Top 5 CBN-Approved Loan Apps in Nigeria: No harassment calls!


In recent years, loan apps have become increasingly popular in Nigeria, offering convenient and accessible financial solutions to individuals and small businesses. These apps provide a quick and hassle-free way to access funds, catering to the needs of a wide range of people across the country. With the approval and regulation of the Central Bank of Nigeria (CBN), certain loan apps have gained credibility and trust among users. In this article, we will explore some of the best loan apps in Nigeria approved by the CBN, empowering financial inclusion and driving economic growth.

Carbon (Formerly Paylater)

Carbon, formerly known as Paylater, is one of the leading loan apps in Nigeria. It is licensed by the CBN and offers instant loans to individuals and small businesses. Carbon stands out for its user-friendly interface, transparent terms, and competitive interest rates. The app provides loans of up to N500,000 with flexible repayment options. With its robust credit scoring system, Carbon offers personalized loan offers to its users based on their financial behavior.


Renmoney is a licensed loan app in Nigeria that provides quick loans without collateral. Approved by the CBN, Renmoney offers loans ranging from N50,000 to N6,000,000 to both individuals and small businesses. The app’s unique feature is its loan repayment period, which can be extended up to 24 months. Renmoney focuses on affordability and convenience, ensuring that users can easily access funds and meet their financial needs.


FairMoney is another CBN-approved loan app that aims to bridge the gap in financial access for Nigerians. With FairMoney, users can access loans ranging from N2,500 to N500,000 without any collateral requirements. The app utilizes advanced technology to evaluate creditworthiness and provide instant loan decisions. FairMoney offers flexible repayment terms and competitive interest rates, making it an attractive option for individuals seeking quick financial solutions.


Palmcredit is a reliable loan app approved by the CBN, offering instant loans to Nigerians. With Palmcredit, users can access loans ranging from N2,000 to N100,000 without collateral. The app’s unique feature is its loyalty program, which rewards users for timely repayments, enabling them to access higher loan amounts and lower interest rates over time. Palmcredit focuses on building a positive credit history for its users, empowering them to achieve their financial goals.


Branch is a popular loan app in Nigeria that has gained CBN approval. It provides instant loans to individuals, giving them access to funds for personal and business needs. Branch offers loans ranging from N1,000 to N200,000 without collateral. The app’s repayment terms are flexible, and the interest rates are competitive. Branch stands out for its referral program, rewarding users for inviting friends to use the app.


Loan apps approved by the CBN have revolutionized the borrowing experience in Nigeria, making financial services more accessible and convenient for individuals and small businesses. The apps mentioned in this article, including Carbon (formerly Paylater), Renmoney, FairMoney, Palmcredit, and Branch, have demonstrated their commitment to responsible lending practices, transparent terms, and user-centric services. By leveraging technology and data analytics, these loan apps are empowering financial inclusion and driving economic growth in Nigeria. As a potential borrower, it is essential to compare the features and terms offered by each app to find the one that best suits your financial needs and goals.


Written by T.I Ukende

T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog.
Newsway delivers well researched and undiluted information on business, employment opportunities, personal finance and government empowerments.

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