best business sme loans in nigeria

10+ Best SME Loans In Nigeria

Getting funds for your business is one of the major hurdles most entrepreneurs in Nigeria always face. This is largely not connected to the poor credit facilities available to SMEs within the country. However, there are still platforms to help you acquire SME loans in Nigeria and the best ones to consider are listed here.

Some of these loan platforms are easier than others, but then, you can find, apply, and get approved for loans if you can meet all their requirements.

Meanwhile, before a loan provider can trust you with their money, they will want to be sure that you are capable of paying back the loan amount. Therefore, it is important that you have a good plan for your projects.

In this post, we will be providing you with a list of the best SME loans for your business situated in any place in Nigeria. Within 10 minutes, you can get the required capital or funds for your investment.

The 10+ Best SME Loans In Nigeria


Renmoney is one of the best SME loan platforms that is passionate about making financial inclusion count through innovation, data, and technology. They take pride in making funds available to SMEs in the most convenient way.

The ease of applying and processing loans makes them outstanding in their delivery of services among loan platforms. To become eligible for loans, you should be between the age of 22 and 59, must have a verifiable source of income, operating current or savings account with recognized commercial banks, and must live and work within the cities where the company operates. You can get loans of up to a N6Million for a repayment period of 24 months.

Apply here.


Quickcheck is also another way to get quick money for your businesses, whether you are a new or established business owner, you can find financial support online without the need to visit the office. The online platform is ultimately channeled towards making lending fast and easy.

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As an applicant, you do not need collateral, paperwork, or a prolonged loan process to get your required loans. They boast of 100% confidentiality, topnotch customer service, and compliance with Federal and state laws. SME owners and employees can get up to N200,000.

To request a loan, you should visit their official website.


Kiakia was founded in 2016 as a licensed non-banking financial technology company that provides individuals and business persons with secured and unsecured loans. They also create a platform for money savers to lend out money for negotiated interest rates.

The minimum loan amount Kiakia offers is N50,000 and a monthly interest rate of 3.5%. The digital lending platform focuses its efforts on micro, Small, and Medium Enterprises with potential for good growth but with no access to credit facilities from other financial institutions. It claims to have provided a loan of about N7 billion to applicants and is backed by Sterling Bank Plc.

Get a loan here.

The Government Enterprise

Empowerment Programme (GEEP)
The Government Enterprise Empowerment Programme (GEEP) offers Nigerian traders, artisans, and farmers with collateral and interest-free credit facilities. The programme kicked off in 2016 with a goal to improve the lives of citizens through the provision of loans with ease of repayment.

Agents of the organization are positioned at market sections in diverse locations across the country with mobile devices. Beneficiaries of the programme are registered and necessary data (including face ID & GPS location) is received and thereafter submitted to a central database for further verification.

Once verified, applicants will be asked to respond to a loan offer, and thereafter disbursement will be made. Each beneficiary can get between 10,000 to 350,000 Naira and loan repayment ranges between 3 to 6 months with 2 weeks moratorium period.

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Check out their website here.


GroFin provides a unique integrated solution with complete support for businesses. They offer loan facilities to entrepreneurs in the Middle East and about 15 countries in Africa. Their website reveals an approved $365million in business loans to 9630 entrepreneurs, and 735 SME investments already.

They also have the support of 34 international finance institutions, development establishments, and private funders who have provided $535 million in commitment to business funding. To become eligible for a loan opportunity, you must run a business that is located in countries such as Uganda, South Africa, Jordan, Ivory Coast, Egypt, Oman, Iraq, Zambia, Ghana, Rwanda, Kenya, and Nigeria. Financing required should be between $100,000 and $1.5 million and must be for profit making.

Here is their assessment form to help you get started.


PalmCredit is another online SME loan platform that offers one of the best SME loans in Nigeria. You can receive loans of up to N100,000 to fund your business idea or expand your already running business. And once you are able to repay your previous loans in time, your credit score will be updated to give you an opportunity for bigger loans.

It comes with no transaction fees, origination charges, and rollover costs. You can receive loans that will be repaid between 3 to 6 months period and between 14% – 24% interest rates. Applicants must be at least 18 years.

Download the app on Google Play to get started.


SMEFUNDS is a financial institution providing solutions to bring an end to poverty in Africa. They promote sustainable enterprise development by speeding up finance flow through ethical financial intermediation solutions and social investments.

They create a required platform to invest in green, ethical, social ventures and also provide capital and linkages to help business ideas metamorphose into a thriving enterprise that helps to improve lives.

Check out their website.

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You can apply for a business loan on Lendigo without having to visit a brick and mortar finance platform. You do not have to provide any paperwork either to get access to their credit facilities.

Lendigo allows you to make a non-binding request for a finalized credit decision to be made in just 48 hours. Their terms are flexible, and your prompt repayment would give you access to higher loan opportunities.

Check out their website here.

UBA Group

UBA Group offers diverse suitable finance options to support business growth in Nigeria. They offer funding for new business ideas and also thriving enterprises.

Business types that are eligible for the SME loan provision include businesses in the food & drink sectors, entertainment $ recreation, wholesale/retail trade, major distributors, exports, green economy, service providers, fintech, professional firms, educational institutions, and several others. You can also get access to school loans.

Apply for a loan here.

Union Bank

Union Bank has one of the best SME loans platforms in the country with opportunities for short term funding for jobs issued by recognized counterparties. The bank is also one of the oldest in Nigeria and has seen several years of economic tempest.

Whatever business needs you have, you can always find a fitting loan to suit your expectation. There are no restrictions on prospective business types to benefit from their credit facilities. However, it is very important that your loan repayment plans are duly adhered to for a favorable credit record.

Check out their site to get started.


BAOBAB is an SME loan provider for Nigerian entrepreneurs who would like to grow and expand their businesses. The company makes loan acquisition easy with their multiple ranges of finance products and services. The minimum loan amount you’d be able to get is N20,000 and a maximum of N50,000,000.

You don’t require any fee or compulsory opening of an account to get a loan. And within 72 hours, your loan will be disbursed after being approved. The repayment period is between 30 days to 24 months

Check out their website here.

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