 30%.
For instance, a N1 million loan from Carbon borrowed for 12 months will attract a monthly interest rate of 4.5%. The total amount payable will be N1,540,000.
4. OKash (10 million downloads)
Okash is a convenient, quick online loan platform for Nigerian mobile users, also owned by Blue Ridge Microfinance Bank Limited. On the app, which has been downloaded over 10 million times, the loan 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 N1,000,000, and repayment plan ranges from 91 days to 365 days.
The app’s interest rate ranges from 3% to 15%. However, Okash’s interest rate is calculated on a daily basis, which amounts to an Annual Percentage Rate (APR) of between 36.5% to 360%.
3. Palmcredit (10 million downloads)
On the Google Play Store, the Palmcredit app has been downloaded over 10 million times, thus qualifying as one of the top loan apps in the country. 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 N10,000 to N300,000 quick loan, and if your documentation is complete and accurate, you can get your disbursement within a business day, the platform claims. The Annual Percentage Rate (APR) on the platform ranges from 24% to 56%.
For example, if you choose a 6-month loan and borrow N100,000, Plamcredit charges an interest rate of 4% per month. The interest rates for the 6 months will be N24,000, hence, the total repayment will be N124,000.
2. FairMoney (10 million downloads)
FairMoney, which has been downloaded over 10 million times on the Google Play Store, claims 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 N3 million with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30%.
For instance, if you borrow N100,000 over 3 months, you will be expected to repay N43,333 each month, which brings the total repayment to N130,000 at the end of the 3 months.
1. Branch (10 million downloads)
Branch is a platform that offers quick online loans in Nigeria. Today, the app is one of the most downloaded apps in the lending category on the Google Play Store with over 10 million downloads.
The app determines loan eligibility and personalized loan offers using the users’ smartphone data. The app’s monthly interest rates range from 17% – 40%, depending on the risk profile of the customer.
You can get access to personal loans from N2,000 to N1,000,000 within 12 hours, depending on your repayment history.
Note: There are several other loan apps that have crossed one million downloads on the Play Store and are also offering services to millions of customers. However, the above-listed stood out by crossing the five million downloads, with some of them already above the 10 million mark.
