Mobile and Online loans in Africa are on the rise. Nowadays, it easier for an individual to access a quick online loan or mobile loan in Nigeria because of the booming fintech industry in the country. These 6 fintech companies make mobile and online access to loans possible in Nigeria.

Accessing loans from banks and micro-finance institutions has always been a challenge to many Nigerians because of collateral requirements, complex and time-consuming documentation. Not anymore. With these lenders, if you live in Nigeria you can access a mobile loan via apps and online applications. Though, with the easyness also comes a high cost. Be wary of the debt trap and do not borrow money if you’re not sure you can’t pay back in time.


With Kwikmoney, you can get instant loans from N 500 to N500,000 direct to your bank account.

– Bank Verification Number (BVN).
– A 9mobile line and valid bank details.
– At least 18 years of age and must have actively been using your phone or your bank account for the last 90 days.
– No collateral or documentation.
– USSD (*561#)

– 5% and 15%


– 14 days or 30 days

– ATM card
– In cash

Apply here


Paylater offers short-term loans up to 500,000 Naira to individuals and small businesses.

– Bank Verification Number (BVN)
– Passport photo
– Address
– At least 18 years of age.
– No collateral required

– Mobile App
– 5 to 15%.
– 15 to 30 days

– Debit Card
– Quickteller
– Direct transfer

Download Paylater app


Branch provides loans from 1,000 to 200,000 Naira.

– Your phone number or Facebook account
– Bank Verification Number (BVN) and bank account number.
– Access to data on your phone in order to build your credit score
– At least 18 years of age.
– No collateral needed
– Branch Android app.
– 14% – 28%.
– 4 weeks – 15 months.

– Debit card.
– Branch app
– Payments from your bank.
– With cash at GT Bank.

Download Branch app

Aella Credit

You can apply for Aella Credit loan starting from 1,500 to 90,000 Naira.

– Bank Verification Number (BVN).
– At least 18 years of age.
– No collateral needed.
– 4% – 29%
– Aella Credit app
– 30 – 60 days
– Direct debit

Dowload Aella Credit app

QuickCheck Loan

With QuickCheck Loan app, you can receive funds up to 30,000 Naira.

– You need to provide accurate answers to the question you are going to be asked while filling in your details.
– At least 18 years of age.
– No collateral needed.
– As low as 1% per day.
– QuickCheck app
– 30 days.
– Debit card.
– Bank Transfer/Cash deposit.
Download QuickCheck app

Snap Credit

Snap Credit is a loan app that targets Nigerians in the formal sector.

– Employer registration.
– Valid bank details.
– At least 18 years of age.
– No collateral needed.
– Calculated based on the amount of loan and its duration.
– Online.
– 1 to 12 months
– Monthly salary deductions done by the employer.
Apply online


The rising fintech industry is filling the gap left by banks in Nigeria. Bloomberg notes that Nigeria’s banks are some of the most reluctant lenders in major emerging markets, with an average loan-to-deposit ratio below 60%. That compares with 78% across Africa. It’s above 90% in South Africa and about 76% in Kenya. The Central Bank has ordered banks to lend more money or hand it over to the central bank and earn nothing on it.

If you need a mobile loan in Nigeria, try these services.