The Federal Government, through the Federal Competition and Consumer Protection Commission (FCCPC) said a total of 457 companies had secured full approval to operate as digital lenders in the country as of January 2026. Hence, the approval for their loan apps.
A total of 35 others are said to have gotten conditional approval from the Commission, while 103 digital lenders are under the watch of the FCCPC.
The Nigerian government is making real efforts to ensure Nigerians do not fall patronise unregulated apps and also avoid unethical collection practices such as harassment or public shaming.
For most borrowers, the key considerations when choosing a loan app remain: speed of disbursement, flexible repayment options, and interest rates. There are loans that continue to lead the industry based on popularity.
Top 10 loans apps in Nigeria
The 10 top loans apps in Nigeria are: FairMoney, with over 10 million downloads on the Google Play Store; Carbon, with over one million downloads; Branch with over 10 million downloads;
