Top Loan Apps in Africa

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One of the challenges facing small businesses in Africa is funding. As a small business owner, at one point or the other you will need some funding to start or expand your business. Getting loans from the banking sector sometimes prove to be very tedious; but with the rise of loans company with innovative loans app, business can access loans with just few clicks on their phone without the mundane traditional  bureaucratic processes of making paperwork and providing collateral.

In this article, the top loan apps in Africa for small businesses are listed in no particular order.

Top Loan Apps in Africa

  1. Fast Money Loan App

Just as the name implies, the fast money loan app was designed to provide creditworthy customers with fast loans up to the tune of 300 000 Naira  with low interests and no collateral. It also supports a long term payment period making it flexible enough for customers.

  1. Alat Loan App

The Alat loan app has been praised for being the first Nigerian fully digital bank that is designed to give the user more functions for their money. Part of these functions include- transferring, automated savings and making automatic bill payments.

Furthermore, the Alat app enables the user to create a free virtual dollar card for online payments. It also enables you to swap between currencies like Naira to dollar.

  1. Tala loan App

Tala loan app is regarded as one of the best loan app in Kenya. Formally known as Mkopo Rahisi but rebranded to Tala. Tala is an instant loan app that has gained the trust of Kenyans. They give up to KES 30 000 and provide room to build your credit score to the point of receiving the highest amount of loan offered. They pride themselves in speed. Loans are disbursed in 5 minutes or less via M-Pesa.

Tala loan app is the most downloaded loan app on google store as it has over 5 million downloads.

  1. Specta Loan App

Specta loan app is a lending platform that gives loans up to the tune of 5 million Naira. This amount depends on the credit worthiness of the customer. A quick research reveals that the interest ranges between  25.5% to 28.5% which is based on risk assessment.

  1. Branch loan App

The Branch loan app is available in Kenya, Tanzania and Nigeria. It gives users up to KES 70,000.

Steps to get started

  • Download  the app on Google play store
  • Sign up via Facebook and wait for an algorithmic technology that automatically tells if you are qualified.
  • If you are approved, you will receive it directly to your bank account through M-Pesa
  1. Timiza loan

This loan app brings a twist. Unlike other loan apps, the Timiza loan app serves as a bank account as it is the brain child of Absa group, formerly known as Barclays Bank Kenya. Instead of limiting services to only its bank customers, it spreads operations to every interested Kenyan citizen whether you run an account with their bank or not.

How to access a loan from Timiza App

  • Download and Install the Timiza app from the Google Play store
  • Fill in your registered M-Pesa number.
  • Activate your application by using the pin shared with you
  • You can then apply for a loan from Timiza

Timiza loans have a repayment period of 30 days, and one can borrow up to KES 150,000

  1. Okash loan

This is an initiative of the Opera software system. It first experimented this idea by empowering 100 000 Kenyans. It is one of Kenyans most popular loan apps.

  1. Zenka Loan

This loan app is popular and majority prefer it because of its transparency. Also, the first loan it offers has no interest attached. It offers a minimum of KES 500 and a maximum of KES 20,000. After the first free loan, the Zenka loan charges 11% fee if you pay before the ultimatum.

How to Access Zenka Loan App

  • Download the app from google play store or the Zenka website
  • Register your account and fill in the application form with the amount you want to borrow.

Once your application is submitted, it will be reviewed and if successful, your loan will be sent to M-Pesa

You can always withdraw your loan from an M-Pesa agent close to you.

And remember to always repay your loan fast so as to be eligible for higher amounts.

  1. Aella Credit loan app

This loan app was introduced in Ghana for the sake of employees. No need for guarantors or collateral. It is fast and comes with affordable charges.

You can apply for Aella Credit loan by:

  • Download Aella Credit app from Google Play store or IOS app store.
  • Create your account with your details.
  • Update your profile by providing quick answers to questions about you.
  • Click the eligibility button to know the loan amount you are eligible to borrow.

They disburse loan to your account in five minutes or fewer.

  1. FairMoney Loan app

The FairMoney loan app is known for its creditworthiness as seen from the positive reviews on play store. They offer Ghanaians quick loans to cater for health emergencies, rents and other personal needs.

How to apply for a FairMoney loan

  • Download the FairMoney app on google playstore
  • Sign up with a phone number linked to your BVN.
  • Answer a few questions and authenticate your identity before receiving a loan offer.

Once you accept, you will get your loan instantly in your preferred bank account.

  1. Kia Kia loan app

Known for its speed at delivering cash for emergency needs. Kia Kia gives you access to personal and small business loans, and also enables you safely lend out funds at unbeatable interest rates.

  1. Carbon

Formerly Paylater, Carbon is a loan app with a review of 4.4 in Google play store.  You can get a loan of up to 1 million naira or more, you can also save and earn interest from Carbon.

How to get Carbon Loan

  • Download Carbon mobile app from Google play store.
  • Install and launch the app.
  • Create an account using your correct details.
  • Fill the loan form on the app.
  • Submit the form and wait for review.

Once your application is approved, they will send your money into your bank account.


Zedvance is a fintech company dedicated to providing consumer credit to individuals particularly salary earners. They provide loans up to the tune of 3 million Naira. You can visit their website to see if you are eligible.

  1. Quick Check

Quick check is a platform that helps individuals and small business start ups in Nigeria. Just as its name implies, it is fast and it uses mobile technology to disburse funds up to the tune of 30 000 Naira to eligible applicants without collateral and for the period of 15-30 days. You can visit their website to find out more about their terms and services.

  1. Lydia

Lydia is a platform that offers loans to small and medium sized enterprises. They offer between $500 to $15,000 to borrowers. According to them, they measure and assess risks with an algorithmic technology which enables them to know if the borrower is loan worthy or not. You can check their website for more information.

  1. Grofin

This credit company is one worthy to mention because of the amount they have in store for their customers. The Grofin company boasts of lending sums running to the tune of between  $100, 000 and $1.5 million. They offer Africans and those in the middle east region loans. To find out if you are worthy of their offer, you can find out more information on their website at

  1. Palm Credit

Palm credit is a loan app in Nigeria owned by Newedge Finance limited. They provide loans to credit worthy customers without collateral. It exploits its intertwined relationship between banks and telecom companies to provide loans to her customers without the bureaucratic traditional System of loan application such as making mundane paperwork.

Their interest rate is between 14% to 24%, Equivalent Monthly interest (EMI) 4% ~4.7%, the Annual Percentage Rate (APR) on a Palm credit loan is 48%~56%. The loan term is between 14 days to 180 days.

  1. Migo loan App

Migo, formally known as Kwik money was designed for instant loan, personal loan & business loans with no documentations and collateral. Its loan service is accessible to all Nigerians. For more information, visit

Final thoughts

Please remember to read all the terms and conditions of the loan app of your choice in order to avoid discomfiture  as most loan app companies take to embarrassing defaulters based on the information retrieved from telecom companies. They are known to text and make calls to your contacts informing them of your debts.

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