Banking
Online Loans in Nigeria—from the Beginnings to the Present
In the past, borrowing money meant waiting in stuffy office branches where you might not get the needed money. Nowadays, the world is moving forward, and we have the opportunity to take advantage of today’s digital advances to get money instantly, wherever we are. Just type “Get a loan” in your browser search engine, and you will get dozens of results with companies that offer loans in just a few taps of your mobile phone screen.
Waiting in a bank vs. an instant loan
In the past, you had to make an appointment at a bank or wait in a long line to be called by a loan officer. In addition, you required collateral, official employment, and a large package of documents. Nowadays, you don’t even have to imagine such a tedious task because with the widespread use of the Internet. You can simply choose a lender through advertising, searching on the Internet, or through friends who have already used the services of online companies and can advise you.
Fintech in Nigeria
Fintech is a breakthrough of the 21st century. It has expanded the horizons of loan users by creating platforms such as CashX, Carbon, FairMoney, and Branch. Customers instantly caught the wave and preferred these companies because of their reliability and ease of access to funds.
For example, CashX offers online loan in Nigeria from ₦5000 to ₦300,000. In addition, the company guarantees fast processing of applications: only 15 minutes — no physical documents required — and the money is already in your bank account. Carbon is a preferred choice for those looking for savings and investment options. Older companies such as FairMoney and Branch also use a similar methodology.
Real-life examples of when online loans are the best option
For example, Adanna owns a beauty salon in Lagos. Business is hard, and people often don’t want to do serious business with her because there is still a perception that women are better off doing light work or housework. But no, Adanna is determined to move up the career ladder and make her hair salon one of the best in the city. She turned to CashX, got a loan for her supplies (dye, brushes, cosmetics, etc.) and had funds left over to promote her brand through social media targeting. She invested wisely and repaid the company’s debt on time, as she only required the money to pursue her brilliant ideas. Furthermore, she is a talented and hardworking person herself, so she knows how to invest money in a way that makes it work for her. She quickly gained a clientele through advertising and hired a few more assistants because she couldn’t handle the influx of customers. And now her business is booming. Adanna’s story is just one of many.
You can get money not only for business. Most of us have faced situations where things get tough, and we urgently need money. There are many situations when loans become lifelines and provide great opportunities.
Look for reliable companies
Here are four of the best companies currently operating in the Nigerian financial market, and we’ll briefly introduce each of them.
- CashX: a young company whose main goal is to satisfy the needs of consumers in a way that competitors cannot. Comfortable conditions, easy access, and fast money transfers.
- Carbon: a well-known and trusted company.
- FairMoney: perfect for small needs.
- Branch: a company with good support on all issues, often offering effective advice on their social media.
Why do Nigerians frequently apply for online loans?
They always know what to expect. No collateral is required, the application process is easy, and the user’s account contains comprehensive information on how much and when to return the money. Customers can take out a loan for any purpose: from buying a crib for a child to starting a business. The only advice that applies not only to fintech companies but also to cooperation with banks: always take only the amount that you can comfortably and timely repay. This is your area of responsibility.
On the future of online lending in Nigeria
Fintech is rapidly gaining momentum; therefore, more and more companies will appear every year. The competition will become even higher, and brands will fight for customers. This is beneficial for users, as they will be able to choose the best financial assistance and use the money on the most favorable terms. There will be personalized offers, additional discounts, new functionality, etc. And of course, all of this will be regulated by the Central Bank of Nigeria (CBN) for security and to ensure the best experience for Nigerians.
By Dipo Olowookere
About N130 million has been set aside by Stanbic IBTC Bank for 874 of its lucky customers in the Reward4Saving Promo season 4.
This year’s campaign, which was launched recently, has more cash prizes, providing customers even more chances to save and win big.
The promotion encourages Nigerians to develop a savings culture and reward their loyalty. Simply fund your new or existing savings or @ease wallet with a minimum of N10,000 for at least 30 days. The more multiples of N10,000 they save, the higher of their chances of winning.
To participate, eligible individuals must maintain a minimum balance of N10,000 in their Stanbic IBTC Bank Savings Accounts or @ease Wallet for at least 30 days to be automatically entered into the promotion.
Non-account holders are encouraged to open Stanbic IBTC Bank Savings Accounts and maintain a balance of N10,000 to participate. Winners will be selected through a transparent random draw process and receive exciting cash prizes ranging from N100,000 to N5 million.
To lend credence to the transparency of the winners’ selection process in the Reward4Saving Promo, the draws are usually supervised by representatives from National Lottery Regulatory Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON).
The promo has won The Most Transparent Consumer Promotion Award, two years in a row at the Industry Awards.
The financial services provider in Nigeria said it created this campaign to reinforce its commitment to fostering a strong savings culture among Nigerians.
“We are committed to empowering our customers to achieve their financial goals.
“The Reward4Saving Promo is our way of saying ‘thank you’ to our loyal customers and encouraging them to develop a savings culture,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has dismissed a widespread circular claiming the country has introduced two new large denominations— N5,000 and N10,000 notes.
The apex bank described the circular as “fake” in a statement via its official handle on X (formerly Twitter).
The alleged circular said the new notes were set for circulation from May 1.
Business Post gathered that the notes were generated with Artificial Intelligence (AI) showing the late Obafemi Awolowo, who is originally on the N100 note, on the N5,000 note and the late Nnamdi Azikiwe, originally on the N500 note, on the N10,000 version.
“The Central Bank of Nigeria (CBN) has officially announced the introduction of two new denominations – N5,000 and N10,000 banknotes; as part of ongoing efforts to streamline cash transactions and improve liquidity management,” the viral circular widely shared online and falsely attributed to the CBN, stated.
The document further alleged that one Deputy CBN Governor, Mr Ibrahim Tahir Jr, justified the move as a way to reduce cash-handling costs while offering Nigerians more efficient options for larger transactions.
However, the apex bank refuted the claims, urging the public to verify information through its official website.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the CBN stated, emphasising its commitment to transparency and accurate communication.
In 2022, the apex bank announced the redesign of the N200, N500, and N1,000 notes with the new notes entering circulation on December 15, 2022. This initiative aimed to address issues such as currency counterfeiting, the prevalence of currency outside the banking system, and to promote a cashless economy.
According to the CBN, under then Governor Godwin Emefiele, said the redesigned banknotes feature enhanced security measures and updated designs to improve their durability and aesthetic appeal.
The CBN emphasized that introducing new designs aligns with global practices, where national currencies are periodically redesigned to combat counterfeiting and enhance security.
The old versions of these denominations remained legal tender and circulated alongside the new notes until January 31, 2023, after which they were phased out.
By Aduragbemi Omiyale
A tier-2 financial institution, Sterling Bank, has confirmed the introduction of a zero-transfer-fee policy for customers with immediate effect.
The bank has urged others in the banking industry to emulate this initiative, saying customers should not be overburdened with bank transfer charges.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision, it’s a values-based one. It reflects our commitment to making banking fair, inclusive, and truly customer focused.
“We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
“Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words,” the Growth Executive Leading the Consumer and Business Banking Directorate at Sterling Bank, Obinna Ukachukwu, stated.
Recall that on April Fool’s Day, Sterling Bank announced waiving bank transfer fees for customers and many thought it was just a marketing prank.
But in a statement today, the lender reaffirmed that it introduced this policy to set a new benchmark for customer-focused banking in Nigeria by championing the cancellation of bank transfer charges.
With this move, Sterling becomes the first major Nigerian bank to take a definitive stand against the long-standing practice of charging customers for everyday digital transfers, an issue that has grown increasingly contentious as digital banking adoption deepens.
Under the new policy, Sterling Bank customers will enjoy free transfers for all local transactions conducted via the bank’s mobile app. This translates into significant savings, particularly for individuals and new small business owners who make frequent daily transfers.
This customer-first orientation is not new for the bank. During the COVID-19 pandemic, the company stood out by providing supplementary payments to healthcare workers in public hospitals—at a time when few others were willing or able to offer additional support.
The bank’s latest move has been met with widespread public approval, sparking positive reactions across social media and placing pressure on industry peers to follow suit.
“We’re proud to lead this change. We hope it inspires others to think differently about what customers truly need from their banks, not just in services, but in values,” Ukachukwu added.
Sterling Bank’s zero-fee policy is part of a broader strategy to transform the customer experience and deliver transparent, ethical banking solutions at scale.
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