Digital lenders, popularly known as loan apps, continue to play a pivotal role in Nigeria’s credit ecosystem, even as concerns persist around their operations and lending practices.
The growing number of Nigerians patronizing these platforms has also led to a steady rise in the number of companies offering the services.
As of May 2025, the number of companies registered and licensed to offer digital lending services via mobile apps has risen to 425, up from 320 recorded in the previous year.