• The FCCPC, working with the CBN, updated its registry of approved digital lenders, with over 170 companies now licensed to operate
• Nigerians who borrow from unapproved loan apps risk harassment, hidden charges, data breaches, and difficulty reporting complaints to regulators
• FairMoney, Branch, Carbon, OKash, and PalmCredit are among the regulated platforms on the updated FCCPC list

Nigeria’s digital lending space has grown rapidly, but so have concerns over harassment, hidden charges, and data privacy violations.

As the Federal Competition and Consumer Protection Commission (FCCPC) resumes stricter regulation of online lenders, borrowers are being urged to deal only with approved loan apps.

The FCCPC, working alongside the Central Bank of Nigeria (CBN), has updated its registry of digital lenders, with over 170 companies now either fully approved or conditionally approved to operate legally in the country.

FCCPC approval is not just a formality. It means a digital lender has met certain regulatory requirements, including consumer protection standards. Borrowers who use unapproved apps risk facing:

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• Harassment from loan recovery agents
• Unauthorised access to personal contacts
• Hidden charges and unfair loan terms
• Data privacy breaches
• Difficulty reporting complaints to regulators

The FCCPC has repeatedly warned Nigerians to verify a loan app’s status before borrowing, especially as illegal operators continue to emerge in app stores.

Top regulated loan apps in Nigeria

These are some of the most trusted and widely used FCCPC-approved digital lending platforms in Nigeria:

FairMoney MFB

FairMoney MFB is one of Nigeria’s most popular loan apps, offering instant loans of up to ₦3 million with flexible repayment tenures. It is widely used for personal and business financing.

Branch

Branch provides collateral-free loans and adjusts borrowing limits based on a customer’s repayment history, making it attractive to first-time borrowers.

Renmoney MFB

Renmoney MFB is known for offering larger personal loans and small business financing, with repayment plans tailored to borrowers’ income levels.

PalmCredit

PalmCredit remains a favourite for small, instant cash loans and frequently attracts users with zero-interest promotional offers.

Carbon MFB

Carbon MFB combines digital banking services with credit facilities, allowing users to access higher loan limits over time.

OKash

OKash is backed by OPay and disburses funds directly into users’ wallets, making it convenient for quick cash needs.

QuickCheck

QuickCheck uses AI-driven technology to process personal loan applications quickly, often within minutes.

Aella Credit

Aella Credit is particularly useful for salary advances and employee loans, offering short-term credit solutions for workers.

Other FCCPC-approved lenders to know

Beyond the major apps, the FCCPC’s updated registry includes several other licensed digital lenders and their associated platforms:

• Newedge Finance Limited – PalmCredit, NewCredit
• Blue Ridge MFB – OKash, EaseMoni
• Creditville
• Lendigo – Small business loans
• Umba
• Grola Tech Credit Limited – LionCash, Lairaplus, LCash, Cashlion
• Singularity Technology – Oxloan Pro
• Soko Loan – 9ja Cash, Fast Money, Go Cash

How to verify a loan app before borrowing

Before taking a loan from any app, Nigerians should check the provider against the FCCPC’s official directory of approved digital lenders. The registry is updated periodically and contains both fully approved and conditionally approved operators.

Borrowers should