List of Loan Apps Approved by CBN

List of Loan Apps Approved by CBN(With Links & Full Guide)

Introduction

The Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC) have taken strict steps to regulate loan apps in Nigeria. Many loan apps were banned due to high interest rates, harassment, and illegal practices.

If you want safe, approved, and legal loan apps, this guide lists the loan apps approved by CBN, including their websites, features, and how to apply.

👉 By using only CBN-approved loan apps, you protect yourself from fraud and harassment.

1. Legality – They operate under Nigerian financial laws.

2. Transparency – Clear interest rates & repayment terms.

3. Data Protection – Your personal info is safe.

4. No Harassment – Unlike illegal loan sharks.

5. Trusted – Regulated by CBN & FCCPC.

1. Branch Loan App

• Website: https://branch.com.ng

• Features: Instant loans, low interest, flexible repayment.

• Loan Range: ₦2,000 – ₦500,000.

• Why CBN Approved: Transparent policies & strong digital footprint.

2. FairMoney Loan App

• Website: https://fairmoney.io/ng

• Features: Loans, bill payments, and airtime recharge.

• Loan Range: ₦1,500 – ₦1,000,000.

• Why CBN Approved: Licensed microfinance bank with BVN verification.

3. Carbon (Paylater) Loan App

• Website: https://getcarbon.co

• Features: Loans, bill payments, investments.

• Loan Range: ₦1,500 – ₦1,000,000.

• Why CBN Approved: Recognized financial company with data security.

4. Palmcredit Loan App

• Website: https://www.palmcredit.co

• Features: Instant credit with flexible repayment.

• Loan Range: ₦2,000 – ₦300,000.

• Why CBN Approved: Operates legally under Newedge Finance.

5. Aella Credit

• Website: https://aellaapp.com

• Features: Personal loans, health insurance, and bill payments.

• Loan Range: ₦2,000 – ₦1,000,000.

• Why CBN Approved: Registered financial services provider.

6. Okash (by Opay)

• Website: https://opayweb.com

• Features: Loans, mobile wallet, and bill payments.

• Loan Range: ₦3,000 – ₦500,000.

• Why CBN Approved: Operates under a licensed Opay Microfinance Bank.

7. QuickCheck

• Website: https://quickcheck.ng

• Features: AI-powered loans, no collateral needed.

• Loan Range: ₦1,500 – ₦500,000.

• Why CBN Approved: Transparent repayment terms, no hidden charges.

8. Renmoney

• Website: https://renmoney.com

• Features: Salary-based loans, business loans.

• Loan Range: ₦50,000 – ₦6,000,000.

• Why CBN Approved: Licensed microfinance bank with physical branches in Lagos.

9. Kuda Bank

• Website: https://kuda.com

• Features: Digital banking, salary overdrafts, and loans.

• Loan Range: Salary-based overdrafts & small loans.

• Why CBN Approved: Licensed microfinance bank with strong compliance.

10. Migo Loan App

• Website: https://migo.money/ng

• Features: Loans via phone number, no app needed.

• Loan Range: ₦500 – ₦500,000.

• Why CBN Approved: Partnered with major banks & telecoms.

⚠️ Warning About Unapproved Loan Apps

Many loan apps in Nigeria are illegal and not licensed by the CBN. They may:

• Charge up to 50% interest.

• Harass borrowers with shame messages.

• Steal personal data.

👉 Always confirm from FCCPC’s official list before downloading any app.

Official FCCPC List of Approved Loan Apps: https://fccpc.gov.ng

📌 FAQs on List of Loan Apps Approved by CBN

If you want to borrow money in Nigeria, always choose loan apps approved by CBN. Apps like FairMoney, Branch, Carbon, Palmcredit, and Renmoney are trusted options in 2025.

👉 For your safety, only download apps from Google Play Store, Apple Store, or official websites listed above.