Safety
CBN Licensed Loan Apps in Nigeria (2025) - Official List
The Problem:
You want to ensure a loan app is legitimate and regulated
The Solution:
Only use apps licensed by CBN as microfinance banks or with lending partnerships with licensed institutions
Step-by-Step Guide
1
Understand CBN Licensing
CBN licenses microfinance banks to operate lending. Fintech apps either obtain MFB licenses or partner with licensed banks. Both approaches are legitimate if properly registered.
2
Verify on CBN Website
Check cbn.gov.ng for the official list of licensed MFBs. Search for the company name behind the app, not the app name itself.
- Go to cbn.gov.ng
- Navigate to 'Financial Institutions' section
- Search 'Licensed Microfinance Banks'
- Find the company name (e.g., 'Carbon MFB' for Carbon app)
3
Check for Red Flags
Unlicensed apps often: aren't on official app stores, promise impossibly low rates, have no physical office address, or have recent reviews mentioning scams.
FAQs
What if an app claims to be licensed but I can't verify?
Don't use it. Legitimate apps prominently display their CBN license or banking partner. If they hide this info, it's a red flag.
Can I report an unlicensed app?
Yes. Report to CBN (cpd@cbn.gov.ng), FCCPC, and Google Play Store. Include the app name and any evidence.
Are all licensed apps safe?
Licensed apps follow CBN rules on rates, collection practices, and data use. However, rates can still be high (within legal limits), so always compare.
What's the difference between MFB and fintech license?
MFB (Microfinance Bank) is a full banking license for small-scale lending. Fintechs may partner with licensed banks instead of getting their own license—both are legitimate.
Need More Help?
Compare loan options or contact our support team.