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Top 50 Loan Organisations in Nigeria 

Top 50 Loan Organisations in Nigeria 

Every Business owner, Entrepreneurs, and Organisations desire to have a boost in their various businesses no matter how small or big the Enterprise is. This boost may require capital in order for it to progress. Some may go through the process of acquiring a loan in order to achieve their desire which is where the issue arises and the question of ‘Who do I go to ask for loan surfaces’. There are so many organisations that grant loans but with certain conditions and interest rates, some of the organisations are either owned by the government or owned by private individuals.

 We will be  looking at the Government financial loan institutions in Nigeria: 

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Top 50 Loan Organisations in Nigeria 
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Read Also: Top 10 Fast Loan in Nigeria, their requirements how to apply, interest rates

1. Bank of Agriculture (BOA)

This is a Nigerian government-sponsored bank that provides loans, credits, and all forms of funding for farmers and farming businesses, they provide products and services like an Agro-processing facility, Export finance facility, and many others. They can award loans up to NGN 5 million naira and their interest rate is 7-21%, to apply for the loan, you must first:

    •  Have a collateral
    •  A duly completed application form
    • 3 recent passport photograph
    • A recent copy of utility bills
    • An initial deposit of NGN 3000
    • An existing farmland
    • A signed letter from the bank 

2. Bank of Industry(BOI)

This is another Nigerian federal government bank that provides development financing and long term loans to the industry sector of the country like the agro-processing industry, information communication technology, creative industry, and many others, they can offer loans as high as NGN 5 million and their interest rate is friendly but to access the loan you need to meet various requirement. Information Guide Nigeria

3. Central Bank of Nigeria (CBN)

The apex bank of Nigeria provides a variety of loans to businesses across the country, they provide products and services like Anchor borrower programme (ABP), Commercial Agriculture credit scheme(CACS), Creative Industry financing initiative, and other developmental programs.

4. Development Bank of Nigeria (DBN)

As the name implies, this bank is a Nigerian government-sponsored bank that disburses loans to SMEs, they provide products like wholesale lending, partial credit risk guarantees, a capacity-building which may involve an Entrepreneurship training program, to be able to access loans from this institution, you need to approach any commercial or development bank where you are an account holder for the process of loan application to take place.

5. The Nigerian Export-Import Bank(NEXIM)

This bank is mandated to help provide loans for the facilitation of export goods and services from Nigeria, only Business owners and organisations related to exporting activities are required to access loans, they provide products like direct lending facility, foreign input facility, local input facility and other related services.

6. Small and Medium Enterprise Development Agency of Nigeria (SMEDAN)

This institution is charged with the responsibility of granting loan access to MSMEs, they provide schemes such as the commercialisation empowerment initiative, conditional grant scheme and other  empowerment schemes for growing business owners. Top Loan Organisations

7. Trader Moni 

This is a government enterprise and empowerment program initiative embedded with the responsibility of providing loans to petty traders, it is collateral free and they provide loans of NGN 10,000 which is repayable over a period of 6 months , beneficiaries can get higher loans if they are able to pay back the previous  loans, their interest rate is low and eligible requirements to access the loans such as Government approved ID card, Passport photographs and other valid documents are needed.

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This financial institutions listed above are government approved institutions to access loans and other credit facilities but to avoid delay and disappointment, Commercial banks in Nigeria and Microfinance institutions have also set up other means for individuals and organisations to access loans without going through the rigorous process as demanded by the government loan organisations, some of this institutions include:

8. Guaranty Trust Bank Quick Credit

The Quick Credit was established by the Guaranty trust bank to offer loans to borrowers, their interest rate is friendly and there is no management, legal and insurance fees attached to the loan. They have no need of collateral and access to loans is granted to those whose minimum wage is between NGN 25,000 to 50,000, to apply for the quick credit loan borrower must be 18-59 years of age.

9. Baobab Microfinance bank

This is a Central bank of Nigeria licensed institution that offers loans to micro businesses, SMEs and entrepreneurs, interest rate is 7-16%.You can borrow as little as NGN 20,000 to 20million, to access loan the borrower must be between 22-58 years and must reside and live in Lagos Nigeria.

Read Also: 15 Leading Loan Sites in Nigeria, Their Requirements, Interest Rates and How to Apply

10. United Bank of Africa Click Credit

The United Bank of Africa launched the Click Credit in February 2020 to provide loans for their customers to satisfy their financial needs, customers can get up to NGN 5million and access to the loan is simple, no paperwork needed to apply just use the Bank’s USSD code or internet banking facilities. 10 Best Exercise Mats and their prices in Nigeria

11. Ren Money

This is another loan organisation that provides loans to micro-businesses and SMEs. For an individual to be accessible to loans, he or she should have a good standard of income and boast of regular monthly earnings, the minimum loan amount is 100,000, and the interest rate is 2.8%. No collateral is needed and you can download it as an app on your smartphone.

12. First bank First Advance

The First Advance loans are available to all First bank customers and the interest rate is 2.5%, they offer salary advance loans and have good repayment plans.

13. Page Financials Remit Credit

This is a Fintech company that offers loans to borrowers to the tune of NGN 25 million with a repayment schedule that extends to 12 months, there is no management fee and the loan is extended to Salary earners who are paid through Remita.

14. Zenith Bank Term loan

The loan is offered to salary earning professionals who have an account with Zenith Bank account. Customers can get up to 60% loan of their salaries and the loan can be accessed through an Overdraft from the bank, a management fee of 1% is required.

15. Nirsal Microfinance Bank

This is a CBN licensed institution that offers loans for agriculture development, microloans, SMEs and asset financing.

The criteria to access loan is: 

  • Valid Employment letter
  • Staff identity card
  • Payslip
  • 6 months statement of accounts
  • National ID card of any form
  • Utility bills
  • Passport photographs and other relevant documents. How to Own a Dollar account in Nigeria

16. Fidelity Bank Fast loan

This loan is provided to Fidelity bank account owners who are salary earners To have access to this loan, the borrowers must have been paid their salaries for 3months and also must have a clean credit record. The loan can be accessed via their USSD code.

17. Fina Trust Microfinance bank

This is another financial institution that provides loan for micro businesses, salary advance and group loans. For group members who want to access this loan, they must be in the same group, they must have a group guarantee and also provide two credible guarantors. Interest rate is friendly and loan can be paid instalmentally.

18. First city Monument Bank Fast Cash

This loan is accessible to customers and non-customers of the bank, loan amount of 100,000 – 200, 000 can be received. There is no collateral attached and the loan can be accessed by using the bank’s USSD code.


A fully licensed microfinance bank approved by the Central Bank of Nigeria that provides small emergency loans for individuals to meet unexpected and emergency needs like hospital bills, car, and house repair, or any emergency situation, the loan can range from NGN 5000-50,000, to fully access the loan you must have completed an application form

  • Provide a guarantor
  • Means of identification
  • Current utility bill
  • Paid Employment letter and most importantly the company you work for must be registered with Mkobo. 

Read Also: 10 Best Loans In Nigeria Without Collateral

20. Access Bank Payday loan

Access bank Payday loan grants loan instantly to requesting customers as soon as application is viewed and accepted. They also provide loans to salary and non-salary earners. To access the loan, the borrower must not have any outstanding debt in Access bank or any other bank, provide a phone number that is linked to a BVN and also provide evidence of previous salary payment.

Access Bank  Account holders can receive 75% of their salaries as approved by the bank, you can access the loans via their electronic banking channels and USSD code.

21. Lapo Microfinance Bank

This is another institution that provides unsecured loans to SMEs and business owners, they attend to people who are unable to access loans from traditional financial institutions, their headquarters is in Benin city Nigeria and they also have a branch in Lagos state.

To access loans you need valid documentation like Loan application completed form, application letter for a loan, 2 guarantors, means of identification, current utility bill and recent passport photograph. Npower recruitment

22. AB Microfinance Bank

This is a foreign-owned institution based in Lagos Nigeria, they provide loans to micro, small, and medium-sized enterprises, they also help individuals with low-income status. To be eligible for the loan the applicant needs to be 21 years of age and above, he or she must be a Nigerian resident and also an owner of a business in an operating area.

23. Mayfair Microfinance Bank

This bank was licensed by the Central Bank of Nigeria in 2009, they provide microloans and salary advances for Entrepreneurs, students, and salary earners, to access loans you need to fulfill some valid requirements.

24. Providus Bank

This is a national commercial bank licensed by the CBN. They provide loans for education, salary advance and mortgages, with the necessary requirements completed you can have access to loans.

25. ALAT by Wema Bank

ALAT is a digital product created by Wema bank to provide loans, to be eligible for this loan you must have a standard ALAT account, your account needs to be checked and upgraded for eligibility, credit and debit transactions need to be made on the account. dollar to naira rate

26. Finca Microfinance Bank

This is a licensed CBN bank situated in Imo State Nigeria. They provide microloans, salary advance and group loans.

27. Specta

This is a digital product of Sterling bank that provides loans to employees like salary advance, to apply for loans no form of documentation or collateral is required but a completion of application form with a NUBAN and BVN.

28. Moneywise Microfinance Bank

This is another licensed CBN institution located in Lagos state Nigeria which provides micro and group loans, the interest rate is between 4-11% and certain requirements are needed before the loan can be accessible.

29. Wetland Microfinance Bank

This is another CBN licensed institution situated at Delta state Nigeria, they provide loans for salary advance, agricultural purposes, and micro-businesses. Certain requirements like a letter of employment, Staff identification, payslip, and other documents are required before one can access the loan.

30. Accion Microfinance Bank

They are located at Lagos, Ogun, Portharcourt and Onitsha, they rely on Accion international and provide business loans, overdraft facilities, educational loans and disability loans.loans can range from 1-12 months and eligible criteria need to be met before the loan can be granted.

Read Also: 10 Best Emergency Loans in Nigeria, Interest Rates, Requirements

31. Richway Microfinance Bank

This is a CBN recognised bank that offers microloans, salary advance, and many others to borrowers, they are situated in Lagos Nigeria and their interest rate is between 5-11%.

32. Omoluabi

This is a Mortgage bank licensed by the Central Bank of Nigeria, they offer loans for housing or property purposes. To be eligible for the loan the borrower needs to fulfill certain requirements as stipulated by the institution.

33. Jaiz Bank

This is a non-interest Islamic bank licensed by the CBN to provide loans, they are the only bank in Nigeria that does not charge interest for loans due to the Islamic finance law. 

Asides from the these institutions, there are other ways of obtaining loans such as online or money lending app created by private individuals to ease the stress of obtaining loans. These days some people stay in the comfort of their homes to request a loan with the help of a smartphone. You can connect to this authentic online loan app, the list is endless but there are carefully selected ones which are listed below;

34. Paylater

This online platform is owned by Chijioke Dozie and it offers personal loans with an interest rate of 5-30%. To access the loan you need a smartphone and an internet stable condition to log on to the platform. You will need to provide personal bank details, BVN and a fee of NGN 100 will be charged once the loan is approved. To pay back the loan you can do a direct transfer, debit card, and Quickteller

35. Aella Credit

This online loan platform was founded by Akin Jones and Wale Kanbi. To access loan easily the borrower’s organisation need to be registered on their platform in order to enjoy lower interest rates and higher loan amount, you need your BVN and valid bank details before loans can be processed and you can pay back via debit card. WAEC result

36. Branch

This is another online loan platform for people who need instant cash in a little amount. You can get a personal loan that is repayable in a month with four installments via their mobile app. To access this loan you need to provide valid bank details, BVN, and Facebook account. You can also repay loans with an auto-debit or debit card.

37. Quick Check

This is another money lending platform that requires you to provide your source of income statement, bank details, phone number, and Facebook account before you can access the loan. The loan has a 5-30 days tenure and can be repaid with direct deposit and debit card.

38. Payconnect

This online loan platform is owned by Lauren Nabuko Hainey. To be qualified to access loans you need to provide a selfie with your ID card, proof of employment, bank details, next of kin information and a Facebook account.

39. Penny Lender

This is another online money lending platform and they have physical offices located in Lagos and Abuja. They provide single payment loans and deduct the loans from the borrower’s monthly salary. The loan amount is from NGN 10,000-500,000. To be eligible for loans you need to provide means of identification, utility bills, passport photograph, 3months bank account statement, and letter of employment or promotion.

40. Snap Credit

This is an online money lending platform that provides retail loans to consumers via their employer, the amount borrowed is deducted from the monthly wages and they offer loans from NGN 10,000 –  1.500,000. The interest rate charged depends on the rate of salary, length of service, and position.

Read Also: 21 Quick Loans without Collateral in Nigeria

41. Kiakia 

This is an online loan or money lending platform that provides personal loans. They also match borrowers with individuals or corporate lenders at mutually agreed rates. They offer loans from NGN 10,000 – 200,000 for a duration of 7 – 30 days. The Kiakia money lending platform is suitable for those looking for unsecured loans, those suffering from financial hardships, and other people ineligible for a bank loan. JAMB form

42. Fint Loan

This is an online loan website that uniquely connects lenders to borrowers. The lenders here act as investors and provide loans to those in need. To be eligible for the loan you must be 21years and above, you must have a Nigerian bank account, BVN, bank account statement, and a photocopy of the national identity card.

43. C24 Loan

They are another Money lending platform situated in Lagos that provides retail loans for consumers in need of financial solutions. For borrowers to access the loan they need to provide a verifiable statement of income, National identity card, direct debit mandate, bank statement, post-dated cheques, and passport photograph.

44. Sharp Sharp by Credit Direct

This is another money lending platform that provides loans to consumers. They also require relevant documents before one can apply for the loan.

45. Zedvance

This is a money lending online platform that has operations in Lagos Nigeria, they provide loans to individuals and groups with a tenure of 12months. Valid documentation is needed before the loan can be accessed. Loans can be repaid in direct deposit and cheque.

46. Kwik Pay

This is an online loan platform that provides loans for consumers through their employer, the amount borrowed is deducted from monthly salary and the loan amount can be between NGN 50,000 – 2 million. To access the loan valid criteria need to be fulfilled. 

47. Hub Credit

A digital lending platform licensed by the CBN that offers loans up to a million naira with a flexible repayment plan. To access the loan you must have a Guaranty Trust Bank account, ID card, completed application form, and other criteria.

48. Petty Cash

This is an online money lending platform that provides single payment loans, installment loans, and payroll loans for borrowers. They also offer salary advance and make no demand for collateral. To apply for this loan the borrower’s minimum wage should be above NGN 30,000 and he or she should work for a private organisation.

49. Credpal

This is a financial technology company that provides instant loans to the staff of organisations, ministries, parastatals, and other establishments. They provide loan amounts to the tune of 5 million naira and also require valid details like bank details, payment card details, android phone, and complete application form.

50. Loanspot 

This is an online loan platform in Nigeria that provides its customers with quick loans, business owners, entrepreneurs, and individuals can access the platform. They also connect lenders to borrowers with a click of the button, they help borrowers get access to various credit options at different rates. JAMB Result 

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