The digital lending landscape in Nigeria has witnessed significant growth, with an array of licensed loan app companies offering credit facilities to both individuals and businesses.
These companies, licensed by the Central Bank of Nigeria (CBN), play a crucial role in providing financial services to the informal sector.
The Federal Competition and Consumer Protection Commission (FCCPC) has been instrumental in developing a regulatory framework to address concerns regarding unethical practices in loan recovery, such as harassment and defamation. This collaboration with industry regulators aims to ensure ethical and professional conduct among digital lenders.
The Limited Interim Regulatory Framework and Guidelines for Digital Lending, spearheaded by the FCCPC, have led to the registration and approval of over 260 digital lenders that meet the required standards. However, it’s noteworthy that only a fraction of these lenders are licensed by the CBN, subjecting them to stringent guidelines and ethical practices in loan recovery. 
Here are 16 CBN-licensed loan app companies actively operating in Nigeria’s digital lending space:
Fast Credit Limited (FCL): Offers investment and loan products to individuals and SMEs, including micro and nano loans via its mobile app and USSD service.
Baines Credit Microfinance Bank Limited: Provides quick digital loans and salary advances for various sectors, including salary earners and MSMEs.
Greenbond Finance Company Limited: Facilitates instant loan services through its app Apply 24/7, offering salary advances and asset finance without collateral or guarantor requirements.
Ekondo Microfinance Bank: Focuses on credit facilities tailored for clients in the South-South region, offering civil servant loans, salary advances, and fast cash.
Accion Microfinance Bank: Offers personal and business loans, including a School Fees Loan for easy payment facilitation.
Newedge Finance Limited: Provides instant loan services through multiple apps such as Palm Credit, New Credit, Easy Buy, Xcross Cash, and Xcash.
Shepherd Trust Microfinance Bank: Offers savings, investment, and loan products to MSMEs, with individual loans available to qualifying salary earners.
Firmus Microfinance Bank: Provides financial services to individuals and SMEs, offering various loans through its mobile app, including personal, house, school, and car loans.
Cashbridge Microfinance Bank: Offers business loans, school fees loans, and home loans, among others, designed to fulfill customers’ financial goals.
Zedvance Finance Limited: Provides instant collateral-free loans through its MoneyPal App, tailored to customers’ specific needs.
Credit Direct Limited: Focuses on quick turnaround loans with minimal documentation and efficient processes, emphasizing customer service.
FairMoney: Processes instant loans of up to one million naira, along with banking services, for individuals and businesses.
Branch International Financial Services: Offers personalized loan offers through its mobile app, with loan eligibility determined using smartphone data.
Carbon Finance and Investments Limited: Provides a range of financial services, including personal and business loans, payments, credit scoring, savings, and investments.
Renmoney Microfinance Bank: Grants personal and micro-business loans ranging from N50,000 to N6 million, alongside savings and banking services.
Links Microfinance Bank: Provides a one-stop approach to banking services, including savings, loans, and investments through its Sofri mobile app.
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