20 Best SME Loans In Nigeria For Your Business In 2023

Looking for the best SME loans in Nigeria for your business? This article provides you with where you can get SME loans to finance your business.


A business loan can be the best alternative when other means of raising funds for your business have been exhausted.

When all other means of raising funds for your business have been exhausted, consider getting a loan for your business.

Many small business owners in Nigeria, especially those approaching Banks for financing, find the lending process to be frustrating and complicated, because loans in Nigeria can be difficult.


There are few lending platforms in Nigeria’s FINTECH industry offering quick loans for small businesses, despite the rise of many players in the sector.

In this post, we have listed the top 20 SME Loans in Nigeria to help you get a business loan quickly.

RELATED: 10 SME Loans Without Collateral In Nigeria 2022

20 SME Loans In Nigeria For Your Business In 2023

1. Lidya


Lidya is an online platform that provides businesses access to finance.

The platform offers small and medium-sized businesses unsecured loans of between $500 and $15,000.

According to the founders, “Lidya uses technology and algorithms to assess the risk before granting the loans, it allows them to offer financial products to these customers at a low cost.”

Loans in Nigeria
Small business loan application form on desk.

2. KiaKia

KiaKia is a digital money lender for Nigerian businesses. KiaKia utilises psychometry, big-data, machine learning and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.

The name KiaKia was derived from a Nigerian language which means “Fast Fast”.

According to them, the solution is very simple and fast, but highly effective and efficient.

Check out Best Apps For P2p Loans In Nigeria – Peer-to-Peer Lending

3. GroFin

GroFin provides Small and Medium Enterprise (SME) finance/business loans across Africa & the Middle East.

If you have investible numbers and you looking to expand your business, then GroFin is your best short.

With GroFin, businesses can access business loans between US$100,000 and US$1.5 million.

If you think your business ticks the required checklist, then you can submit your online application.

4. OneFi

Formerly known as One Credit, OneFi is a credit facility company that offers short-term consumer loans to credit-worthy individuals with limited access to finance.

One-Fi loan repayment cycle is typically between 3 – 12 months, with loan amounts ranging from N40,000 – N2 million.

5. C24

C24 Limited is a microfinance institution that was established with the sole mission to create an avenue for people to actualize opportunities around them, by helping them access cash loans when they need it.

C24 understands the need for quick cash loans and the necessity of quicker loan processing time. Their online loan process has been optimised to help applicants avoid the stress associated with other loan companies.

6. Carbon

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 loan 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.

7. Aella Credit

Aella Credit is building platforms that make it easier for individuals in Africa to gain access to financing.

Mainly focused on employee lending and empowerment, the company has affiliated with three main credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.

Aella Credit uses a proprietary credit scoring algorithm to determine the credit worthiness of its users.

The algorithm, which was built after the team gathered over five years of market data and analysis, processes an applicant’s eligibility for a loan by considering social and demographic factors as well as their debt to income ratio.

8. Zedvance

Zedvance is a consumer finance company committed to providing consumer credit to individuals. You can borrow up to 3 Million Naira in less than 24 hours.

The company specifically provide loans to salary earners but if you are a salary with a side business, you can pick up the deal to finance your business use.


Last on the list is SMEDAN, a government-backed initiative to offers quick and easy business loans to Nigerian SME’s businesses in need of financing.

The core mission of the organisation is to promote entrepreneurship among Nigerians and also provide capital to start the business.

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

11. Renmoney

Renmoney is one of the loan companies in Nigeria that provides micro-business loans up to N4 million.

To get a Renmoney SME loan, your business must have a good income statement history and can boast of regular monthly earnings for repayments.

The minimum loan amount is N100,000 while the interest rate is 2.8% per month.

For capital-intensive businesses like in the case of a real estate company in Nigeria, the platform also makes their process of getting access to funds quick and easy.

12. Fairmoney

FairMoney is a licensed loan platform that offers quick loans to cater for needs like bill payments.

It requires your Bank Verification Number and your debit card to obtain a loan (from ₦2,500 to ₦150,000).

Loan interests on FairMoney start at 5% and can grow up to 28% depending on how much you are borrowing.

Also, it runs a loan term duration of 4 – 26 weeks.

If you pay back your loan before the due date on FairMoney, you’d repay at a reduced interest rate.

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13. Migo, formerly Kwikmoney

Formed out of a partnership between companies, banks, and other technology companies,

Migo loan is a platform where you can get a quick loan in Nigeria.

With your Bank Verification Number (BVN) and your account number, you can access up to N500,000 instant collateral-free loans.

You can access Migo’s lending services their web interface, or the loan app. If you don’t own an internet-enabled device, you can use the Migo USSD code.

14. Social Lender

Social Lender is a lending solution based on social reputation on mobile, online, and social media.

It bridges the gap of immediate fund access for people with limited access to formal credit.

With its own proprietary algorithm to perform a social audit of the user on social media, online and other related platforms, Social Lender gives social reputation score to each user.

15. Fint

Fint Loan grants you access to affordable loans.

This is one of the loan companies in Nigeria that gives you the opportunity to borrow at as low as 2% monthly for your rent, medical bills utilities, school fees for yourself and your co-workers once you register your company on the FINT employment model.

16. FastCredit

FastCredit offers business loans to micro, small and medium enterprises to support business growth.

The loans are backed by guarantors and are for a maximum tenor of 6 months for business owners that meet the criteria.

Aside from business loans, they also offer simple and fast ‘all-purpose’ cash loans to employees of corporates such as the banks, TELCOs, Insurance/other financial institutions, FMCGs, Pharmaceuticals, Aviation, Oil and Gas employees etc to enable them urgently meet their consumer needs.

17. PettyCash

Pettycash provides customers access to instant online loan in Nigeria anytime and anywhere in Nigeria.

This company offers a fully digital experience by providing instant online loan in Nigeria to salary earners.

Either through their employer or individually. Their loan products include Federal staff loan, personal loan, pettycash+, bankers loan, NYSC loan and market women loan.

Check out 20 Best Loan Apps In Nigeria With Low Interest Rate 2022

18. Palm Credit

One of the best loan platforms available for Nigerians, we have the palm credit loan app. This app appears to be very easy-to-use app that provides users with quick loan within the range of #2,000 to #100, 000.

However, the loan platform has been made limited to individuals of 18 years and above.

With these few steps below, you stand a chance of getting a loan from the app.

Head over to your iOS store, search for the palm credit app, download, and install.

Launch the app and you have the option of signing in or registering with your phone number or Facebook account.

Proceed to fill in your correct details and you will be done within minutes, then you can now apply for the loan.

19. ALAT by WEMA

On the list of the best SME Loans In Nigeria For Your Business, we have ALAT.

Here we have a financial institute-based loan platform that offers you quick services such as goal-based loans and device-lending offers which grant you access to receive loans towards getting a preferred gadget or hitting a specific goal.

All you need to do is open an account with them via and you will be good to go.

20. Credit Ville

Credit Ville happens to be an online loan platform that has to do with consumer’s payroll eligibility through their individual employers of which any amount borrowed is later deducted from the individual salary.

Loans in Nigeria

This platform provides emergency loans into your account as fast as possible after certain requirements have been met.

ALSO READ: How To Make Money Online In Nigeria As A Student


It is advisable to carefully review the Terms & Conditions (T&C) along with their offers before applying on any of these platforms that claim quick loans without any collateral.

It is also important to consider the interest rate and payback period.

As a business, you will not want to take out a loan with a very short payback period unless you are almost certain you will repay the money quickly.


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