The Loan Apps Nigerians Downloaded the Most as of May 2025

Digital loan apps continue to reshape how Nigerians access credit, offering quick and convenient alternatives to traditional banking especially for those who are underserved by formal institutions. 

Despite the criticism that sometimes trails their lending practices, these apps remain widely used across the country. And as of May 2025, their popularity has reached new heights.

According to updated records from the Federal Competition and Consumer Protection Commission (FCCPC), 425 digital lenders are now registered to operate in Nigeria—an increase from 320 the previous year.

 Out of these, 362 enjoy full approval, while 42 have conditional approval. Interestingly, 21 of these loan platforms are directly licensed by the Central Bank of Nigeria (CBN), further signaling growing official oversight in the sector.

Still, with more players flooding the market, only a few loan apps have managed to distinguish themselves. Download numbers on the Google Play Store shows which ones Nigerians trust or at least use the most. These apps have already crossed the five million download mark, proving their dominance in this increasingly competitive space.

Branch

Branch is currently leading the pack, with over 10 million downloads on the Google Play Store. Its popularity stems from its simple application process and relatively fast disbursement time. 

Users can access loans ranging from N2,000 to N1 million, with funds often delivered in under 12 hours. Interest rates vary based on user risk profiles, ranging from 17% to 40% monthly.

FairMoney

Also boasting over 10 million downloads, FairMoney stands out for its flexible loan offerings from as little as N1,500 to as much as N3 million. It doesn’t require collateral or documentation and determines eligibility through phone data and repayment history. Depending on the repayment terms (61 days to 18 months), monthly interest can fall between 2.5% and 30%.

Palmcredit

Palmcredit, another major player with over 10 million downloads, promises disbursement in minutes. It offers collateral-free loans ranging from N10,000 to N300,000. Interest rates average about 4% monthly, with a six-month loan of N100,000 costing N124,000 in total repayment. APR on the app ranges between 24% and 56%.

OKash

OKash is owned by Blue Ridge Microfinance Bank and is another app in the 10-million download club. It markets itself as a quick-access loan provider with minimal documentation. Loan amounts range from N3,000 to N1 million, and repayment can stretch up to a year. Daily interest accumulation can lead to APRs as high as 360%, making it one of the pricier options.

Carbon

Carbon, with over 5 million downloads, is more than just a lending app. It provides a broader suite of financial services including payments, savings, and investments. Loans range from N2,500 to N1 million, with interest rates starting at 4.5% monthly. A one-year N1 million loan would require repayment of roughly N1.54 million.

Newcredit

Newcredit leverages AI to analyze bank SMS alerts and credit history before issuing loans. It also has 5 million downloads. With no collateral required, borrowers can access between N10,000 to N300,000 and repay over 3 to 12 months. The app charges a modest monthly interest rate of 4%.

EaseMoni

Rounding out the list is EaseMoni, also operated by Blue Ridge Microfinance Bank. The app serves over six million users and has surpassed five million downloads. Loan amounts range from N3,000 to N2 million, and interest rates can go as high as 10% monthly, or an APR of 60% to 120%.