Small Business Loans in Nigeria

Top 10 Online Lending Platforms for Small Business Loans in Nigeria 2024.

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Most often, many small businesses may require extra funding or capital in terms of business loans to expand or keep the business going. When all other means of raising funds for your business have been exhausted, the best alternative is to consider getting a business loan. However, many small business owners view the lending process as complicated and frustrating, especially when approaching banks for such finance.

With the rise of many players in Nigeria’s #FINTECH industry, there are few business lending platforms in Nigeria that help business owners with quick loans for their businesses. In 2024, there will be over 250 fintech companies operating in Nigeria. This makes Nigeria the leading market for fintech in Africa. The most popular areas of fintech in Nigeria are payments, lending, investment, and invoice and billing solutions like Zintego Billing Solution.

In this post, we list the top online lending platforms for business loans in Nigeria for quick access to business loans.

1. Opay 

OPAY is a fintech company and one of Nigeria’s biggest online banks, with a market valuation of $2 billion. To get started, you must create and verify an account using a phone number 

However, it’s important to know that Opay does not give loans directly; rather, it provides access to loan apps (Easemoni and Okash) on their platform 

You can get a loan between N100,000 and N500,000 through these apps, all provided by Blue Ridge Microfinance Bank 

2. RenMoney

Renmoney is one of the best loan apps in Nigeria, offering credit for both business and personal needs, It is regulated by CBN and insured by NDIC to provide convenient loans

It all takes place within their app, which you can download from either the Play Store or the App Store, and once you apply and meet all the criteria, you get instant approval with a 24-hour disbursement.

3. Kuda Bank 

With a market valuation of $500 million, Kuda Bank remains one of Nigeria’s top digital banks but what many people don’t know is that they also provide loan services 

Yes, you can get up to 200,000 naira with instant approval and disbursement in minutes 

They have a convenient loan repayment method between one and three months and another cool feature is that you can get a higher loan amount if you bring a guarantor 

Simply get started on the app with no paperwork or collateral 

4. Lendigo

Lendigo Nigeria. It is a fintech company that provides small and medium-sized enterprises (SMEs) with fast and easy access to working capital loans. Lendigo’s unique business process is based on its proprietary algorithm, which assesses a business’s creditworthiness based on a variety of factors, including its financial performance, cash flow, and industry trends. This allows Lendigo to approve loans quickly and efficiently, without the need for collateral or traditional credit checks.

To get started with Lendigo Nigeria, you can follow these steps:

  1. Visit the Lendigo website and create an account. You will need to provide basic information about your business, such as your name, contact information, and industry.
  2. Complete the loan application. This will involve providing more detailed information about your business, including its financial performance and cash flow. You will also need to upload supporting documents, such as your bank statements and business registration certificate.
  3. Receive a loan offer. Once Lendigo has reviewed your application, you will receive a loan offer. This will include the loan amount, interest rate, and repayment terms.
  4. Accept the loan offer and sign the loan agreement. Once you have accepted the loan offer, you will need to sign the loan agreement. This will be done electronically.
  5. Receive your loan funds. Once you have signed the loan agreement, your loan funds will be disbursed directly into your business bank account.

5. Moniepoint

Moniepoint offers flexible loan to small businesses to help them grow, You can get up to 50 million Naira at a low interest rate of 10% per annum without collateral and with Repayment tenures that match your pace

To apply for a loan from Moniepoint, you need to follow these steps:

STEP ONE: Confirm your eligibility

Confirm your eligibility for a loan by logging into your dashboard to see available offers

STEP TWO: Choose an offer

Choose an offer that best matches your business needs.

STEP THREE: Receive the money

We review your choice and pay the money to your account in 1-2 business days.

STEP FOUR: Start repayment

Automatically repay the loan based on the agreed flexible

6. FairMoney Loan App

Licensed by CNN with deposits insured by NDIC, Fairmoney is one of the best loan apps in Nigeria, they will offer up to N5 million to help you grow your business

With no collateral, 24-hour approval, and up to 6 months of repayment tenure

To be eligible for FairMoney Loan you must provide the following:

  1. 6 months Statement of account
  2. Valid ID card
  3. Proof of address
  4. Bank Verification Number
  5. CAC document (If business is registered)
  6. Passport photography or selfie
  7. Age must be between 22 and 65

7. Carbon Loan App

Carbon (formerly Paylater) is an easy-to-use and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.

With Carbon, you can access up to 500,000 Naira in loans with no collateral. Once your application is approved, funds are typically received within 1–3 business days. Making on-time repayments can grant you access to higher credit limits for your next loan.

8. Access bank

If you are a business owner and you own an account with Access Bank you may qualify for an instant loan of up to N10 million to help finance and grow your business

To find out if you are qualified, simply do the following:

  • Via QuickBucks:
    – Download the QuickBucks app or visit
                – Follow the prompts to register or sign in
                – Look for the Instant Business Loan option on the homepage
                – If you don’t see the Instant Business Loan option, try any of the following steps:
  • Call your Access Bank Relationship Manager
  • Send a WhatsApp message to the Access Bank SME Care line at 0902 407 2068
  • Send an email to [email protected]

9. FirstBank

Firstbank is one of Nigeria’s biggest banks offering various loan products for SMEs

To learn more about FirstBank loan offers and to decide which one is right for you visit their website to get started

10.AdVANS Nigeria

AdVANS Nigeria offers different types of loan products for SMEs divided into the following:

  • No prior savings required
  • Affordable interest rate
  • Quick processing time

Advans 48

  • Loans up to 750,000 NGN
  • 6-12 months

Advans Further

  • Loans up to 5 million NGN
  • 6-24 months

Advans Business

  • Loans up to 75 million NGN
  • 6- 24 months

Advans Together

  • Loans up to 1 million NGN per member
  • 2-5 members per group


Last on the list is SMEDAN, a government-backed initiative that offers quick and easy business loans to Nigerian SME businesses in need of financing. The core mission of the organisation is to promote entrepreneurship among Nigerians and provide capital to start businesses.

Aside from funding, SMEDAN also provides business owners with hands-on training and support to help them run their businesses. If you would like to apply, click here to access their online application portal.


GroFin is a Mauritius headquartered financier that’s committed to helping SMEs within Africa and in the Middle East to grow by offering flexible loans

GroFin enjoys the backing of 34 international finance institutions, development organisations, and private funders who have committed nearly $540 million in capital to their funds.

With their offices in Lagos and Port Harcourt, small businesses in Nigeria can apply and get loans faster.

Final Thoughts

While most of these platforms claim to offer quick loans without any collateral, it is advisable to carefully study their Terms and Conditions (T&C) before throwing in an application.

Another factor to consider is the interest rate and payback period. As a business, you will not want to go in for loans with a very short payback period unless you are very sure you will earn back the money in no time.

In the process of getting a loan, you will be asked to present a business plan. If you need a standard business plan, check out the List of Business Plans we have

Do you want us to develop a unique business plan for you, Check out our business plan service page

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35 thoughts on “Top 10 Online Lending Platforms for Small Business Loans in Nigeria 2024.”

  1. Hello Jacob
    I need a loan of at least 10m ie. $30,000 to pay back within 3-5yrs. This is to help me enhance my business. Is it possible ?

  2. Inyiama Chukwuma Christian

    I really need a long term loan of about 300,000-500,000 naira in invest in my phone parts and accessories business. 08168648219.

  3. please i need a loan of about 900,000 to 1,200,000 to start up my solar project of coverage 9,00000metres…

  4. Michael Olusegun David

    Please I need a loan to bring in fumigating machine which a lot of people have been calling for since I placed the advert on my social media,

    1. It depends on the loan amount. The higher the loan amount, the more difficult to get.
      Your family and friends are the first set of people to approach. The reason is that it’s easier and cheaper to get a loan from them than financial institutions in Nigeria.
      Their loan always come with difficult terms and conditions.

      Approach your bank first and discuss it with your account officer.

      Visit this company for SME loans: Carbon SME Loan –, Lidya SME loan – and RenMoney –

      I hope this helps.

  5. Pls I need a loan of 1 million naira to start up a business, the shop and power supply of the business is already intact, I just need money to start up the business!!.. I’ll pay back 1.5 million naira in 4-5 months time
    If I can get help pls my number is 08125252609 it works for both call and WhatsApp

    1. Getting a loan is not as easy as you think except you have all the requirements. If you have been running the business, it is much better because your inflow and outflow will help you to determine how much would be given.

  6. there is a particular company that gave me a loan in march for my natural Gas business, Irvin global, and investment limited at Victoria island, very flexible and lovely.
    I am sure they can help you

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