Have you ever needed quick cash and turned to a loan app, only to be hit with hidden charges, endless calls, or worse, harassment? You’re not alone. In Nigeria today, digital lending has exploded, and while many of these apps promise fast loans, not all of them follow the rules. That’s why knowing the list of loan apps approved by CBN (Central Bank of Nigeria) is not just useful but essential.
The financial environment in Nigeria is developing rapidly in 2025. Many people now rely on loan apps for financial services instead of turning to traditional banks. Unfortunately, many people are exposed to danger because almost no regulation exists for these platforms. Here, the CBN-approved list of loan apps helps people make a decision. It acts as your initial protection against fraud, exploitation, and abuse of your information.
In this post, I’ll go over all the loan apps authorized by CBN, tell you what these approvals represent, explain how to choose genuine apps, and discuss why sticking to CBN-approved apps may protect you from significant problems. This guide is for anyone who is trying to make ends meet financially, including students and business owners.
Let’s get started.
The Official List of Loan Apps Approved by CBN (As of 2025)
Here’s the most updated list of loan apps approved by CBN as of June 2025. These apps are registered under Digital Money Lenders (DMLs) or operate through licensed banks or microfinance institutions.
1. Branch International Financial Services Limited
– App Name: Branch
– Services: Personal loans, investment options
– Max Loan: ₦500,000
– Repayment Period: Up to 12 months
– Interest Rate: 15–34% APR
– Why It’s CBN Approved: Transparent lending, no harassment, clear terms
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2. Carbon (formerly Paylater)
– App Name: Carbon
– Services: Loans, savings, bill payments
– Max Loan: ₦1,000,000
– Repayment Period: 1–6 months
– Interest Rate: 5–30%
– Why It’s CBN Approved: Regulated by CBN, operates as a finance company
3. FairMoney Microfinance Bank
– App Name: FairMoney
– Services: Loans, bill payments, banking
– Max Loan: ₦1,500,000
– Repayment Period: 1–18 months
– Interest Rate: 10–30%
– Why It’s CBN Approved: Licensed microfinance bank, follows data protection laws
4. Renmoney Microfinance Bank Limited
– App Name: Renmoney
– Services: Personal and business loans
– Max Loan: ₦6,000,000
– Repayment Period: 1–24 months
– Interest Rate: 2.5% monthly
– Why It’s CBN Approved: Fully licensed, regulated by CBN, strong customer support
5. Palmcredit (Newedge Finance Limited)
– App Name: Palmcredit
– Services: Instant loans
– Max Loan: ₦500,000
– Repayment Period: 1–6 months
– Interest Rate: 14–24%
– Why It’s CBN Approved: Registered with FCCPC, adheres to ethical practices
6. Okash (operated by Blue Ridge Microfinance Bank)
– App Name: Okash
– Services: Quick loans
– Max Loan: ₦500,000
– Repayment Period: 30–90 days
– Interest Rate: 14–30%
– Why It’s CBN Approved: Operates through a licensed MFB
7. Aella Credit
– App Name: Aella
– Services: loans, health insurance, savings
– Max Loan: ₦1,000,000
– Repayment Period: 1–2 months
– Interest Rate: 4–29%
– Why It’s CBN Approved: Transparent lending, verified by FCCPC
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8. Lendigo Nigeria Limited
– App Name: Lendigo
– Services: SME loans
– Max Loan: ₦10,000,000+
– Repayment Period: Up to 12 months
– Interest Rate: Varies by business
– Why It’s CBN Approved: Focus on SMEs registered with the authorities.
9. Migo (Mines Nigeria Limited)
– App Name: Migo
– Services: Loans via USSD and online
– Max Loan: ₦500,000
– Repayment Period: Flexible terms
– Interest Rate: 5–25%
– Why It’s CBN Approved: Partners with banks, follows regulatory frameworks
10. Kuda Microfinance Bank
– App Name: Kuda
– Services: Banking + loans
– Max Loan: ₦200,000
– Repayment Period: 1–3 months
– Interest Rate: Competitive
– Why It’s CBN Approved: Fully licensed MFB, digital-first bank
How to Verify a Loan App Is on the List of Loan Apps Approved by CBN
You can verify a loan app’s status in the following ways:
1. Check the FCCPC website: they publish a live list.
2. Search CBN’s Directory: Any lending app must be tied to a licensed entity.
3. Look at App Store Information: Some apps now publish their license numbers.
4. Ask the app’s support team: Legit apps will provide license details on request.
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Frequently Asked Questions
1. Would it be okay to have a loan app that FCCPC approves even if it is not CBN approved?
Some apps are not required to get CBN licenses, but they need to work through a regulated company under the CBN. Confirm that the links mentioned on the website are genuine.
2. Are CBN-approved loan apps capable of submitting information to credit bureaus?
The majority of them are usually that way. Making timely payments will help create a good credit score for you.
3. Is it possible to be harassed by an app that was authorized by the CBN?
Call the FCCPC straight away regarding any suspected breach. If an app gets caught and convicted, it might face loss of its approval.
4. Do students or those who are unemployed have access to CBN-approved apps?
Certain apps provide student or low-income loans, though these are dependent on your credit history.
5. Do these apps allow you to get a loan if you do not have a BVN?
No. Any app allowed on the platform must request BVN due to regulations set by the CBN.
6. Can these apps be installed on both iOS and Android devices?
Most applications are made for Android and have counterparts for iOS and web users too.
7. Is it possible to borrow from several approved apps at the same time?
Absolutely, but do not commit yourself to too much debt. When you have multiple loans, it may harm your credit score.
Conclusion
In today’s digital world, loan apps offer convenience, speed, and access. But not all that glitters is gold. Without proper regulation, many loan apps exploit users. That’s why the list of loan apps approved by CBN is more than a directory. It’s your safety net.
By sticking to the apps on this list, you protect your data, credit score, and sanity. You also support a healthy lending ecosystem. Don’t gamble with your financial future. Always verify. Always confirm. Always choose from the list of loan apps approved by CBN.
Stay informed. Stay protected.
