Top 5 Lending Platform Revolutionising Nigerian Financial Industry with Optimum Digital Experience   


Until recently, lending has become flexible with different fintech platforms revolutionizing the system from the old cumbersome way to customer driven modern age technological solutions.

With technology, former financial services institutions are now experiencing disruption with innovative digital services that are making the financial operation more simple, convenient and accessible to the people.

In Nigeria, lendtech is one of the major financial services redefining the financial sector with flexible loan offers to the people both for personal demands and business operations and expansion.

Fintech Africa highlights the top 5 online lending apps that are giving Nigerians a simple and quick access to loan with minimal criteria.


Branch offers loans from ₦1,000 to ₦200,000 with a range of 4 to 40 weeks.  It is one of the most reliable platforms in Nigeria because of its mode of operations. Branch interest rate rages from 15% to 34% with an equivalent monthly interest of 3% to 21% and APR of 33% to 261%, depending on your loan option.

Borrower does not need collateral and would not pay late or rollover fees. Interest rates are determined by a number of factors, including lender’s repayment history and the cost of lending for Branch.

Branch has made it easy for Nigerians to access loan from anywhere in the country without physical engagement and collateral.


Formally Paylater, Carbon has expanded its operations in Nigeria with easy and quick access to loan. The lending platform is an android-based quick loans and lending platform in Nigeria. Users will only be charged N100 validation fee when registering.

It provides innovative financial services to the financially underserved mass retail segment. It’s a simple, digital finances management platform that provides instant loans to help cover unexpected expenses or urgent cash needs, payments of bills for different services, fund transfers, airtime purchases, and investments.

Apart from offering loan services to people, Carbon recently launched platforms that allow its customers to recharge airtime, funds transfers, and pay bills the app.

In 2018, it had processed ₦2 billion in transactions over 500,000 unique transactions, creating a lot of new business in a segment that did not exist for us a year ago.

In further expansion to include more people to the financial space, Carbon launched Payvest, a high-yield investment product that allows Carbon investors to earn interest rates of up to 15.5%, a leading return across the Nigerian financial system.

Carbon declared N147 million profit after-tax for the year 2018.


FairMoney is a micro lending platform that offers small loans of between N1, 500 – N150, 000 to Nigerian with maturities of 1-3 months.

To determine who is fit to receive a loan or not, an algorithm allows the company evaluate an individual’s creditworthiness using two parameters: financial data and alternative data.

With financial data, the algorithm evaluates the ability of the individual to repay what he has borrowed, how much is fit to lend to them, and with alternative data, the algorithm evaluates the readiness of the customer to repay.

FairMoney is a licensed online lender that provides instant loans and bill payments.


kwikmoney provides loans for small business or personal loan to settle pressing emergency needs.

The lendtech offers loans from N10, 000 to N200, 000 direct to lender’s bank account. The loan tenor is 14-30 days with interest rates from 10%.

As users take loans and pay back, the system trusts more, offering higher amounts each time. Kwikmoney operates a no collateral, no documentation policy.

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On Kwik Cash, one of its products, users can get a loan as high as N15, 000 at 15% interest rate for 15 days.

Kwikmoney is in partnership with the banks, mobile network operators, and technology companies on a mission to make personal banking services convenient and accessible to all Nigerians.

Loan defaulters on the platform are penalised with additional charges.


Social Lender is a lending solution based on social reputation on mobile, online and social media. It bridges the gap of immediate fund access for people with limited access to formal credit.

With its own proprietary algorithm to perform a social audit of the user on social media, online and other related platforms, Social Lender gives social reputation score to each user.

It offers micro credit base on social reputation on mobile, offline, online and social platform. Social Lender has its own unique algorithm that ascertains users’ willingness and ability to pay back a loan. That willingness and ability is what informs the social reputation score and loans are offered to a user based on his/her reputation.

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The user’s Social Reputation Score is calculated using our proprietary Social Algorithm. Users with a minimum social reputation score (see scoring) are eligible for Cash requests.

Additional Social Collateral and Social Guarantors can be provided by user for validation. Cash requests are granted to eligible users after extensive Social Audit is carried out on the user.