Top 5 Lending Apps in Nigeria in 2022


With the number of unbanked Nigerian adults estimated at 60 million in 2021, the majority of the approximately 40 million who have bank accounts are still underserved due to lack of access to credit and other financial services. This is why fintech and credit apps are warmly embraced by millions of Nigerians.

By providing quick loans with no collateral, lending apps are bridging the financial inclusion gap left by traditional banks in Nigeria.

Although there have been complaints that the interest rates charged by some of them are too high, that hasn’t stopped many Nigerians from patronizing them. In fact, some of the digital lending platforms, measured by the number of downloads of those apps, now have more customers on their apps than the country’s big traditional banks.

There are now countless lending apps in Nigeria offering lending services including those from the Central Bank of Nigeria (CBN) and the unlicensed, also known as loan sharks, all continue to enjoy patronage as they meet the financial needs of many Nigerians.

Nairametrics examines the download numbers of these apps in the Google Play Store, which gives a good idea of ​​which apps are mainly used by Nigerians. Here are the top 5 rental apps that surpassed 5 million downloads on the Google Play Store by the end of Q3 2022:

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Branch is a platform offering fast online loans in Nigeria. As of Q3 2022, this app is the most downloaded loan app in Nigeria which has surpassed 10 million downloads on Google Play Store.

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The app determines the creditworthiness and personalized loan offers based on the smartphone data of the user. Their interest rates range from 15% – 34%. You can access loans from N1,000 to N200,000 in 24 hours depending on your repayment history, with a repayment period of 4 to 40 weeks.

All you need to apply is your phone number or Facebook account, your bank verification number (BVN) and your bank account number. They will also request access to the data on your phone to establish your credit score.

palm credit

Palmcredit is a distant second only to Branch in terms of downloads, but is still one of the most visited credit apps in Nigeria. The lending platform claims that it can provide a quick loan up to N300,000 in less than 3 minutes without any kind of collateral. You can borrow a quick loan between N2,000 and N300,000, and if your paperwork is complete and accurate, you can receive your payout within one business day, the platform claims. The app was downloaded over 5 million times from the Google Play Store in Q3 2022.


According to FairMoney, it offers quick loans within 5 minutes with no documentation or collateral required. Loan amounts vary based on smartphone data and repayment history. Loan amounts range from N1,500 to N500,000 with repayment terms of 61 days to 180 days at monthly interest rates of between 10% and 30%. The app is undoubtedly one of the most used by Nigerians as it has also been downloaded 5 million times and still counting.

Okash (1 million downloads) now 5 million

Okash is a convenient fast online loan platform for mobile users in Nigeria managed by Blue Ridge Microfinance Bank Limited. OKash meets customers’ financial needs 24/7 entirely online. The application process takes a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account. The app offers loans from N3,000 to N500,000 and a repayment schedule from 91 days to 365 days.

The app is one of the most downloaded rental apps on the Play Store as it had surpassed 5 million downloads in Q3 2022.


Palmpay is an automated lending service focused on improving access to credit for the financially underserved/excluded across Africa. Founded in Nigeria in 2019, the company claims to have enabled convenient and affordable digital payments to over 5,000,000 customers.

The company also claims that loan decisions in its app are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes, 24 hours a day, 7 days a week. In the app, the usual amount for new borrowers is N10,000.

This app is one of the most downloaded loan apps in Nigeria. By the end of the third quarter, it had racked up over 5 million downloads to be in the top 5 with such a record.


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