Top 10 loan apps in Nigeria by user ratings as of January 2024

Despite challenges surrounding their mode of operations, especially concerning debt recovery, loan apps or digital money lenders continue to play significant roles in the informal sector of the economy by providing quick and easy loans for Nigerians.

It is for this reason that the regulator, the Federal Competition and Consumer Protection Commission (FCCPC), has repeatedly stated it cannot ban loan apps, as many have been clamouring for.

The rate at which Nigerians continue to patronize these digital lenders is also an indication that many would be left stranded if loan apps were banned in the country.