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Fintechs Dangle Loans Online without Collateral



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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;

  1. 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.


  1. 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,


  1. 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.


  1. 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.


  1. 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.


  1. 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,


  1. 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.


  1. 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.


  1. 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.


  1. 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.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Oreoluwa Adesakin, First Bank Staff Jailed for Stealing N49m



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Oreoluwa Adesakin, a staff of First Bank of Nigeria Limited, has been convicted for fraud and handed a total term of 98 years in prison by Justice Muniru Olagunju of the Oyo State High Court.

Oreoluwa Adesakin, First Bank Staff Jailed for Stealing N49m

Oreoluwa Adesakin

But she will spend just seven years in jail.

Adesakin was found to have committed financial fraud against First Bank to the tune of N49,320,652.32.

She also stole $368,203.00 belonging to the bank, which she converted to her personal use.

Adesakin, before she was busted by the bank and sacked, was its Money Transfer Operator, saddled with the responsibility of effecting payments through Western Union Money Transfer and MoneyGram platforms.

The convict was prosecuted by the Ibadan Zonal Office of the Economic and Financial Crimes Commission, (EFCC), on a 14-count charge, bordering on stealing, forgery and fraudulent accounting.

One of the counts read: “That you Oreoluwa Adesakin sometime between the months of May, 2013 and November, 2013, at Ibadan within the Ibadan Judicial Division, whilst being a staff of First Bank PLC stole the sum of N25,974,116.13 (Twenty Five Million, Nine Hundred and Seventy Four Thousand, One Hundred and Sixteen Naira, Thirteen Kobo) from First Bank PLC MoneyGram Payment Naira Account, property of First bank PLC.”

She pleaded not guilty to the charge.

Usman Murtala, prosecution counsel, presented every vital document and witnesses which nailed the convict.

Justice Olagunju noted that the EFCC presented incontrovertible evidence against the convict and did a diligent investigation and prosecution.

He thus pronounced Adesakin guilty of all the counts.

He sentenced her to seven years in prison without an option of fine on each of the 14 counts. The sentencing will run concurrently.

Apart from the jail term, the convict is also to restitute the First Bank, through the EFCC, all the money she stole.

The convict was arraigned April 4, 2014 by the EFCC following a conclusion of investigations against her which arose from a petition from her former employer, dated December 18, 2013.

The bank alleged in the petition that Adesakin fraudulently manipulated its Moneygram accounting and withdrew N49,320,652.32 and another $368,203.00 for herself, which the bank only uncovered while reviewing its internal account.

The EFCC was also able to establish that the convict used part of the proceeds of her crime to acquire landed properties in different parts of Oyo State.

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CIBN Recertifies NDIC Academy as Bankers Training Provider



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Council of the Chartered Institute of Bankers of Nigeria (CIBN) has recertified the Nigeria Deposit Insurance Corporation (NDIC) Academy as a training service provider for various professionals in the banking industry.

CIBN Recertifies NDIC Academy as Bankers Training Provider

The council also renewed the academy’s accreditation for the next three years, effective from June 2020.

Mr. Saubana Ogunpola, head of the five-man CIBN Accreditation Team, said the recertification followed the exemplary performance of the NDIC Academy since it initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.

The recertification, according to Mr. Saubana Ogunpola, Head of the five-man CIBN Accreditation Team, followed the exemplary performance of the NDIC Academy since its initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.

He noted that there would be periodic monitoring to ensure that quality standards are being adhered to.

Mr Ogunpola commended the NDIC for its consistent efforts toward meeting the high standards for the benefit of the banking industry and the larger economy.

He described the NDIC’s readiness to subject itself to the rigors of the Institute’s accreditation process as a testimony of its Management’s commitment to capacity development for all stakeholders.

In his reaction, Mr. Umaru Ibrahim, managing director/chief executive, NDIC, described the recertification as another milestone in the NDIC efforts to consolidate the position of the Academy as a center of academic excellence in the nation’s banking industry and on deposit insurance in Africa.

Mr Ibrahim disclosed that the Academy had so far trained a total of 13,368 participants cutting across the NDIC’s workforce.

“It had also trained 135 participants from relevant stakeholders, including the EFCC, Security and Exchange Commission (SEC), Assets Management Company of Nigeria (AMCON), National Pension Commission (PENCOM) and the Nigeria Financial Intelligence Unit (NFIU).

“On the international front, 19 employees from sister deposit insurance agencies in other African countries had benefitted from the expertise of the Academy,” the managing director noted.

He stated that the NDIC Academy has been designated to host the African Centre for Studies on Deposit Insurance System (ACSDIS) recently established by the Africa Regional Committee (ARC) of the International Association of Deposit Insurance (IADI).

Mr. Ibrahim reiterated that with the recertification, the NDIC Academy is positioned to fulfill the NDIC’s goal of serving as a center of excellence for capacity building on Deposit Insurance Scheme (DIS) for countries in Sub-Saharan Africa.

He added that the NDIC prides itself on establishing the highest standards of professionalism and competency among its staff through the NDIC Academy and other human capital development initiatives, including the Chartered Banker/MBA program at Bangor University, Wales in partnership with the CIBN.

The NDIC boss emphasized that the Corporation places high premium on capacity building and continuous high level training of its staff to achieve the NDIC mandate of deposit guarantee, bank supervision, bank distress resolution and liquidation.

“The ultimate goal would be to enhance depositor protection and public confidence in the nation’s banking system,” he said.

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Deloitte, Heritage Bank, PWC Urge Internal Auditors to Embrace IT to Tackle Fraud



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Deloite, Heritage Bank Plc and PricewaterhouseCoopers’ (PWC’s) have urged internal auditors of banks to adopt the various digital technologies to prevent fraud and annul the adverse impact of Covid-19 on the financial ecosystem.

Speaking at the just concluded 47th Quarterly Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Ifie Sekibo, the MD/CEO of Heritage Bank, disclosed that for improved banking operations and safer financial system for stakeholders, internal auditors must be dynamic and quick to adopt various digital measures.

Raising the alarming impact of fraudulent activities in the banking sector, Sekibo quoted PricewaterhouseCoopers’ (PWC’s) Global Economic Crime and Fraud Survey 2020, revealing that that the total cost of cybercrimes is worth an eye-watering $42 billion, which was cash taken straight off companies’ bottom line, whilst 13% of those who had experienced  fraud said they had lost $50 million-plus.

Sekibo, who spoke on the theme, “Elevating Internal Audit’s Role in the Face of Emerging Risks and Opportunities” organised virtually and hosted by the Heritage Bank, urged, “While it was sufficient for yesterday’s auditor to understand regular and routine banking practices such as credit, treasury, etc in his traditional assurance role, for him to be relevant in harnessing the opportunities in today’s business world, he must become versed in cybersecurity, artificial intelligence, data analytics, fraud management, regulatory pronouncements, forensics etc and having equipped himself, present balanced, objective audit reports to Executive Management while striking the right balance between the assurance and consulting responsibilities.”

In her keynote address, titled, “Elevating Internal Audit Role In The Face Of Emerging Risks and Opportunities,” Ibukun Beecroft, Partner Risk Advisory at Deloitte, noted that the banking industry in Nigeria today has adopted various digital measures to keep the business running and delivering services to the customers but there was need for Internal Audit (IA) positioned to provide the required assurance and consulting services in the face of the changes and attendant risk, particularly increased cyber-risks.

Quoting 2018 Financial Stability Report by the Central Bank of Nigeria, she stated that Banks recorded 25,029 confirmed cases of fraud and this resulted in a loss of N2.21 billion. More than 90% of fraud cases in 2018 were perpetrated via technologically driven channels.

“As Internal Auditors, the knowledge of technology would enable us identify gaps in our core banking applications and other applications and provide relevant recommendations to eliminating loopholes that may serve as an avenue for potential fraud.

She, however, advised auditors on the need to focus on advanced technologies and risk management operations as reflected around the Three Lines of Defense (3LOD) churned out by the Institute of Internal Auditors, which create opportunities for IA and its future role.

Beecroft warned that the ever-changing landscape and evolving risks in the banking industry could render the current internal audit plan obsolete.

According to her, internal auditors should reprioritise the audit plan as soon as possible to provide assurance over the most consequential risks while being cognisant of the impact on operations.

“To take advantage of these changes and disruptions, auditors need to rethink their role by adapting to and embracing change, enabling the IA function to become more agile, nimble, and forward-looking, thus driving change through the 3LOD,” Beecroft stated.

Yetunde Oladeji, Director Internal Audit Services at PricewaterhouseCoopers Limited (PWC), who spoke on the theme, “Elevating IA’s role to meet today’s emerging risks,” advised that the banking sector should be dynamic, prioritse digitization and flexibible workforce strategies as these would determine its ability to adapt to rapidly changing circumstances to survive and thrive.

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