Top 10 business loan providers in Nigeria (2024)

One of the most regular actions for a business owner is obtaining loans to expand or upgrade their services. You’ve come to the right place if you’re seeking for the best deals and information on how to secure a business loan in Nigeria.

There are various options for getting a loan for your company. Keep in mind, however, that a company’s success is dependent on more than just receiving financing.

You’ll need a well-thought-out strategy that covers administration, efficient management, cash flow, customer service, and effective marketing.

Another key factor is to understand your company’s environment. To manage a successful business, you must understand your clients’ needs and how to meet them.

Also, bear in mind that having a strong online and/or offline presence, as the case may be, as well as a clever marketing funnel for your firm to follow up with leads is critical.

However, in the process of expanding your firm, this does not replace funding.

One of the biggest reasons why businesses fail in Nigeria is a lack of funding, which has killed countless aspirations that would have provided competitive breakthroughs.

Furthermore, most lending institutions would rather lend to well-established enterprises than take chances with SMEs.

Many small firms find it difficult to obtain loans as a result of this. It’s also why we’ve put together this list of the best places in Nigeria to receive small and medium-sized company loans at low interest rates.

10 Best business loan providers in Nigeria

In Nigeria, the top 10 platforms for obtaining business loans are:

1. is Africa’s leading lending portal, which functions as a marketplace for comparing loan offers from various lenders.

When you first visit the website, you’ll be asked to create an account with your accurate information (don’t worry, this won’t take long).

After you’ve completed your registration, select the amount you’d want to borrow and your borrowing purpose.

You’ll be quickly matched with lenders who meet your requirements in a matter of seconds.

All you have to do is go to each lender’s website and compare their offers, interest rates, repayment terms, and so on.

When you’ve found one that suits you, you’ll receive an email stating that your request is being processed. The money will be paid to your bank account once it has been processed.

This is one of the most efficient loan marketplace in Nigeria today, with a wide range of possibilities from which to choose.

You’ll be able to see several interest rate ranges, payback durations, and other borrowing alternatives on the platform.

2. Advans Nigeria

Advans Nigeria is a well-known lending platform for both businesses and individuals in Nigeria.

Despite the fact that it provides personal loans, it is most known for its commercial loan services.

Downloading Advans Nigeria’s mobile application, registering, and applying for a loan as a business is all it takes.

Additionally, the organization allows you to conduct additional transactions, such as saving, as a business.

The ease of use for enterprises is Advans Nigeria’s selling feature.

You can transact with Paga and OPay POS agents for more freedom, including saving, loan repayments, and cash deposits and withdrawals.

As a result, with Advans Nigeria, your business can get a loan at the touch of a button.

3. Firstbank Nigeria

SME product finance from Firstbank Nigeria is divided into three categories: personal, business, and private.

Their business loans, on the other hand, help a wide range of SMEs and major organizations across Nigeria.

Firstbank, as a worldwide bank, provides one of the largest loans to struggling businesses.

Oil and gas (upstream and downstream), industry, telecommunications, power and infrastructure, and other industries are all affected.

However, while they have the ability to lend big sums, they must meet a number of other criteria in order to do so.

4. FairMoney SME loan

FairMoney is a licensed microfinance bank that offer digital banking services to Nigerians. All its operations are secured by the Nigerian Deposit Insurance Corporation. Aside from personal loans, FairMoney offers business loans to small and medium entreprises. The loans are fast and lexible and are accessible within 24 hours of application.

Business owners can borrow up to N5 million without collaterals.

Features of the loan include:

  • Hassle-free loans for your specific business needs
  • Transparent & Secure. There are no hidden fees or transaction charges, and all transactions are insured by NDIC.
  • Straightforward application. Its same day application and approval.
  • Flexible repayment period spanning 72 hours to 12 months.

To apply you fill out the form on this link

For enquiries, send an email to or send a WhatsApp message to 09023912203

5. Baobab Group

Baobab Group provides large loan amounts to a variety of business sizes, depending on their need.

On the other hand, they also provide personal lending services to anyone who require them.

Microloans, mini microloans, micro+ loans, SME loans, cross and group guarantee loans, and asset finance are among their services.

Apart from the fact that they offer a diverse range of loans to fit your diverse demands as a business owner, qualifying for a loan with Baobab Group is really simple.

It just takes four steps because all you have to do is fill out the loan interest form on their website, and an agent will take care of the rest.

6. Accessbank

Corporate entities or firms wishing to scale out in a big way might take advantage of Access Bank’s specially designed loans.

However, as an extension of CBN loans, they also have loans for individuals, namely those in the creative industry.

The bank is still one of Nigeria’s most popular, and it provides exceptional loan services to match.

The fact that Access Bank offers one of the most comprehensive ranges of corporate business loans, including term and time loans, fleet financing, mortgage loans, asset finance, and more, is one of its distinctive selling points.

As a result, their service is practically friendly to all types of enterprises. However, some of the requirements must be met, which can be difficult for small and new firms.

7. Lendigo

Lendigo is a credit platform in Nigeria that provides loans to businesses without requiring collateral.

Because there are no specific industries, their loans are applicable to a wide range of firms, and they claim to have provided N6 billion in loans to over 2,000 businesses to far.

Lendigo, as previously said, provides loans to businesses all over Nigeria. Basically, their loans are for small businesses, and there is no need for collateral.

Depending on the business, the loan price ranges from N300,000 to millions of Naira. Surprisingly, the Lendigo app is all you need to get this loan.

What makes Lendigo so appealing to entrepreneurs?

The main advantage of Ledigo for business owners is that you don’t have to furnish any collateral.

All you have to do as a business owner is download their app and register, which brings us to their second benefit.

This makes the loan incredibly accessible, and they will disburse the money to you within hours of receiving your request.

8. Guarantee Trust Bank PLC

Guarantee Trust Bank (GTB), being an international bank, provides a diverse range of loans to entrepreneurs. This includes things like overdrafts, asset finance, imports and exports, and more.

Their extensive company financing offerings make them an appealing option for entrepreneurs, albeit you must first qualify.

While GTB specializes in personal loans, it also provides a variety of choices to businesses across Nigeria.

This is still their one-of-a-kind selling feature, particularly for businesses. However, the drawback remains the standards that must be met in order to obtain such a loan.

GTB loans are available to firms in a variety of industries throughout Nigeria.

However, as a small business, accessing certain amounts would be problematic because the bank demands some type of guarantee.

9. Swiftlynx

Swiftlynx is a tech company that provides financial solutions. The company utilizes technology in order to foster financial services. Its objective is to create wealth in Nigeria by providing digital products and services that make it easier for individuals who have traditionally been economically excluded to save, lend, borrow and invest.

Swiftlynx Nigeria Limited provides alternative lending options to entrepreneurs, creatives, and small business owners.

The company offers Business loans from N200,000 and above to clients.

To apply for a loan visit the company’s website on

Or Call +234 7068425502.

10. Stanbic IBTC loan

Stanbic IBTC is another bank that focuses on SMEs while also providing loans to larger companies.

You can quickly apply for a SME loan online by creating an account, and the bank will help you reach your business goals by providing working cash.

Support, convenience, speed, and flexible terms are the four pillars of Stanbic IBTC loans. Flexible terms are undoubtedly the most popular among business owners of all the pillars.

It enables you to create a repayment plan based on the cash flow of your company.

It does not have any preferences when it comes to choosing firms because its services are applicable to all industries. Small, medium and big businesses can also get loans from the bank.


The best places to secure a business loan in Nigeria are listed in this post. Essentially, all you have to do is assess your company’s demands and match the services that it may require. Best of luck in your hunt for the perfect business loan!

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Iniobong Umoh

Iniobong Umoh

Iniobong Leroi Umoh is a storyteller, techie, and content writer with He is enthusiastic about Tech, Finance, and Research. His works have been featured on different online and offline platforms.

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