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Home Opinions 5 Loan Apps with the Highest Downloads in Nigeria
Opinions - July 25, 2022

5 Loan Apps with the Highest Downloads in Nigeria

Despite the unprofessional method some loan providers use in recovering bad debt, some apps are still being used with a continuous increase in downloads by loan applicants in Nigeria. 

Though the method of recovering non-performing loans is questionable, it reveals the important role played by these financial technology companies in society.

The mobile loan platforms filled the vacuum left by the banks in the area of fast and flexible business and personal loans. This ended the exclusive right of banks to provide loans to people. 

With no collateral, easy and quick loan offers are made available to people. All it takes is just your mobile phone and a bank verification number (BVN). Here are the loan apps with the most downloads in Nigeria.


Branch has the highest number of downloads, which is over 10 million. The platform offers up to N200,000 with a repayment period of 4 to 40 weeks. The rate depends on the amount accessed and the credit report history of the borrower.

You do not need collateral. A working mobile phone and a bank verification number are all you need. It has a 4.6 rating on the Google Play store.


Palmcredit is part of Newedge Finance. It is one of the most used loan platforms in the country. Its virtual credit card loan is made accessible to people anytime and anywhere.

The loans range from ₦2,500 to ₦300,000 with a loan term of 4 to 26 weeks. The monthly interest ranges from 5% to 28%. Palmcredit has 4.3 ratings, over 5 million downloads, and more than 123 million disbursed loans.


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FairMoney is an automated online lending platform. The minimum accessible loan for a new user ranges from N10,000 to N40,000, with no collateral or guarantor required. With the flexible loan process, the app has over five million downloads and 3.8 ratings.

Loan requests are processed within seconds and disbursed within 5 minutes. All the processes are mobile. Though collateral is not required, factors such as credit history are considered.


Carbon, a digital financial service, is a product of One Finance and Investment Ltd., which started as One Credit in 2012. It was formerly known as “Pay Later.” It has over one million downloads, over two million customers, and 4.4 ratings on the play store. The loan rate depends on the loan amount and repayment date.

Apart from making loans available, the app also provides services such as allowing customers to save and get returns on them, keep track of credit reports, and make online and offline payments with cards.


Okash is a fast mobile loan platform under the Opay umbrella in partnership with Blue Ridge Microfinance Bank Limited. The loan process is strictly online and accessible 24/7. With a simple step-by-step process, loans are approved and disbursed to loan applicants.

Founded in Kenya in 2018, the app is now used in other African countries like Nigeria. The exposure increased awareness of the platform, resulting in over one million downloads and 4.3 ratings. The platform algorithm detains the loan a first-timer can take.


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