Top FinTechs Disrupting Nigeria with Quick Loans – Places you can actually borrow money from in minutes

personal loans in nigeria

Without doubt, the FinTech space in Nigeria is getting a lot of attention from both local and international scene, leading to a level of buzz that is very loud.

No wonder a report by Partech Africa disclosed in March 2019 that at least 33% of total funding raised by African tech start-ups in 2018 was in the fintech sector.

For the sake of clarity, Fintech is the term used to describe the use of Technology to enhance financial transactions, most of which normal tales an unconventional rout different from traditional banking processes.

The good news is that these FinTechs offer services that some of the traditional financial services institutions or banks have at some point considered impossible.

FinTechs bring speed and flexibility into play, plus they play in the social space, making it the preferred option for young people.

Some of the FinTechs take the center stage in innovation in Nigeria includes Page Financials, Carbon(formerly Paylater), RenMoney, CreditDrect, OKash, OneFi, etc.

We’ll now take a look at each of them to understand their offerings, how they are uniquely disrupting the FinTech space in Nigeria, and how they can help you decide who to turn to when in need of financial services.

  1. Page Financials.

Page is retail financial services provider based in Lagos Nigeria, using Tech to simplify borrowing, investing and online payments in Nigeria.

Page financials personal loans

Page Financials capitalizes on making funds available to people as fast it can get with quick loans of up to N5 million. Page promises that if applicants have all the requirement readily available and meets the terms of service, applicants could get their loan disbursed in as little as 3 hours from the time of application.

Page provides investments and payment solutions too where they promise interest rate of up to 20% per annum on their investment packages (depending on amount and tenor).

Summary of requirements.

  • Your BVN
  • You live/work in Lagos or Ibadan
  • Your salary account statement for 6 months
  • Work ID card or employment letter
  • Valid means of identification
  • You earn 100k and above monthly.

Page offers loan Topup service to her customers, which means you can request another loan even when you have a running loan, typically granted after you have made at least three prompt repayments on the first loan.

The minimum you can borrow from Page is N200k while the maximum for first timers is N5 million. Tenor is 3 to 12 months; interest rate is dynamic (differs by individual)

Contact info:

  1. RenMoney

Another player in this space is Renmoney. Haven been around for about 7 years, RenMoney have been helping Nigerians secure loans for to solve pressing needs all the while.

Renmoney personal loans

Starting in 2012, the company is estimated to have provided over 200,000 loans to her customers. The company is interested in simplifying complex money issues into smaller sustainable solutions.

According to Renmoney, whether you are a business owner or you earn a salary, you can borrow up to N4 million to take care of financial emergencies. RenMoney loans are processed in not more than 24 hours.

  • Aged 22 to 59
  • Be employed or have a business
  • Your salary/business account statements of account
  • Your work ID, employment or promotion letter
  • Management fee, paid upfront
  • Topup unavailable

The minimum you can borrow from RenMoney is N50k while the maximum is N4 million. Tenor is 3 to 12 months; interest rate is dynamic (differs by individual, but max is 33.9% per annum)

Contact info:

  • Phone 07005000500
  • Email:
  • Website:
  1. Carbon (former PayLater)

Carbon is one of Nigeria’s frontmost digital financial services companies. She recently changes her name from Paylater to Carbon in order to be able to better reflect the new direction the company is taking to ensure smooth financial services for a wider audience.

carbon loans

Last month, Carbon announced the launch of Carbon for business, a package that is designed to provide startups, small and medium-sized enterprises (SMEs) with credits and technology required to build and scale their businesses.

What it means: The company’s clients can now access uncollateralized credit, secure online payments, reliable funds transfer and fast know your customer (KYC) compliance obligations.

Businesses can take advantage of Carbon’s infrastructure to achieve business objectives and strategic goals, boost their value offerings and get to market faster

For qualified businesses, it provides an overdraft facility that allows customers short-term funding needed to make critical payments during short-term cash shortages.

Businesses will be able to accept online payments from Visa, Verve and MasterCard in over 40 currencies.

Users can access up to ₦20 million uncollateralized flexible repayment loans.

Contact info:

  1. Aella Credit

Among the thriving FinTechs in Nigeria, Aella Credit is a name that has stood tall. Aella credit is an app-only, easy to use, and quick to access loan platform. It is designed to help the working class to access funds between 1,500 to 700,000 and an interest rate between 4% – 29% monthly.

Aella credit personal loans

Aella credit is also available in Ghana, Nigeria and the Philippines.

  • Requirements: BVN
  • Platform: Mobile App
  • Interest rate: 4 – 29%
  • Tenor: 1 to 2 months
  • Top up: No
  • Repayment channels: Direct debit

Contact info:

  1. Kwickmoney

One of the entrant strategies that kwikmoney used to gain penetration into the Nigerian market is offering loans to customers using the USSD channel. This enables them grant loan faster to even people that didn’t have internet access at the time.

Kwickmoney loans

Currently, the USSD channel still works as well as a web-based and mobile platform. Kwikmoney has partnered with banks, mobile network operators, and technology companies on a mission to make personal banking services convenient and accessible to all Nigerians.

On kwikmoney, you start borrowing from smaller amount and you can build up to about 500k/ months by repaying on time. Their rate starts at 5% and tenor is 14 to 30 days. Their repayment channel is direct debit.

Contact info:

  1. Zedvance

Zedvance Limited is another Fintech in Nigeria that specializes in providing quick and fast loan at a highly competitive rate.

For now, Zedvance caters for salary earners who need payday loans, however, according to a report on their website, they are working on developing a product for business owners.

zedvance personal loans

Their interest rate depends largely on how well you can bargain and the level of risk involved in your loan request after assessing your credit history and financial profile.

Their rate starts from 4.0% and varies depending on your net pay and credit standing.

They provide a loan calculator which you can use to simulate your request by choosing a request amount to know what your repayment amount and interest rate will be.

Worthy to note is that Zedvance gives tenor of up to 18 months unlike other lenders we have talked about that allow up to 12 months.

Contact info:

  1. OKash

The Popular Opera owned business popularly known for bike haling – Oride, online payments and funds transfer – Opay, has now opened its business to the lending space too with the launch of OKash.

OKash loans

Customers who qualify and have been using the OPay services can get loan of up to N50,000 with OKash to sort out pressing needs.

Okash offers loans to Nigerians who agree to the terms and conditions and privacy policy of Blue Ridge Microfinance Bank Ltd, its provider.

You can request for loan via the mobile app download the OPay app to get started

Credit Direct Limited

Credit Direct Limited a leading innovation-driven financial services company based in Lagos, Nigeria with branches spread across the Country. They are one of the pioneers of unsecured micro-lending space in Nigeria and are positioned to be the dominant market leader in the Country and beyond.

Credit direct personal loans

Their services are hinged on a partnership with employers and their customers to provide friendly innovative loan and investment products while their various repayment options give their customers the freedom, flexibility, and confidence to enjoy their lives.

They claim to have serviced over 300,000 active customers, the largest endorsement in the Nigerian public and private sectors; and this has inspired them to play hard in the space.

You can get loan of up to N5 million within hours from credit direct and repayment is within 12 months. Like other lenders, their interest rate is not cast in stone but a function of your net income and your credit result.

Visit their website to learn more at


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