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.
PalmPay, a leading neobank and fintech platform focused on emerging markets, has been recognised in CNBC and Statista’s 2025 Top 300 Fintech Companies in the World list. This marks the second year in a row that PalmPay has earned a place among the world’s most innovative and impactful financial technology firms.
The selection is based on a rigorous evaluation of thousands of companies globally, assessing growth, innovation, market penetration, and impact. This year’s list includes a mix of global leaders – including Revolut, Nubank and Ant Group – alongside rising stars from high-growth markets, underscoring the growing influence of emerging-market fintechs like PalmPay.
PalmPay’s inclusion reflects its continued momentum as one of Africa’s leading fintech platforms. With over 35 million registered users and up to 15 million transactions processed daily, the company offers a comprehensive suite of digital financial services tailored to the needs of underserved communities.
In its main market, Nigeria, PalmPay operates as a full-service neobank, offering consumer financial services such as transfers, bill payments, credit, savings, and insurance – all accessible through its user-friendly app and supported by a nationwide network of over 1 million agents and merchant partners. The company also provides POS and API-driven B2B solutions tailored to the needs of merchants and enterprise clients.
“To be recognised as one of the world’s top fintech companies by CNBC and Statista is a powerful affirmation of our mission to build a more inclusive financial system,” said Sofia Zab, Founding Chief Marketing Officer at PalmPay.
“Through cutting-edge technology, deep local distribution, and a customer-first mindset, we’ve built Nigeria’s leading neobank. As we scale PalmPay to more emerging markets, including Tanzania and Bangladesh, our focus remains on closing financial access gaps for everyday consumers and businesses, while expanding the partner ecosystem that fuels our reach and impact.”
As part of its broader expansion strategy, PalmPay recently launched in Tanzania and Bangladesh through a smartphone device financing model that serves as an entry point to digital financial services.
“PalmPay is building a neobanking platform tailored to the realities of emerging markets,” said Jiapei Yan, Group Chief Commercial Officer at PalmPay. “We are creating the infrastructure for a connected digital economy – where people and businesses can thrive through reliable, inclusive financial tools.
This recognition from CNBC and Statista affirms our progress and also the scale of the opportunity ahead. As we expand across more emerging markets, we are committed to creating lasting value for our users, partners, and the communities we serve.”
PalmPay’s inclusion follows another major recognition earlier this year: the company ranked #2 overall and #1 in the financial services sector on the Financial Times – Africa’s Fastest-Growing Companies 2025 list. The ranking, based on revenue growth between 2020 and 2023, highlighted PalmPay’s rapid scale and market traction across Africa.
PalmPay currently operates in Nigeria, Ghana, Tanzania, and Bangladesh, and is expanding its presence across Africa and Asia through device financing, digital banking, and B2B payment services. Backed by a robust neobanking platform and a partnership-led approach, the company is committed to shaping the next chapter of inclusive financial growth.
Fidelity Bank Plc has reaffirmed its commitment to quality education and youth empowerment with the renovation of a classroom block and donation of textbooks to Aso Pada Government Secondary School in Karu LGA, Nasarawa State.
L-R: The Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka; Vice Principal, Government Secondary School, Aso Pada, Maraba, Mr. Abdullahi Idris; Project Co-ordinator, Elite Bankers 2025 Inductee Class, Fidelity Bank Plc, Onyinyechi Ihesiaba; Vice Principal -Academics, Government Secondary School, Aso Pada, Maraba, Mr. Ela Isa; during the commissioning of a renovated block of classrooms and the distribution of Back-to-School Materials at Government Secondary School Aso Pada, Maraba, Nassarawa State recently.
The project was executed through the Fidelity Helping Hands Program (FHHP), a corporate social responsibility initiative that enables staff to identify community needs, raise funds, and receive matched support from the bank.
Speaking at the handover ceremony, Dr. Meksley Nwagboh, Divisional Head, Brand and Communications, said the school was chosen due to its impact on the local community and its lack of renovation in over 15 years.
Vice Principal Abdullahi Idris praised the bank’s gesture, calling it “an investment in the future of our nation,” and expressed hope for a lasting partnership.
The initiative follows Fidelity Bank’s recent donation of 1,000 solar-powered schoolbags to pupils across Ogun State, aimed at improving study conditions in areas with limited electricity.
Fidelity Bank serves over 9.1 million customers and has received multiple awards for innovation and SME support, including the 2024 Excellence in Digital Transformation Award and Best Bank for SMEs in Nigeria by Euromoney.
Eight leading Nigerian banks collectively set aside N156 billion as impairment charges on their credit and financial assets, marking a significant financial impact amidst a challenging economic environment, in the opening quarter of 2025.
Known commonly as loan losses or credit impairments, these charges highlight the banks’ defensive measures against risks arising from inflation, naira depreciation, and tightened liquidity affecting consumers and businesses alike.
The level of impairment varied considerably across institutions, reflecting divergent risk appetites and credit management practices.
Zenith Bank led with the highest provision of N49.38 billion, an 11.8 percent reduction from the previous year’s N55.97 billion.
This decline may suggest enhanced asset quality or more rigorous loan recovery tactics.
Broken down, loans and advances contributed N35.95 billion to impairments, while investment securities and treasury bills added N7.1 billion and N2.16 billion respectively.
Despite heavy provisioning, Zenith recorded a notable 20.7 percent increase in post-tax profit, soaring from N258.34 billion to N311.83 billion.
Similar trends emerged at First HoldCo, which posted N37.25 billion in impairment (down 11.2 percent), driven mainly by loans and advances provisions of N41.23 billion.
Offsetting this were write-offs and reversals that mitigated losses.
First HoldCo’s profit, however, fell to N171.10 billion from N208.11 billion.
Access Holdings and Guaranty Trust Holding Company also demonstrated reduced impairment charges, indicating stronger credit monitoring.
Access’s net provision dropped 4.5 percent to N21.77 billion, while Guaranty Trust’s impairment stabilized near last year’s N13.42 billion figure.
Yet, Guaranty Trust’s profit plunged 43.6 percent to N258.03 billion, a striking contrast to other banks’ profit growth.
On the other hand, United Bank for Africa (UBA) faced a staggering 332.2 percent surge in impairment, from N3.28 billion to N14.18 billion—pointing to amplified credit risks possibly driven by external economic pressures.
Nonetheless, UBA recorded a 33.1 percent profit uptick to N189.84 billion.
FCMB’s impairment charge fell notably by nearly 60 percent to N9.52 billion, aided by significant recoveries of previously written-off loans, boosting its profit to N32.23 billion.
Meanwhile, Fidelity Bank and Wema Bank posted sharp rises in impairment—285.8 percent and 64.7 percent increases respectively—reflecting heightened write-downs that underscore growing risk exposure amidst portfolio expansions.
Overall, while the cumulative impairment charge diminished by 5.2 percent compared to Q1 2024, individual bank results were mixed, embodying the varied strategies and external pressures in Nigeria’s banking sector.
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