Top 5 credit applications in Nigeria that have crossed 5 million downloads as of Q3 2022

With the quantity of unbanked Nigerian grown-ups put at 60 million starting around 2021, most of the around 40 million that have ledgers are still underbanked as they have no admittance to credit and other monetary administrations. This is the reason the fintech and credit applications are overall heartily embraced by a huge number of Nigerians.

With the arrangement of fast advances without security, credit applications are spanning the monetary consideration hole left by the customary banks in Nigeria.

Despite the fact that there have been protests that the loan costs being charged by a portion of these are excessively high, it has not prevented numerous Nigerians from belittling them. As a matter of fact, going by the quantity of downloads of these applications, a portion of the computerized loaning stages currently have a greater number of clients on their applications than the enormous conventional banks in the country.

While there are presently lots of advance applications giving credit administrations in Nigeria, including those authorized by the National Bank of Nigeria (CBN) and the unlicensed ones also called predatory lenders, every one of them keep on getting a charge out of support as they are meeting the monetary requirements of numerous Nigerians.

Nairametrics takes a gander at the download figures of these applications on the Google Play Store, which gives a fair thought of the applications being generally utilized by Nigerians. Here are the best 5 credit applications that have crossed 5 million downloads on the Google Play Store as of the finish of Q3 2022:

Branch

Branch is a platform that offers quick online loans in Nigeria. As of Q3 2022, this app is the most-downloaded loan app in Nigeria that has crossed 10 million downloads on Google Play Store.

The app determines loan eligibility and personalized loan offers using the users’ smartphone data. Their interest rates range from 15% – 34%. You can get access to loans from N1,000 to N200,000 within 24hrs, depending on your repayment history, with a period of 4 to 40 weeks to pay back.

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

Palmcredit

Palmcredit comes a distant second to Branch in terms of downloads, it is nonetheless one of the most patronized loan apps in Nigeria. The lending platform says it can provide a quick loan of up to N300,000 in less than 3 minutes without any form of collateral. You can borrow between N2,000 to N300,000 quick loan and if your documentations are complete and accurate, you can get your disbursement within a business day, the platform claims. The app has been downloaded over 5 million times on the Google Play Store as of Q3 2022

FairMoney

FairMoney says it offers fast loans within 5 minutes with no documentation or collateral required. The loan amounts vary based on your smartphone data and repayment history. Loan amounts range between N1,500 to N500,000 with repayment periods from 61 days to 180 days at monthly interest rates that range from 10% to 30%. The app is, no doubt, 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 quick online loan platform for Nigeria mobile users managed by Blue Ridge Microfinance Bank Limited. OKash fulfills customers’ financial needs completely online 24/7. The application process takes just a few steps with minimal documentation and the approved loan amount is transferred to the applicant’s bank account. The app offers loans ranging from N3,000 to N500,000 and repayment plan ranges from 91 days to 365 days.

The app is one of the most-downloaded loan apps on the Play Store as it had crossed 5 million downloads as of Q3 2022

PalmPay

Palmpay is an automated lending service focused on increasing access to credit to financially under-served/excluded individuals around Africa. Launched in Nigeria in 2019, the company says it has provided over 5,000,000 customers with convenient and affordable digital payments.

The company also claims that loan decisions on 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. On the app, the usual amount for new borrowers is N10, 000

This app is one of the most-downloaded loan apps in Nigeria. As of Q3 end, it had recorded over 5 million downloads to be among the top 5 with such record