The rise of fintech in Nigeria over the past few years has unlocked a new means of lending for many small businesses in Nigeria. It has given SMEs more lending options that are quicker and more convenient to relate to traditional lending institutions. One additional benefit of accessing business loans through these online lending platforms is that they don’t require businesses to provide collateral before they can offer them finance. And yet they provide loans at competitive rates with traditional financing institutions. No wonder they are a popular choice these days.

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Let’s explore some of the top 5 digital lending platforms for small businesses in Nigeria.

  1. RenMoney– RenMoney is one of the leading online lending platforms in Nigeria. Small businesses can access up to N4 million in loans at an interest rate of 2.8% per month. You can access a RenMoney loan for your business within 24 hours without providing collateral or guarantor. To access this loan simply click
  2. Lydia– Lidya like RenMoney is a digital platform that provides loans exclusively to businesses. Small and medium-sized businesses can access unsecured loans between N150,000 and N5 million through the Lydia platform. To access an SME loan through the Lydia platform click
  1. Carbon– Carbon formerly called Paylater is an online lending platform that offers access to finance for small businesses in Nigeria. Carbon provides easy access to loans for small businesses in Nigeria to help cover unexpected expenses or urgent cash needs without any collateral. SMEs can access up to N20 million in loans through Carbon within 48 hours at an interest rate ranging between 5 – 15%. To access Carbon loans for your SME click
  2. Branch– Branch provides access to short term loans for small and micro-businesses. SMEs can access up to N200,000 at a monthly interest rate from 15% – 34% without collateral. To access Branch loan simply click
  3. Grofin– Grofin provides small and medium Enterprises in Education, Healthcare, Agri-Processing, Manufacturing, or Key Services (Energy/ Waste / Water / Recycling) with medium-term loans to finance their projects. Unlike the other platforms we’ve listed to access Grofin loans SMEs are required to partly secure the loan. Plus personal guarantees of the entrepreneur(s) are required. However, businesses can access loans between US$100,000 and US$1.5 million for a duration of 3-8 years with an interest rate of up to 15% per annum. To access Grofin loan click

If you need guidance and advice in finding the purpose of your business, visit the SMELAB.