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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.

E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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