Nigeria’s credit sector has, in the space of just a few years, moved from a niche fintech offering to a mainstream financial tool used by millions.

A major driver of this surge is mostly limited access to traditional bank loans, and the speed at which digital platforms can deliver cash when it is needed most.

By mid-2025, the market will have expanded sharply, with approved digital lenders rising to about 425 as of May 2025, up from 320 a year earlier.

According to a 2024 report based on a five-year historical analysis, Nigeria’s online loan & credit platforms market is valued at approximately $600 million.

According to the report, recent market estimates indicate that Nigerian digital lending apps issued about 145 million loans worth over $2 billion in a recent year, reflecting the sector’s scale and consumer appetite for digital credit solutions

However, the speed and accessibility of digital loans have also created a crowded and uneven market, where hundreds of platforms compete with different pricing models, especially around one key factor that directly affects borrowers: interest rates.

Based on the list of approved digital lending platforms by the Federal Competition and Consumer Protection Commission (FCCPC), this article ranks apps that offer monthly interest rates below 3%.

Here are 10 loan apps with the lowest interest rates in Q1 2026

10. Renmoney – 2.12% to 2.65% monthly interest rate

9. Nmoney – 2.4% monthly interest rate

8. Singacash – 2.4% monthly interest rate

7. Ease Cash – 2.1% monthly interest rate

6. Letshego – from 2% monthly interest rate

5. Futurecash –1.5% to 2.7% monthly interest rate

4. Flash Loan – 1.8% to 2.7% monthly interest rate

3. Airmoni – 1.5% monthly interest rate

2. True Loan –1.2%–2.7% daily interest rate

1. NiNiMoney – 0.3% monthly interest rate

The Economic and Financial Crimes Commission (EFCC) has apprehended Tunde Ayeni, the former Chairman of the defunct Skyebank Plc, as part of an investigation into alleged financial misconduct involving approximately N36,540,058,400.00 and $30 million.

Ayeni is currently being held for questioning regarding allegations of money laundering, misappropriation, and diversion of these substantial sums.

Reports indicate that the investigation has expanded to include the activities of twelve companies associated with Ayeni.

These companies are under scrutiny due to their alleged involvement in obtaining loans from Polaris Bank Plc, which were initially earmarked for specific investment projects but were instead redirected to other accounts.

According to sources, the loans were intended for purposes such as funding marine security operations, handling electricity distribution contracts, and developing real estate. However, it was revealed that the funds were ultimately funneled into the acquisition of assets from NITEL/MTEL through a NATCOM account.

The EFCC has indicated that the investigation will examine the various entities involved in this matter, as they were allegedly utilized by Ayeni to secure loans under false pretenses.

The loans in question, described as depositors’ funds, were reportedly misused for unrelated and questionable activities.

Upon the conclusion of the investigation, Ayeni is expected to face arraignment.

Dele Oyewale, the Head of Media and Publicity for the EFCC, has confirmed Ayeni’s arrest but has not provided additional details regarding the ongoing investigation.

President Bola Ahmed Tinubu has sought the Senate’s approval for a $516.3 million loan to fund part of the Sokoto-Badagry Superhighway project.

Naija News reports that the request was conveyed in a letter addressed to Senate President Godswill Akpabio and read during Thursday’s plenary.

The President said the project is a 1,000-kilometre flagship highway designed to link Nigeria’s North-West to the South-West.

According to the proposal, the highway will run from Illela in Sokoto State through Kebbi, Niger, Kwara, Oyo, and Ogun, terminating in Badagry, Lagos State.

The loan will specifically fund Sections 1, Phase 1a and 1b, covering 120 kilometres of the total corridor.

Tinubu explained that the funding arrangement involves a syndicated loan from Deutsche Bank AG, backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.

He added that the Federal Government would provide counterpart funding of over ₦265.5 billion for land acquisition, compensation, and related infrastructure.

The proposed loan has a tenure of nine years, including a grace period of up to three years, with an interest rate pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent annually.

The President noted that the Federal Executive Council had already approved the arrangement and requested its inclusion in the national borrowing plan.

Tinubu said the project would enhance connectivity, improve safety, and reduce logistics costs.

He added that it would boost trade, food security, and national cohesion by linking production zones to markets and ports, while also providing for future rail and utility corridors.

Akpabio referred the request to the Senate Committee on Foreign and Local Debts, directing it to report back within one week.

Speaking on the development, Senator Mohammed Adamu Aliero described the project as long overdue.

He said, “This project has been on the ground for the last 55 years. I have inspected the project, and I have seen the progress made. I am highly impressed.”

Aliero noted that construction includes both concrete and asphalt roads with solar streetlights.

He added that travel time from Sokoto to Lagos could drop significantly upon completion.

“It will reduce a 13-hour journey to approximately six hours,” he said.