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10 Apps That Give SME loans in Nigeria

Hachi Onubedo
20 October 2023 - 11 mins, 46 secs read

An SME loan is the perfect choice for small business owners looking for a little extra cash for their business. However, applying for business loans in Nigeria can seem complicated, especially if you are a new business owner. 

In this article, we will explain everything you need to know about SME loans in Nigeria—how they operate, what you need to apply, and the top apps for business loans in Nigeria.

Let’s start by exploring why SME loans are your friend. 

Why Should I Apply For an SME Loan? 

As a business owner, there are times when a little extra cash can make a big difference—whether it’s covering bills, kickstarting a new product, or restocking inventory. 

Apart from the cash boost, you should consider applying for an SME loan because of the following reasons: 

  1. Straightforward Application Process

SME loans are designed with simplicity in mind, making the application process easy to navigate and understand. This allows you to focus on running your business without getting lost in pages of complex loan application forms.  

  1. Favourable Interest Rates 

SME loans come with pocket-friendly rates, making it easy to manage your repayments. This means more of your hard-earned money can go into growing your business, not just settling interest bills.

  1. Collateral-Free Flexibility

Unlike conventional loans that often require collateral, SME loans typically don’t ask you to pledge your assets as security. This makes them an accessible option for small businesses like yours that may not have collateral to offer. 

What Are The Types Of SME Loans in Nigeria?

Business loans in Nigeria are usually gotten from two sources: formal and informal. 

Informal loans are typically acquired from personal connections, such as family, friends, cooperative societies, group savings schemes, or money lenders. These loans are quick and easy to secure but may have limitations in terms of amount. They also lack a formal legal structure.

The formal sector on the other hand operates with more structure. Here, loans are sourced from regulated financial institutions like commercial banks, microfinance banks, fintechs, international development agencies, and the Central Bank of Nigeria (CBN).

Formal business loans typically have clearly defined terms and conditions, including interest rates, repayment periods, collateral requirements, and eligibility criteria. 

Examples of formal SME business loans in Nigeria include Asset Finance, Term Loans, Overdrafts, CBN Loans, Short Term Finance, and Equipment Financing.

10 Apps That offer SME Loans in Nigeria

Selecting the right business loan in Nigeria can be a bit tricky, especially if you’re a new business owner. To simplify the decision-making process, we focused on the following criteria:

  1. SME Loans From Formal Sources in Nigeria: It’s important to understand the particulars of the loan you are applying for. That’s why we focused on loan sources that fully explain their loan terms, eligibility requirements, and interest rates.
  1. Online Loan Applications: We prioritised organisations because they are easy to use and convenient; They also have a straightforward application process and don’t involve a lot of paperwork.  
  1. Flexible Collateral Requirements: Most of the institutions on this list offer SME loans without collateral in Nigeria, which means you can apply for a business loan with just your business financial statement and registration documents. 
  1. Favourable Interest Rates: Most of the organisations on our list also feature apps that offer competitive interest rates, allowing you to access the financing you need without the burden of excessive interest payments.  

Now that you understand the types of loans available for your business, let’s explore 10 apps you can use to apply for SME loans in Nigeria: 


The first organisation on our list is Oze, a go-to app for over 150,000 businesses in Nigeria and Ghana. Oze is committed to providing small businesses with the essential tools and services to thrive.

Among the array of services it offers, Oze offers no-collateral business loans with low interest rates and zero hidden fees.  

Here are the key benefits of choosing Oze for your SME loan:

  • Competitive Interest Rates: Oze offers attractive interest rates as low as 3%, making it an affordable option for small businesses like yours. 
  • Transparency and No Hidden Fees: Oze is committed to transparency, so you can rest assured that there are no hidden fees or surprise charges attached to your loan.
  • Quick and Seamless Loan Application Process: Oze simplifies the loan application process, making it quick and easy for businesses to apply and receive funding quickly.
  • No collateral requirement- You can apply for a business loan without collateral from Oze.

To qualify for an Oze business loan in Nigeria, you must: 

  • Be a registered Oze user
  • Provide three months of bank or mobile money statements
  • Complete a loan application via the Oze app

Applying for an Oze no-collateral loan is a straightforward three-step process:

  1. Create a Free Account: You can sign up for a free Oze account with just your phone number.
  1. Fill out the loan application form:  You will be asked to provide additional information, such as your last three months’ worth of bank or mobile money statements.
  1. Link Your Bank Account: Connect your bank account to your Oze account, and you’re all set!


Pennee is an app that provides businesses with access to funding and cash flow management tools. They offer three types of business loans: Asset Financing, Overdrafts, and Inventory Financing. 

Additionally, Pennee partners with select vendors for businesses looking to purchase assets.

Let’s take a closer look at the key features of Pennee’s loans:

  • Loan amounts range from 20,000- 25 million Naira.
  • The monthly interest rate falls between 4%- 4.5%.
  • The maximum loan repayment period is 6 months.
  • No collateral is required. 

Your business also has a higher chance of accessing Pennee’s loans if it falls under the following niches: fast food and baking, fashion, photography, beauty, education, and retail.

To qualify for a loan, you need to meet the following criteria:

  • You must be a registered business owner on Pennee.
  • Your business should have been operating for at least 6 months.
  • Your business must be located in Lagos, Oyo, or Abuja.
  • You must provide a recent utility bill (covering at least 3 months) and a government-issued ID card.
  • You must be at least 21 years old.

To get started, simply: 

  • Download the Pennee app from the Playstore and Appstore 
  • Create an account by providing your personal and business information, including your name, birthdate, and business name.
  • Wait for your information to be verified. It takes 48 hours.  


Payhippo, a digital lending platform, makes it easy for small and medium-sized businesses (SMEs) to access business loans. 

Payhippo gives businesses access to:  

  • Loans of up to 3 million naira in 2-4 hours
  • No collateral loans 
  • Reasonable interest rates at 6.5% per month
  • Maximum loan repayment period of 30-90 days 

To be eligible for a Payhippo loan, you must:

  • Be a registered business with a Corporate Affairs Commission (CAC) certificate or Money Agent license
  • Operate in Nigeria
  • Have a business or corporate bank account
  • Be at least 24 years old
  • Provide 3 months of bank statements and other supporting documents such as utility bills, business address, and home address
  • Have one guarantor and two references

You can get started by downloading the Payhippo app via the Playstore or Appstore. Once your account is set up, you can apply for a loan in just a few minutes. 


Renmoney is a digital bank that offers a variety of financial products and services, including personal and business loans, savings accounts, investment products, and other banking services. 

Here are some of the key features of Renmoney’s business loans: 

  • Business owners can access loans of up to 15 million Naira 
  • Maximum loan repayment period of 24 months
  • No collateral is required 
  • You must be at least 18 years old
  • You just have an existing business bank  account with any commercial bank

To apply for a Renmoney business loan, you can follow these steps:

  1. Create an account:  Download the Renmoney app from the Playstore and Appstore and create an account.
  2. Provide your information:  Provide information about yourself and your business.
  3. Verify your information:  Ensure the details you provided are correct and wait for your application to be approved.

Once your application is approved, you will receive your loan funds directly into your business bank account. 


Carbon is a digital bank that offers credit access, straightforward payment solutions, lucrative investment opportunities, and user-friendly tools for managing personal finances.

Business owners can easily secure a loan of up to 20 million Naira in 48 hours. However, the amount you can access depends on the monthly average sales of your business. 

Here are some of the key features of Carbon business loans:

  • Loan processing typically takes 2-5 days.
  • Loans are available for amounts up to 20 Million Naira.
  • You don’t need collateral or a guarantor.
  • New applicants are charged a fixed 5% fee on the disbursed amount while returning customers pay 4%.
  • Funds are disbursed within 24-48 hours post loan approval.
  • You can enjoy a flexible repayment schedule, with options for weekly or monthly repayments.

To qualify for a Carbon business loan, your business must:

  • Have been in existence for at least 6 months.
  • Be based in Nigeria.
  • Operate in the trade, service, or production sector.

To initiate your application for a Carbon Business loan, simply download the Carbon app or click on this link. You’ll be prompted to create an account and provide:

  • A valid ID or your main bank statement covering at least 6 months.
  • A CAC certificate displaying the name of your company’s owner or directors.


Quickcheck is a digital lender that uses technological innovations like AI to provide credit to business owners looking to expand their business. 

With Quickcheck, you can: 

  • Borrow up to 1 million Naira 
  • Access no collateral business loans in Nigeria 
  • Pay back your loan in 12 installments 

To be eligible for a Quickcheck loan, you need to have: 

  • An android phone
  • A clean credit background 
  • A Quickcheck account. You can get started by downloading the Quickcheck app here 


Aella is a user-friendly financial app that offers a suite of financial solutions to help you manage your money, grow your business, and access health insurance. 

Although Aella doesn’t have a specific loan offer for businesses, over 135,000 micro-businesses use Aella to meet their business needs. 

Aella also offers loans of up to 1 million Naira with a repayment period ranging from 1 to 3 months. These loans come with flexible interest rates ranging from 2% to 20%. 

To apply for an Aella loan, simply: 

  • Download the Aella app from the Playstore or Appstore  
  • Create an Aella account. You would be asked to provide your personal information like your name, email address, etc. 
  • Click the “Check Eligibility” button to confirm the amount you are eligible to borrow


With over 5 million users and over 10,000 loans disbursed daily, FairMoney is one of the best options for SME business loans in Nigeria.  

Fairmoney’s offers SME loans of up to 5 million Naira. They also offer: 

  • Fast approval process that typically takes between 24-78 hours 
  • No collateral loans  
  • Maximum loan repayment period of 6 months 
  • Competitive interest rates 

To apply for a FairMoney SME loan, you will need to provide the following documents:

  • 6 months Statement of account
  • Valid ID card
  • Proof of address
  • Bank Verification Number
  • CAC document (not compulsory)
  • Passport photography or selfie

You can apply for a Fairmoney business loan through the Fairmoney app or by filling the form here 


Lendigo is a financial technology firm that provides SMEs with working capital loans ranging from 100,000 Naira to 10 million Naira. Since its inception, Lendigo has disbursed over 6 billion Naira in loans to more than 2,000 SMEs. 

Lendigo offers a variety of business loan options to cater to the different business types,  including: 

  • Distributors
  • E-Commerce Merchants
  • Merchants with POS
  • Auto Finance Dealers
  • Retail and professional services 

Lendigo’s loan requirements depend on your type of business. However, you can expect: 

  • Short-term loans with a maximum repayment period of 6-12 months 
  • Flexible terms, with most loans requiring no collateral 
  • Monthly interest fees starting from 2.0%
  • Processing fees starting from 0.5% 

To apply for a Lendigo loan:

  • Download the Lendigo app or visit the Lendigo website.
  • Request for a loan by providing your contact details 
  • Wait for Lendigo to contact you within 24 hours to discuss the  requirements and documents you would need to apply for a loan 
  • Wait for your eligibility to be assessed. This process usually takes 48 – 72 hours.

Alat SME Loan  

Alat by Wema is a convenient digital bank that lets you manage your finances from anywhere, using just your mobile phone. You can use it to send and receive money, request loans for your business, and take care of bills.

To qualify for an ALAT SME Loan, your business must: 

  • Have an active ALAT or Wema account for business transactions 
  • Be registered with the Corporate Affairs Commission (CAC)

ALAT SME Loans are open to both new and existing Alat customers. If your business meets the eligibility criteria, you can apply for an ALAT SME Loan through these simple steps:.

  • Download the Alat app from the Playstore and Appstore and log in to your account
  • Click on Loans
  • Select SME Loan
  • Fill in the necessary details about your SME.
  • Fill out the required information about your business, including your business name, CAC registration number, and financial details.

Once you’ve completed the application, Alat will review your request and notify you of their decision. If approved, you’ll receive your loan funds directly into your Alat or WEMA business account.


From expanding your business to covering unexpected expenses, there are lots of reasons your business may need extra cash. 

With SME business loan providers like Oze, you can get quick, affordable, and stress-free access to the credit your business needs to thrive.

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