E-Financial
Fintechs Dangle Loans Online without Collateral
A growing number of Nigerians are now getting loans to meet their daily financial needs, thanks to the boom in financial technology industry.
Whether it’s a personal loan, medical loan, rent loan, car loan, education loan, business loan or just to buy some household goods – Nigerians can their your bills sorted out within few minutes without stress, and definitely without collateral or guarantor associated with regular bank loans.
Here are the 10 most popular;
- Carbon: Formerly called Paylater, the Carbon mobile app offers more than just quick loans and is owned by One Finance & Investment Limited.
Aside the fact that you can easily get loans from N5000 to N1,000,000 repayable for a tenor of between 7 – 180 days, your account will be credited within 3 minutes of submitting your application on the app.
Carbon One of the amazing features of the Carbon app is its recently introduced Cashback option, which allows users to borrow money and be rewarded with up to 50 percent of the interest rate charged if loan is repaid before the agreed deadline.
It may even allow you to borrow money for a shorter period without any interest rate or for as low as 7.5 percent (monthly), if you’ve maintained a good credit scorecard with them (by repaying borrowed loan on or before due date).
Also, it gives users the privilege of investing money in its payment portfolio named ‘PayVest’ via the app interface which yields an interest of up to 16 percent annually by investing in treasury bills and other money market instruments.
Beyond loans and investment, users can send cash to friends and family or any Nigerian bank account for as low as N10 per transaction, recharge airtime or data on their mobile phones and pay for bills such as electricity, Cable TV subscription, book for transportation/airlines/hotel reservations, and even school fees for most educational institutions in the country right from the Carbon app.
Though currently available in Nigeria and Ghana only, the Carbon app is fast, secure, reliable – as it recently passed the PCI-DSS compliance test (that is, a global security standard that ensure companies handling information have the right systems in place to protect customer’s data) – and works any time of the day, including on public holidays.
- PalmCredit: Owned by Transsnet Financial group, the PalmCredit mobile app offers quick loans for short term needs in less than 5 minutes.
PalmCredit Individual users can get a loan of N2,000 up to N300,000 instantly without any collateral or paperwork with a weekly/monthly interest rate of between 8% to 24% for a limited tenor of 7 – 180 days.
Once you repay your borrowed loan on time, the app automatically increases your loan limit,
- Branch: One popular app that disburses loan in less than 3 minutes after applying is Branch app.
With an equivalent interest rate of 20 percent per month, users can get personal loans from N1,000 up to N200,000 quickly, anytime, from anywhere without collateral for a tenor of 4 – 40 weeks, depending on your loan option.
Branch. You can complete its application process within a minute and receive your loan directly in your regular bank account shortly thereafter.
Presently operating in Nigeria, Kenya, Tanzania, India and Mexico, the Branch app also allows users to spread repayment into 4 weeks.
As you apply for loans and repay on or before the due date regularly, the app gradually reduces the equivalent interest rates per month to as low as 15 percent and also increases your loan tenor.
According to the company, interest rates are determined by a number of factors, including user’s repayment history and the cost of lending for Branch.
- Quick Credit (by GTBank): Known for its digital disruption of the Nigerian banking sector and innovations, the GTBank-backed Quick Credit offers individuals, especially salary account holders with the bank an opportunity to get quick loans to meet urgent individual needs.
Quick Credit by GTBank. Accessible through the GTBank mobile app, website, GTWorld and Habari app, the Quick Credit offers users an instant loan of N10,000 up to N5million for salary earners at a monthly flat interest rate of 1.75 percent. Its loan tenor ranges between 1-12 months.
Aside using the GTBank app to access the Quick Credit loan, anyone with a mobile phone can also access the loan by dialling its USSD code: *731*51*51#. To be eligible to access the loan, it said customer must earn a minimum net monthly salary of N10,000; including having no history of dud cheques, bad credit report or unpaid obligations.
- ALAT (by Wema Bank): If you’re tired of your regular commercial banks and feel like being in charge of your money directly, get the ALAT app.
Popularly referred to as Nigeria’s first full digital bank, ALAT is owned and managed by Wema Bank, one of Nigeria’s national heritage banks.
ALAT From opening a full-fledged bank account, sending and receiving cash to paying bills and carrying out other banking transactions in the comfort of your home or office, ALAT also offers users the choice of getting a free and customised Naira ATM card and virtual dollar card for ATM and online transactions.
Besides, it offers users 10 percent interest per annum on savings in the ALAT app and also gives them the privilege of applying for a loan without paperwork or bank officials’ visitation to any physical location within minutes.
It allows users to borrow as much as N200,000 without any collateral or guarantor as well as schedule money transfers or bills payment without hassle.
- Eyowo: Eyowo provides simple, digital and reliable financial services to anyone with a phone number. Users can spend, send, receive, save and borrow money by dialling a USSD code: *4255# on their mobile phones or via the Eyowo mobile app or website or by just calling its IVR centre on 01-7001511,
- Aella Credit: This user-friendly online loan app offers as low as N2,000, up to N1,000,000 within 10 minutes after submitting your loan application.
Initially launched as a loan platform for employees of companies in its network, the Aella Credit app also now offers individuals who may seek quick loans to meet urgent needs. It operates in Lagos, Nigeria; Accra in Ghana and Manila in the Philippines.
Aella Credit It also allows any registered company to sign-up and joined its network, just as employees in its network only need their name and employee ID number to get quick access to higher loan amounts with minimal interest rates. With each timely repayment of borrowed money, users’ loan limit increases and while interest rate reduces.
It offers users loan for a tenor of 30 – 60 days, starting at a 30 percent monthly interest rate; though this may reduce to around 4 percent once the user maintains a good credit report on the app over time. The Aella Credit app also allows individuals and corporate organisations to invest on its platform via its website as it promises them annual returns from 15 percent, up to 48 percent, depending on its tenor.
- OKash: Accessing this mobile loan platform is only possible through the Opay mobile app, owned by the Opay Digital Services Limited/Paycom; though the OKash is independently owned and managed by Blue Ridge Microfinance Bank Ltd.
OKash by Opay It offers users instant loans from N1,500 up to N50,000 for a repayment tenor of 7 to 90 days, at about 10 – 24 percent interest rate per month. It also promises to offer loans at reduced interest rates once a user becomes regular customer on the app.
- JumiaOne: Though a multi-purpose android app, it is owned by the Jumia Group. Aside serving as an online payment platform for Nigeria’s leading e-commerce site, Jumia Nigeria, the JumiaOne app also offers loan to its individual users without collateral. J
JumiaOne Users can access loans by scrolling down to the ‘Financial Services’ section on the JumiaOne app and clicking ‘Loans’. Once you supplied all the information requested, including disbursement details, you get your alert within 10 minutes or less, depending on your internet network.
The JumiaOne app offers loans from N5,000 to N100,000 for a tenor of 15 – 30 days and even more days, depending on the user’s credit score with JumiaOne.
Sometimes, users get loans at 15 percent interest rate for 15 days period while longer tenor attracts higher interest rates and can be as high as 30 percent monthly in some cases for a first-timer. But it promises to offer bigger loans with lower interest rates on subsequent loans.
- FairMoney: This loan app provides quick cash for personal finance, house rent, health emergency, business, education needs and car repairs without collateral or guarantor.
Fairmoney With a repayment tenor of 2 – 12 weeks, users can borrow money from N1,000 to N150,000 within few minutes of applying, based on your creditworthiness. Also, it offers business loan for small business owners who plan to start up a business or to grow an existing business.
Central Bank of Nigeria (CBN) has been named Central Bank of the Year 2026 by an awards committee in London.
The award recognises the bank’s major reforms that helped stabilise Nigeria’s economy and improve investor confidence.
The award is part of the 13th annual Central Banking Awards. It highlights how the CBN helped turn around Nigeria’s economy, which was close to crisis in 2023.
At that time, Nigeria faced serious problems such as high inflation, a weak currency, low foreign reserves, and about $7 billion in unpaid foreign exchange obligations.
There was also a big gap between official and black-market exchange rates.
After Olayemi Cardoso was appointed governor in October 2023 by Bola Ahmed Tinubu, the CBN introduced strong reforms. These reforms focused on proper monetary policies, transparency, and market-based systems.
One major change was in the foreign exchange system.
The CBN removed multiple exchange rates and introduced a “willing-buyer, willing-seller” system. This made the market more transparent and reduced manipulation.
The bank also cleared old foreign exchange debts owed to sectors like aviation and manufacturing.
This helped restore trust in the economy. By late 2025, the gap between official and black-market exchange rates dropped to less than 2%.
Nigeria’s foreign reserves also improved, rising to $46.7 billion by November 2025 the highest level in almost seven years.
This was due to better foreign exchange inflows, stronger exports, and renewed investor confidence.
The International Monetary Fund praised these reforms, saying they improved the foreign exchange market and made pricing more reliable.
Inflation, which peaked at 34.8% in December 2024, dropped to 15.1% by January 2026. The CBN achieved this by raising interest rates and carefully managing the economy.
The bank also improved its internal operations. It stopped some programmes that were increasing money supply and causing inflation.
It strengthened its systems, improved compliance, and introduced digital tools, including artificial intelligence.
In the banking sector, the CBN introduced new rules requiring banks to increase their capital. This is expected to make the financial system stronger.
Nigeria also improved its fight against financial crimes. In 2025, the country was removed from a global watchlist for money laundering after improving its monitoring systems.
These reforms boosted Nigeria’s global image. Credit rating agencies upgraded the country’s outlook, and investor interest increased. Nigeria’s 2025 Eurobond attracted more than five times the expected subscriptions.
Although progress has been made, the CBN says challenges still remain, such as maintaining low inflation and completing banking reforms.
Overall, the award shows that Nigeria is regaining its position in the global financial system, thanks to strong policies and reforms by the CBN.
Providus Bank Limited has dispelled media reports over its compliance with regulatory capital requirements, confirming that it has successfully met and exceeded the recapitalisation threshold set by the Central Bank of Nigeria (CBN).
In a statement, the bank clarified that under the CBN’s recapitalisation framework, regional commercial banks are mandated to maintain a minimum capital base of N50 billion, stating unequivocally that it achieved this benchmark as far back as January 2025 and has since strengthened its financial standing.
According to the bank, its current paid-up capital stands at N65 billion, significantly above the regulatory minimum, underscoring its resilience and commitment to sound financial management.
The bank noted that this strong capital position places it in good stead to support its growth strategy and continue delivering value to customers and stakeholders.
Providus Bank emphasied that any suggestion implying non-compliance with the CBN’s recapitalisation requirement was inaccurate and does not reflect its current regulatory status.
The bank reiterated its dedication to maintaining robust governance standards and aligning with all prudential guidelines set by the apex regulator.
It explained: Providus Bank Limited notes recent media reports regarding the recapitalisation status of certain banks and considers it important to provide factual clarification as it relates to the Bank. Under the CBN recapitalisation framework, regional commercial banks are required to maintain a minimum capital base of N50 billion.
“Providus Bank confirms that it had met its capital requirement since January 2025 and currently has a capital base of N65 billiom which is in excess of its capital requirement.
Accordingly, any suggestion that Providus Bank has not met the applicable recapitalisation threshold is not consistent with its current regulatory standing.”
The Olayemi Cardoso-led Central Bank of Nigeria (CBN) had, on March 28, 2024, announced a two-year bank recapitalisation exercise which commenced on April 1, 2024.
The 24-month timeline for compliance ends on March 31, 2026. The upward capital revision is expected to ensure that Nigerian banks have the capacity to take on bigger risks and stay afloat amid both domestic and external shocks.
Specifically, the recapitalisation exercise requires a minimum capital of N500 billion, N200 billion, and N50 billion for commercial banks with international, national, and regional licences, respectively.
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, today announced that they have signed a letter of intent to develop trade finance collaboration opportunities. The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
L-r: West Africa Director and Head of Office Africa Coverage, BII West Africa, Benson Adenuga; Managing Director and Head of Africa, BII, Chris Chijiutomi; Lok Mishra, Chief Executive Officer, UBA UK, Loknath Mishra; Group Managing Director, United Bank for Africa (Plc) during the signing of letter of intent to develop trade finance collaboration opportunities.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses – particularly small and medium-sized enterprises – are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
Lok Mishra, Chief Executive Officer, UBA UK, said: “The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system.
“Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential.”
Chris Chijiuitomi, Managing Director and Head of Africa, said: “British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth.
“We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets.”
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most ignificant trade integration initiatives.
Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
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