List of CBN approved  payday loan apps in Nigeria

The central Bank of Nigeria CBN has stepped up to mitigate the activities of loan sharks in Nigeria by granting license to some commercial banks to provide payday loan services in the country.

Payday loans are short-term loans given to customers to meet emergency needs until their next salary arrives. It is a financial service usually given to salary earners or people with sources of income. Payday loans are not meant for businesses as they are usually high risk and carry higher interest rates and shorter tenure.

But in recent times, most Nigerians have taken to borrowing from unlicensed and unregulated online loan apps. Some have even borrowed from these loan sharks at exorbitant interest rates to fund their businesses.

To this end, the CBN has licenced some commercial banks to provide regulated payday loan services to Nigerians.

Although most of the banks require applicants to have their salary accounts domiciled with them and some other requirements, they are much safer with no threats of blackmail associated with other online loan apps out there.

Here are some of the payday loan offers licenced in Nigeria:

GTBank’s Quick Credit

Guaranty Trust Bank Plc gives the lowest monthly interest rate of 1.5%. There are no hidden fees associated with this financing. In other words, there are no expenses associated with this loan in terms of management, legal, or insurance. Another reason why working-class Nigerians prefer GTBank loans is that they do not require collateral. 

Also, GTBank’s rapid loan assures both salaried and self-employed clients up to N500,000 to N5 million at a monthly interest rate of 1.5%. Salaried customers can borrow anywhere between N10,000 and N5 million, while self-employed customers can borrow anywhere between N10,000 and N500,000. Customers in both groups can return their loans in 6 to 12 months. There are no hidden fees here. 

UBA payday loans

United Bank for Africa Plc announced Click Credit in February 2020, a time loan aimed at helping UBA customers fulfill their immediate financial demands. Customers who qualify for this convenient lending facility can borrow up to N5 million. According to information on the bank’s website, the loan can be repaid in 12 months at a monthly interest rate of 2.5%. There are no hidden fees associated with this financing. 

It is quite simple to apply for this loan. There is no need for any papers. You can use the bank’s USSD code or its internet banking services to apply.

Zenith Bank’s Term Loan

Only salary-earning professionals with accounts at the tier-1 bank are eligible for a Zenith Bank Plc loan. These consumers can borrow up to 60% of their monthly salaries, but at a monthly interest rate of 2.16%. Borrowers must also pay a one-percentage-point management charge.

The requirements include: account opening form, one passport photograph of authorized signatory, Letter of introduction from your employer on the company’s letterhead and a Staff identity card. 

Access Bank’s Payday Loan

For payday loans, Access Bank Plc charges a 4% interest rate, a 1% administration fee (flat), and a 0.15% credit life insurance fee (flat). Salary earners with Access Bank accounts can get up to 75% of their wages, or other amounts that Access Bank may allow. 

The payday loan from Access Bank has a 30-day term. Customers can use the bank’s electronic banking channels to apply, including their USSD code. The borrower agrees to waive 3-days cooling off period to enable disbursement.


  • Receipt of monthly salary (via payroll administration). At least 1-month salary must be received in the Borrower’s account in the Bank.
  • Completion of application via the bank’s electronic banking platforms including, but not limited to, the USSD string 90111#, ATM, mobile banking app, internet banking and QuickBucks app.
  • Automated confirmation on eligibility and visibility of last month’s payroll through a separate preapproved customer database.
  • Acceptance of offer via its electronic banking platforms including, but not limited to, 90111#, ATM, mobile banking app, internet banking and QuickBucks app.
  • Acceptance of the Terms and Conditions.
  • Irrevocable salary domiciliation to the Bank.

FCMB’s Fast Cash

For customers of First City Monument Bank Ltd, rapid loans of N100,000 and N200,000 are available. The loans can be accessible instantaneously via USSD code, according to information on the bank’s website, and no collateral is necessary. There’s an interest rate of 8% monthly, plus a management fee of 1 percent which would be paid upfront as soon as the loan is being disbursed.


  • Instant access to funds
  • Up to N200,000 loan amount
  • No paperwork required, just apply through the mobile app or 32911#
  • No collateral needed
  • Interest rate for salaried is 8% while non-salaried is 15% upfront charge
  • 30 days tenors for new customers
  • Up to 90 days clean up cycle for returning customers
  • Customer can apply as many times in a year as s/he is qualified.

First Bank  payday loans

With First Bank’s Personal Loan Against Salary Service, you can pay back your loan over a period of up to 36 months, subject to a retirement age of 60 years and a flexible repayment plan. You are not required to provide a guarantor, and the processing time is fast. Minimum documentation is required, but no equity contribution is required. However, during the duration of the flexible repayment structure, your salary account must be domiciled with FirstBank.

To apply for the Personal Loan Against Salary, you will need the following documents:

  • Application letter
  • Personal Loan Application form
  •  Payslip
  • Statement of accounts.
  • Applicant’s letter of total emolument.
  • Confirmation of applicant’s employer on FBN approved list.
  • Letter of irrevocable domiciliation of salary for the duration of the facility.
  • Complete the form and submit at the nearest FirstBank branch. 

Carbon Loan App

Carbon is a CBN registered microfinance bank with registration number RC 1642222. The bank has been around for almost 10 years now and gives unsecured loans of upto #1,000,000 with a minimum tenor of 1 month. The digital bank also offers free access to credit reports.


  • Apply from the app 24/7, get funded in minutes
  • Access up-to ₦1,000,000
  • No collateral. No guarantors. No paperwork
  • Get cashback on interest paid once you repay on time

Advantages of taking loans from licenced and regulated loan apps

Taking loans from regulated payday loan offers may seem like too much work given the availability of online loan apps that don’t ask much questions. But the advantages of these apps is unparalleled.

  1. Peace of mind: loan sharks rely on fear to recover the loans they give out. Should you default on your loan, most of them will send derogatory messages to your contacts and family. But with licensed loan apps, you get the peace of mind that something like that won’t happen even if you default.
  2. Build better credit score: every time you take and repay a loan, the transaction is recorded in your credit score which can give you higher loan amount in the future if you have good credit score. Regulated loan apps keep a credit report unlike unregulated ones who don’t.
  3. Better interest rate: the interest rates you pay on regulated loans is much lower compared to what other loan sharks will charge you. You also get a longer repayment period starting from 30 days compared to the 7 days you get on most loan sharks.


A writer! Columnist and an academic researcher


    1. Please can FCMB access my other bank accounts to get thy outstanding loan or block my BVN?

      1. No, they cannot take money from your bank accounts, they only thing they can do is to report your BVN to credit bureaus to stop you from getting further loans from other lenders.

  1. Collected loan from fast credit loan last year still the never stopped removing my money

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