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 Adedapo Adesanya
Nigerian tier-1 lender, First Bank, has announced the introduction of its Naira Visa Debit Card in partnership with the global payments giant to extend accessible, reliable electronic payment capabilities to a broader segment of the Nigerian population.
The card is targeted at everyday consumers who require a dependable payment instrument for routine domestic and international transactions. Accepted across POS terminals, ATMs, and online platforms through Visa’s payments network, the Naira Visa Debit Card is designed to reduce friction for customers transitioning from cash to electronic payments across retail, utilities, and digital commerce.
According to the bank, the partnership aligns with Nigeria’s ongoing drive toward a cashless economy, a policy direction that has gained significant momentum following successive Central Bank of Nigeria directives encouraging the adoption of electronic payment channels, adding that the card is intended to serve customers across the country’s diverse economic segments.
The Naira Visa Debit Card is available to all eligible FirstBank account holders through any of the bank’s branches nationwide.
Speaking on the launch, Mr Chuma Ezirim, Group Executive, eBusiness & Retail Products, FirstBank, said: “Everyday transactions should be simple, secure, and rewarding. The Naira Visa Debit Card is designed to make life easier for our customers, whether they are paying for groceries, settling utility bills, or shopping online.
“By extending reliable electronic payment access across Nigeria, we are helping more people transition confidently from cash to digital payments, supporting the nation’s cashless policy and empowering communities with greater financial inclusion.”
Commenting on the strategic importance of the partnership, Mr Andrew Uaboi, Vice President and Cluster Head, West Africa, Visa, noted: “A strong payments ecosystem works for everyone. The Naira Visa Debit Card extends reliable electronic payment access to everyday Nigerian consumers, and this in addition to the cards in our portfolio, continues to demonstrate what a truly comprehensive card portfolio looks like for the Nigerian market. Visa is proud to power this offering with FirstBank.”
The launch of the Naira Visa Debit Card broadens Visa’s card portfolio at FirstBank, which already includes products spanning credit cards and High-end premium lifestyle spending cards. The addition completes its offering across customer segments, ensuring that cardholders at every income level have access to a product suited to their needs.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
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