Loan apps continue to reshape Nigeria’s access to quick credit, offering financial lifelines to millions of users across the country. As of May 2025, the number of licensed digital lending firms in Nigeria has surged to 425—up from 320 in 2024—reflecting a growing demand for credit and financial inclusion.
Data from the Federal Competition and Consumer Protection Commission (FCCPC) reveals that 362 of these firms have secured full licenses, while 42 are conditionally approved and 21 are directly licensed by the Central Bank of Nigeria (CBN).
Despite concerns about unethical practices and rising borrower debt, many Nigerians continue to rely heavily on these platforms. Google Play Store download figures highlight seven loan apps that have crossed the five-million download mark—underscoring their widespread use.
Here’s a look at the most-downloaded loan apps in Nigeria as of May 2025:
7. EaseMoni – 5 Million Downloads
Owned by Blue Ridge Microfinance Bank, EaseMoni provides loans ranging from ₦3,000 to ₦2 million with interest rates between 5% and 10% monthly. The Annual Percentage Rate (APR) ranges from 60% to 120%. The app has built a base of over six million users, making it one of the country’s top lending platforms.
6. Newcredit – 5 Million Downloads
Newcredit uses AI to assess borrowers by reviewing financial records, including SMS alerts from banks. Offering loans from ₦10,000 to ₦300,000 with repayment terms of 91 to 365 days, the platform charges a monthly interest rate of 4%.
5. Carbon – 5 Million Downloads
Carbon delivers more than just loans, offering services like savings, investments, and bill payments. Loans range from ₦2,500 to ₦1 million, with repayment periods spanning 61 days to 12 months. Interest rates vary between 4.5% and 30% monthly. A ₦1 million loan over 12 months, for instance, would require a total repayment of ₦1.54 million.
4. OKash – 10 Million Downloads
Also operated by Blue Ridge Microfinance Bank, OKash has surpassed 10 million downloads. It provides quick loans from ₦3,000 to ₦1 million, with daily interest rates leading to APRs between 36.5% and 360%. Loan durations range from 91 to 365 days.
3. Palmcredit – 10 Million Downloads
Palmcredit stands out for its speedy disbursements—often within minutes—offering loans of ₦10,000 to ₦300,000. The APR ranges from 24% to 56%. For instance, a six-month ₦100,000 loan incurs ₦24,000 in interest, totaling ₦124,000 in repayment.
2. FairMoney – 10 Million Downloads
FairMoney provides loans without collateral, using data from the borrower’s phone and repayment history. Loan amounts range from ₦1,500 to ₦3 million with terms spanning 61 days to 18 months. Monthly interest rates are between 2.5% and 30%. A three-month ₦100,000 loan would cost around ₦130,000 in total repayments.
1. Branch – 10 Million Downloads
Leading the chart is Branch, a widely used app with over 10 million downloads. The platform offers loans of ₦2,000 to ₦1 million with a quick approval process that uses smartphone data. Interest rates range from 17% to 40% per month, with loan disbursement typically completed within 12 hours.
While these apps have dramatically improved access to credit, experts warn of the need for regulatory oversight to protect consumers from predatory practices and over-indebtedness. With increasing adoption, digital lenders are expected to play an even bigger role in Nigeria’s evolving financial landscape.
