Nigeria’s credit sector has, in the space of just a few years, moved from a niche fintech offering to a mainstream financial tool used by millions.
A major driver of this surge is mostly limited access to traditional bank loans, and the speed at which digital platforms can deliver cash when it is needed most.
By mid-2025, the market will have expanded sharply, with approved digital lenders rising to about 425 as of May 2025, up from 320 a year earlier.
According to a 2024 report based on a five-year historical analysis, Nigeria’s online loan & credit platforms market is valued at approximately $600 million.
According to the report, recent market estimates indicate that Nigerian digital lending apps issued about 145 million loans worth over $2 billion in a recent year, reflecting the sector’s scale and consumer appetite for digital credit solutions
However, the speed and accessibility of digital loans have also created a crowded and uneven market, where hundreds of platforms compete with different pricing models, especially around one key factor that directly affects borrowers: interest rates.
Based on the list of approved digital lending platforms by the Federal Competition and Consumer Protection Commission (FCCPC), this article ranks apps that offer monthly interest rates below 3%.
Here are 10 loan apps with the lowest interest rates in Q1 2026
Kudi Pally Tech Limited operates True Loan, which offers daily interest rates ranging from 0.04% to 0.09%, with a maximum APR capped at 36%, making it one of the lower-cost lending options in the market.
In addition, it charges a service fee between 0% and 3%, depending on the loan profile.
Loan amounts range from N10,000 to N200,000, with repayment periods between 91 days and 365 days. For example, a N50,000 loan over 120 days at 0.06% daily interest attracts N3,600 in interest and a 2% service fee of N1,000, bringing the total repayment to N54,600.
To qualify, applicants must be Nigerian citizens aged 18 to 60 years with a regular source of income.
Here is how I came about the monthly- 0.04% per day × 30 =1.2% per month and 0.09% per day × 30 -2.7% per month
