Posted by: Editor Category: Banking, Loans Comments: 0

Top 10 Best Instant Loan Apps in Nigeria Without BVN Requirement 2023

Currently now with the economy of Nigeria, many people need money for different purposes and the major source to get a good amount of money is a loan. Most digital banking apps have made it possible to get loans right from the comfort of your Mobile App. Here in this post, we will give detailed insight into loan apps without BVN in Nigeria.

Many Applications made it mandatory that users must submit BVN details as a requirement to get Loan or open an account with them, but there are lots of trusted legit loan Apps without BVN in Nigeria which we will look into to help you get a loan and still keep your privacy safe.

The Federal Government (FG) and Central Bank of Nigeria (CBN) have taken their time to checkmate some Loan Apps that can give loans with or without BVN requirements.

Let’s see the list of Loan Apps approved by FG and CBN in Nigeria.

Despite this listing, some illegal loan apps still get their way to the Google Play store and App Store in Nigeria.

However, there are trusted loan Apps that follow the privacy compliance of CBN even though they request for BVN to complete the verification of your account upgrade.

What Loan Means

A loan is an exchange of things given (Money, property, or resources) that are expected to be paid back with value (Interest), according to an online dictionary.

What is a Loan?

In finance, a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations, etc. The recipient (i.e., the borrower) incurs a debt and is usually liable to pay interest on that debt until it is repaid, as well as to repay the principal amount borrowed.

Source: Wikipedia

So, let’s get to see approved Loan Apps in Nigeria and the importance of protecting your BVN from these loan apps if you do not trust them.

Most apps made it so that the higher the loan you want, the more verification you need to pass and your loan history track record with them or other financial services.

That is why they need your BVN to check and validate the KYC details you provided while signing up with them.

Loan Apps In Nigeria Without BVN


  • FairMoney Mirco Finance Bank.
  • Pivo Technology Limited.
  • RenMoney Mirco Finance Bank Limited.
  • Carbon MicroFinance Bank Limited.
  • Creditwave Finance Limited.
  • Branch International Financial Services Limited.

The above mention Loan Apps might request BVN in most cases depending on the amount of Loan you want to get from them and the level of your account with them.

But, CBN made it part of KYC for Financial services to validate users’ information through BVN (Bank Verification Number) and report any account with fraudulent activities. However, they should not store their BVN or personal details for any reason or share them with any third parties. But some loan apps have been reported to have tempered with their user privacy and have a breach in data, thereby allowing hackers and unauthorized persons to have access to their user information.

How To Take a Loan Without BVN in Nigeria

If you want to get a loan from any of these new online loan Apps in Nigeria without BVN, be careful while you are creating your account not to add your BVN details. In cases where it is optional, avoid it.

You can use other government-issued identification numbers such as National Identity Number (NIN), and Voter Identity Number (VIN) to verify your identity.

But in a case where you can not avoid it, just find an alternative and borrow from close friends or family members that trust you.

Just in case you can’t find a rich relative or friends to give you the amount of money you need, here is Loan Apps In Nigeria Without BVN but their Loan can be low with a high-interest rate in return.

Also Read: How To Check Airtel Data Balance in Nigeria

Loan Apps In Nigeria Without BVN

If you are looking for online loan apps in Nigeria without BVN that can give you loans in minutes, here are some top-rated loan apps you should consider in 2023.

But first what is this BVN all about and why is it so precious to protect from Loan Apps in Nigeria?

What is BVN and Why is it Important?

Bank Verification Number (BVN) is a unique identification number that financial services like banks and CBN use to regulate user financial details and track records of fraudulent activities. In our previous article, we listed the uses of BVN.

BVN is as important as your money in the bank.

Read more: How To Check BVN Without a Phone Number

Now you know how important BVN is and why you should protect it from Loan Apps or any other Apps that might request for it through KYC, let’s help you find top-rated Loan Apps that can give you instant loans in minutes without BVN.

Best Instant Loan Apps in Nigeria Without BVN

There are a bunch of Loan Apps in Nigeria and most require you to provide a Guarantor, Collateral, Verified Document, and BVN but here is the list of best loan apps in Nigeria without BVN in 2023.

  1. FairMoney Loan App.
  2. Okash Loan App.
  3. Carbon (Paylater) Loan App.
  4. PalmCredit Loan App.
  5. Quickteller App.
  6. Alat By Wema App.
  7. JumiaPay App.
  8. Aella Creadit Loan App.
  9. Eyowo Loan App.
  10. CarrotPay App.

From our research, here are some of the top well-known apps you can get instant loans from without BVN for a start. Most of them have more than 10 million+ app downloads on App Store or Google Play store.

Detailed Explanation of How the Loan Apps in Nigeria Without BVN Works

FairMoney Loan App

The FairMoney App has over 10 million plus downloads on the Google Play store alone and is rated the in top #4 Free loan apps in Nigeria with good reviews from users who have used the App.

We know nothing is free forever, Fairmoney Loan App offers a fair interest rate on loans and other financial services. They allow users to send money to any bank account for free.

FairMoney Loan app gives a very attractive amount of loan without BVN between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at a monthly low-interest rate which ranges from 2.5% to 30%. The loan amount you get is dependent on your loan repayment history with them and other related Loan Apps.

Okash Loan App

Okash is owned by Opay digital services limited, a digital microfinance bank in Nigeria that offer free transfers and cashback on transaction activities. This app is among the trusted App that gives Loan in minutes in Nigeria.

Opay is a trusted Money App in Nigeria and a free digital banking App that has gained more weight as the cashless policy started. Most common POS businesses use Opay POS machines and other services such as Owealth.

Let’s talk more about the Okash Loan App, how it works, and the loan interest rate.

Okash Loan App has over 5 Million plus downloads on Play Store and is also rated #4 top free Finance and loans app on Google.

Okash loan interest rate is very considerate and relatively low, you can get some amount of loan without BVN depending on your KYC history.

Okash is operated by Blue Ridge Microfinance Bank Ltd.

To be eligible for an Okash loan, you must be above 20 years old.

Quickteller App

Quickteller offers loans to businesses and small and medium enterprises (SMEs). So, you have to be a registered business to get a loan from them.

Alat Loan App

Alat by Wema is fully operated by Wema Bank but is a digital banking app system that provides customers with all banking services without going to the bank.

As a Wema bank customer and as they have verified you through other means of verification before the introduction of BVN, you can get a loan without BVN to your bank account (usually a small amount of money).

It is impossible to get a huge amount of loan without BVN and other authentication methods to verify your creditworthiness.

In summary;

All of the above Loan Apps in Nigeria without BVN is been researched and verified from reliable sources. Before you create an account with any of them, ensure to read their terms and conditions and privacy policy.

The privacy policy will help you understand how they collect your personal data and protect your privacy.

Hope this guide helps you understand and find Loan Apps without BVN in Nigeria.

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