10 Best SME Loans Without Collateral In Nigeria 2023

A nation’s economy, in particular the economy of developing countries, cannot be constructed without Small and Medium Scale Businesses, aka SMEs.


They also play an important role in employment growth, economic development, and export growth.

In Nigeria, SMEs contribute 48% of the nation’s gross domestic product, make up 96% of businesses, and provide employment for 84% of the workforce.

There are many SMEs in Nigeria that cannot survive without loans, and they cannot afford to put up collateral to obtain loans from traditional banks.


Hence, it is vital that this best SME loans without collateral in Nigeria are available to these important business segments.

However, there are also opportunities in the business environment that small businesses can explore to turn the tide despite the currency devaluation and fluctuation in Nigeria, which has resulted in insufficient capital for most SMEs.

In this guide, we listed the best SME Loans without collateral in Nigeria in 2022.


RELATED: 20 Best Small Business Loans In Nigeria

Best SME Loans Without Collateral in Nigeria 2022

1. Lidya SME Loan

Lidya is a USA holding financial institution that provides instant SMEs loans without collateral in Nigeria and to some other frontier and emerging markets.

The company is spread across 3 continents and 5 countries which are USA, Portugal, Nigeria, Poland and Czech Republic. Lidya says it can grant instant credit between N50,000 to N30m to small businesses in 24 hours.

Lidya SMEs loan give you the opportunity to expand your business and generate more income.

Lidya provides financing based on the cashflow in your bank account and without collateral. You can access this quick online instant loan by simply signing up for growing your business to the next level.

With Lidya instant online loan, you don’t need to wait for your invoices to get paid in order to pay your expenses or grow your business.

The online loan platform provides the option to turn every invoice into a revenue opportunity.

Lidya says it has registered over 269,836 businesses, granted at least 44,245 quick loans. It also has 90 strategic corporate partners and has presence in 3countries.

Learn more on Lidya website.

SME Loans

2. Stanbic SME Loan

Stanbic SME Loans is a tailored made lending facility that is available to small businesses in Nigeria for expanding their productive capacity and meeting working capital in order to achieve business goals.

The bank says the SME loan scheme takes 24-Hour process for eligible customers.

In this article, we examine how small and medium scale businesses, (SMEs) can access the Stanbic IBTC SME loan and have opportunity to not just expand their productive capacities but increase their working capital.

About Stanbic IBTC Bank

Stanbic IBTC Bank is a member of the Standard Bank Group, an authorized financial services and registered credit provider in Nigeria.

If you need an SME loan without collateral and zero stress, then the Stanbic IBTC SME Loan is one of your best options.

The bank says with the loan scheme, “you will never lose a deal, and you can get from N50,000 and above to meet financing needs.” However you may need to operate a Stanbic IBTC account to qualify.

Stanbic IBTC Bank adds that they are “committed to the continuous support and development of SMEs through targeted initiatives and products.”

It further advises SMEs in Nigeria to take advantage of the loan to expand their operations and grow their businesses.

Stanbic SME Loan Application Process

The application procedures for getting the Stanbic IBTC SME loan is not complicated at all. All you need to do is to start by completing a simple application form online.

3. Lendigo SMEs Loan

Do you provide Retail and Professional services? Are you a trader of merchandise such as Electronics, Computing, Phones, Fashion and Apparel, Household Goods among others?

If you are in these categories and in need of SMEs Loans without collateral in Nigeria to increase your productive capacity and sustain your working capital, then Lendigo may be able to help you out.

This is because Lendigo offers business loans from N300,000 – N10,000,000 without collateral.

Lendigo is a financial technology firm with a vision to become Nigeria’s leading financial institution dedicated to small businesses (SMES Loans) through technology and innovative practices. The company prides itself as being Nigeria’s No 1 SME Loan Provider.

Lendigo claims to provide easy, fast, flexible and reliable access to working capital to Nigerian SMEs according to their individual requirements and suited to their business and finance needs.

You can easily apply for a business loan on the Lendigo App at a very low interest rate, and get it credited straight into your account, even if your business is not yet registered.

To access their loan offers, you have to first register on their platform and then fill their form,

4. Zedvance SME Loan

Zedvance Finance Limited is a consumer finance company committed to providing consumer credit in the most efficient and convenient manner while ensuring best practices.

It offers loan packages that cater to all your financial needs regardless of what they may be.

The company claims an eligible individual or small business can get up to N5million quick loan in 5 hours.

According to Zedvance, :”if you have a full-time job and wish to start a side business, with Zedvance you can borrow up to N5 million and repay it over a period of 18 months. No hidden charges.”

With Zedvance Instant Loan, you have the choice to a flexible mode of payment almost at the point of need. Depending on who you bank with, you could have the funds in your account within the hour.

Individuals and small business owners can give them a try. Once you are eligible and qualify, you may receive instant cash disbursement after your loan is approved.

5. GroFin SME Loan

GroFin is a specialist, impact-driven small and medium scale businesses SMEs loans without collateral in Nigeria financier.

The organization helps entrepreneurs succeed by providing them with small business loans and business support to grow their businesses.

GroFin believes that a growing SME sector which creates sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.

Headquartered in Mauritius, GroFin offers financing and support to SMEs in 14 countries in Africa and the Middle East.

It’s supported by 34 international finance institutions, development organisations, and private funders who have committed nearly $540 million in capital to the funds.

Since its inception in 2004, GroFin has invested in 761 SMEs and sustained nearly 84,500 jobs.

SME Loans
Worried new business owner calculating finances, small business owner struggling with finances concept

GroFin support entrepreneurs and their small buisnesses with instant loan to help them thrive.

It focuses on small businesses operating in education, healthcare, agri-processing, manufacturing and key services (water, energy and sanitation). GroFin believes that SMEs need more than finance to succeed.

And that growing small businesses to create sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.

6. CBN SME Loan For Graduates, Undergraduates

The Central Bank of Nigeria (CBN) as part of its policy measures to address rising youth unemployment and underemployment unveiled business loans for graduates and undergraduates of Nigerian polytechnics and universities at a single digit interest rate of 5%.

The business loans which comprises N5million for individual projects and N20million for partnership and company’s projects are designated the Tertiary Institutions Entrepreneurship Scheme (TIES), and executed in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.

According to a report by CBN titled: “Guidelines for the Implementation of Tertiary Institutions Entrepreneurship Scheme’, (TIES), it says the broad objective of the Scheme is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.

7. CBN Anchor Borrowers Programme

The Central Bank of Nigeria (CBN) in line with its developmental function established the Anchor Borrowers Programme (ABP).

The Programme which was launched by President Muhammadu Buhari (GCFR) on November 17, 2015 is intended to create a linkage between anchor companies involved in the processing and small holder farmers (SHFs) of the required key agricultural commodities.

The programme thrust of the ABP is provision of farm inputs in kind and cash (for farm labour) to small holder farmers to boost production of these commodities, stabilize inputs supply to agro processors and address the country’s negative balance of payments on food.

At harvest, the SHF supplies his/her produce to the Agro-processor (Anchor) who pays the cash equivalent to the farmer’s account.

The broad objective of the ABP is to create economic linkage between smallholder farmers and reputable large-scale processors with a view to increasing agricultural output and significantly improving capacity utilization of processors.

Targeted Beneficiaries of the CBN Anchor Borrowers Programme
The loan shall be targeted at smallholder farmers engaged in the production of identified commodities across the country.

The Farmers should be in groups/cooperative(s) of between 5 and 20 for ease of administration.

8. Sterling Specta

Specta is an online lending platform that claims to give loans of up to 5 Million in one transaction all within 5 minutes!

According to the organization, you don’t need any collateral, no paperwork, no guarantors and no visit to any office.

Digital lending from Specta are available to take care of urgent personal and business needs.

Specta claims that once application is complete, scoring is instant, and disbursement can be done in less than 5 Minutes.

Specta is opened to everyone irrespective of occupation and bank.

9. Smart Business Loan (SBL)

Smart Business Loan (SBL) is a product of Standard Chartered Bank and it provides you access to credit of up to N20million for your SMEs loans without collateral in Nigeria.

10. Wema Bank ALAT for Business Quick Loan

Wema Bank’s digital platform, Quick Loan is set up to assist entrepreneurs, startups and SMEs customers fund their businesses.

The digital lending product hosted on ALAT for Business, its corporate internet banking platform, will help small and medium-scale enterprises (SMEs) and corporate customers access quick loans between the range of N100,000 and N10 million.

Quick Loan, the bank claims, will be accessed virtually from any location without the need to locate a physical branch.

And it will only be available for ALAT for Business customers. This implies that to access this SME Loan, you must be or ready to become a Wema Bank Customer.

SME Loans

The ALAT for Business Quick Loan is open to new and existing customers registered on the ALAT for Business platform and does not require cumbersome paperwork.

ALAT for Business is the internet banking platform designed to help corporate customers and entrepreneurs manage their business accounts optimally and stay on top of their finances from anywhere and anytime.

It’s a low-interest quick loan platform by the deposit money bank, for salary earners whether such person is an existing customer or not and has been in operation before this additional feature for businesses was launched.

RELATED: 20 Best Business Loans In Nigeria For You In 2022


It cannot be overemphasized how important loans are to a small business or individual. You will most probably need to take out loans at some point, unless you wish to keep your business small forever.

This has changed in the last few years since it’s now evident to all that small businesses play an important role in the economy. However, only big companies had access to loan facilities in Nigeria.

Reports made public by PwC in 2018 showed that SMEs (Small and Medium Enterprises) make up 96% of businesses in Nigeria and employ 84% of its workforce. SMEs also contribute 48% of Nigeria’s GDP (Gross Domestic Product).

There is no doubt that a small business’s growth has a positive impact on the country’s economy. And loans can help your business grow.

In a nutshell, SME Loans will definitely change your business.


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