Top CBN Licensed Loan Apps in Nigeria in 2025

Loan apps have become popular in Nigeria, with many people constantly looking for quick ways to get loans. The popularity of loan apps has led to many loan apps operating without CBN regulations. 

Using these unlicensed loan apps poses a risk of high interest rates on loans, data breaches, vital information of clients being leaked, and inhumane methods of loan recovery.

It is important that you use a CBN-licensed loan app when applying for loans because CBN regulates the financial institution and ensures that consumers' rights are protected and people are treated fairly.

In this blog post, I will show you the top CBN-licensed loan apps in Nigeria that you can choose from when applying for loans.

What Are CBN-Licensed Loan Apps?

CBN licensing is when a financial institution is given a license by CBN to carry out operations. The company must have met certain conditions and criteria before CBN gives them the license. The license can also be revoked if CBN notices that they no longer comply with their regulations.

CBN regulates digital lenders through licensing, supervision, and enforcement of consumer protection guidelines, ensuring a stable and safe financial system while promoting financial inclusion.

Unlicensed loan apps not regulated by CBN do not provide you as a user the security you need, especially when an issue arises. So it is important to check the licensing of the bank app before borrowing a loan from them.

How to Verify If a Loan App Is CBN Licensed

To verify that a loan app is licensed by CBN, check the official Federal Competition and Consumer Protection Commission (FCCPC) website

The website lists the names of loan apps that have been licensed, delisted, and are undergoing licensing by the CBN. Before taking any loan from a loan app, be sure to check this website. 

Top CBN-Licensed Loan Apps in Nigeria (2025)

Here is a list of loan applications licensed by CBN:

Palmpay app: This is a very popular app in Nigeria that gives out loans. Loan approvals on Palmpay are fast, and the money is disbursed to your account easily without paperwork and collateral. 

Easybuy: It is a mobile application where Nigerians can apply for loans, basically for electronic purchases. 

Oxygen: Businesses looking for quick loans can easily get them using the Oxygen app, which is one of CBN-approved digital lending platforms.

9credit: It is one of Nigeria's leading digital lending mobile-based personal loan platforms. The platform gives out quick loans to individuals who need them. 

FairMoney FlexiCredit: This is another good platform to borrow quick loans. You can borrow loans whenever you need them and repay them in installments. 

NeoCash: This platform provides access to a wide range of affordable loans right from the palm of your hand. It is a platform to easily get loans.

Specta Mobile: This is a digital lending platform powered by Sterling Bank in Nigeria. It allows you to access loans easily without collateral, paperwork, or visiting a bank. 

Benefits of Using These CBN-Licensed Apps

When you use CBN-licensed loan applications to borrow money, the CBN regulates the financial institution and ensures that consumers' rights are protected and people are treated fairly. CBN also ensures there is transparency in the operations of the financial institutions. The interest rates in CBN-licensed applications won't be too high. 

Things to Consider Before Taking a Loan

Before taking a loan, you should consider your monthly earnings to see if you can repay the loan you want to take. You should consider the terms and conditions of the loan application, you should know the interest rates on the loan, and the duration for repayment. 

Before applying for any loan, make sure you know these things, and if possible, contact the customer service of the loan application to avoid possible issues that can arise. 

Frequently Asked Questions (FAQ)

Are CBN-licensed apps 100% safe?

CBN-licensed loan apps are not 100% safe, but they have more security and are trustworthy because cybersecurity issues could arise. 

Can I get a loan without collateral?

Yes, you can get loans in Nigeria without collateral. Digital lending platforms in Nigeria give out loans, especially small amounts of loans, without requiring collateral.

What happens if I default?

Defaulting on loans will lead to several consequences, which include legal actions, collateral seizures, additional fees on interest fees, a reduction in the amount of loan you can apply for, and a potential ban from future loan applications. The consequences depend on the loan applications. 

How do I improve my loan eligibility?

To improve your loan eligibility, you need to repay your outstanding loan on time; that way, your credit score will be improved.

Conclusion

In conclusion, applying for loans with CBN-licensed applications provides more security for you as a user. Before applying for the loan, check if the loan app is approved by the CBN. 

Read also: Top 5 Profitable Small Business Ideas in Nigeria with Low Capital (Under ₦100K)