Africa: Afreximbank Raises $3m Grant For Covid-19 Response

$3Million has been raised for African countries by Afreximbank in a way to fight Covid-19 Pandemic.


The African Export-Import Bank, AFREXIMBANK announced a grant of $3million in order to complement African efforts to fight the Covid-19 pandemic.

The of the bank, Prof. Benedict Oramah revealed this in Cairo, Egypt. He disclosed that the grant was in response to a request by African heads of state, through the auspices of the African Union Chair Person, the South Africa’s president, Cyril Ramaphosa, for the mobilisation of resources to address the general pandemic.

He said that a significant proportion of the grant would go to the Covid-19 Special Fund set up by the African Union (AU) as well as to the African Center for Disease Control (Africa CDC).

He said,

“We hope that our modest contribution will help to address some of the immediate needs.

We encourage other African banks, funds, corporations and charitable organisations to also contribute to the relief effort.”

Highlighting the need for wide institutional support for the Covid-19 response effort, he said that “no one country or institution will be able to rise to the challenge of the pandemic on its own.”


CHECK OUT: 6 Best Loan Apps In Nigeria & Free Loan (2020)


Afreximbank’s grant support comes in addition to several initiatives the Bank is taking to support the effort in fighting the pandemic, such as the $3-billion Pandemic Trade Impact Mitigation Facility. This was launched in March to help African countries deal with the economic and health impacts of the Covid-19 pandemic.

Also, Afreximbank has set aside an amount of $200Million for the use in financing the production of Covid-19 equipment and supplies within Africa.

However, Oramah said that the resource constraints and urgent nature of interventions on the ground required significant grant financing to ensure timely support for emergency interventions in combating the pandemic.

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6 Best Loan Apps In Nigeria & Free Loan (2020)


Top list of Loan Apps and best Loan App in Nigeria 2020. 


We tested, analyzed and brings out 6 top list of loan apps and best loan app in Nigeria 2020. We have a lot of free loan and money lending app in Nigeria in a way to get quick loan in minutes.

Being a debtor is not a sin. Most of the top companies in Nigeria are debtors.

Either you borrow money or not, you are a debtor as long as you are Nigerian because Nigeria herself is a debtor.

Don’t get confused, you don’t need to borrow money if you don’t need it but if you are reading this, I bet it you really need money, lol.

If you are looking for the best loan app in Nigeria 2020, you are at the right place. Because I’m going to teach you how to get free loan in minutes with simple steps listed below accordingly.


This is top loan apps in Nigeria 2020

  1. Carbon Paylater
  2. Palmcredit Loan
  3. Fairmoney App
  4. Branch Loan App
  5. QuickCheck Loan App
  6. Kiakia Loan App


Out of the above list, some of them might not make the list of 2019 but available in the list of best loan app in Nigeria 2020. But in this year 2020 or even at this moment, they are the best and reliable money lending app in Nigeria.

Without wasting much time, let’s go straight to the business in order to get answers to these questions;

  • How to apply for quick online loans in Nigeria
  • Highest amount you can get from Nigeria’s best and fast loan
  • Where and how to get free loan in minutes in Nigeria
  • How to get mobile loan in Nigeria without collateral, guarantor nor paperwork. etc



Carbon (Paylater) Loan App

Carbon loan app (formerly known as Paylater) is one of best money lending app and mobile loan in Nigeria. Carbon Paylater Loan gives out free loan in minutes less than five without collateral, guarantor or any paperwork.

You can however unlocks some opportunities to request for higher loan and also reduce the interest rate by repaying your loan on time.

With Carbon Loan App, you can get loan up to N1million without any documents. That sound great though!


Carbon (Paylater) Loan App | 6 Best Loan Apps In Nigeria & Free Loan (2020)


How to get instant Carbon (Paylater) Loan

To get quick online loan Carbon App is very easy and simple, just follow the steps below;

  1. Download Carbon App on Play store or get here
  2. Register through the app in order to know you
  3. Request for quick loan by filling a brief application form with basic personal informations and apply.
  4. Your application approved after a review of less than five minutes.
  5. Get the money credited in to your wallet then transfer it to your bank account.


NOTE: When you repay your loan before the due date, this will automatically gives you a chance of requesting for higher loan and reduces the interest rate for your next loan.

Meanwhile, there are some things you can do with Carbon Paylater Loan App e.g. Recharge airtime, pay bills, transfer money with lower interest, invest your money and view your credit report etc.



Palmcredit Loan App

Palmcredit Loan is one of the best loan apps in Nigeria at this moment without any doubt. This App gives user an opportunity to borrow up to N100,000 (One hundred thousand naira only) without collateral or guarantor.

Palmcredit Loan App is owned by Transsnet Nigeria Limited. The App is among the best mobile loan in Nigeria with their lower interest rate between 14% to 24%.

Furthermore, Palmcredit Debtors and the Loan controls by another platform named “Easybuy”. This package called Easybuy allows user to buy mobile phone or any other electronics at any Easybuy accredited shops. The buyer require to pay at least 20% out of the money and the balance in installments for months with low interest.


Palmcredit Loan App 2020


How to apply and join instant Palmcredit Debtors

It’s very easy get quick online loan from Palmcredit App, just follow the steps below;

  1. Download Palmcredit App on Playstore
  2. Open the App and click on “Apply for loan”
  3. Register with your phone number and fill other necessary personal informations
  4. Submit your application and expect the credit in minutes.


NOTE: Your Loan application might be rejected if you have any uncleared credit history, not only with Palmcredit app



Fairmoney Loan App

Fairmoney Loan is another big app to get quick online loans in Nigeria that gives up to N500,000 to individual.

Fair money loan is a reliable loan app that gives online loan in less than 5 minutes with flexible interest rates without any paperwork or collateral. Fairmoney App is not rely on only quick loan but also gives out personal loans and business loans.

Fairmoney Loan App


How to apply and get instant Fair Money Loan

To get quick loan online with Fairmoney App is very easy and simple, follow the steps below;

  1. Download Fairmoney Loan App on Playstore
  2. Register with your active phone number
  3. Answer some questions and receive a loan offer
  4. Put down your bank details and receive your loan ASAP

NOTE: You can even earn bonus in cash when you invite your friends and also receive discounts on airtime & data purchase.



Branch Loan App

Branch App is one of the oldest and biggest quick online loans in Nigeria which gives out free loan in minutes. Branch Loan App gives out loan up to N200,000 without collateral or guarantor. Branch App determine their interest rates by number of factors, including repayment history but fall between 15% and 34%.

Branch Loan App


How to apply and get quick Branch Loan

Branch Loan application is very simple and easy. To do so, you will need to follow the below steps;

  1. Download Branch Loan App on Playstore here
  2. Create account by filling a simple form within a minute and submit
  3. Apply for the loan that meets your needs
  4. Receive the loan money in mobile money or in your bank account.


NOTE: You can repay the loan with your mobile account. You are unlocking the higher loans as you are building your credit.



QuickCheck Loan App

QuickCheck Loan App is another great and one of the best loan apps in Nigeria which offers quick online loan in minutes without any paperwork or collateral. QuickCheck Loan has a nice and very neat app that is very easy to use.

QuickCheck Loan App doesn’t want you to go broke again and they use machine learning to predict your behaviour and instantly evaluate loan applications.

QuickCheck Loan App


How to apply and get QuickCheck Loan

To get quick online loan from QuickCheck App is very easy and simple, follow the steps below;

  1. Download QuickCheck Loan App on Playstore
  2. Open the App and create your account in a way to get known to them
  3. Apply for a loan
  4. Their machine will run your credit score and generate the amount you qualify to borrow
  5. Accept the offer and get the loan credited to your bank account in minutes.


Kiakia Loan App / Kiakia Loan Website

Kiakia Loan aka Mr. K and also known as Sterling Bank Kia Kia Loan is another trustworthy and reliable mobile loan in Nigeria. Kiakia is a Yoruba word which simply means fast/very fast. Kia Kia loan offer personal loans and business loans and can gives out up to N200,000.

Before you proceed with this method to get quick loan online, make sure you have bank account with Sterling bank. Kiakia Loan website/app is backed with Sterling bank Nigeria PLC and that’s why some people call them Sterling Bank Kia Kia loan. Their website is link to the bank and that’s where you will repay the loan.

Kiakia Loan App / Kiakia Loan Website


How to apply and get instant Kia Kia loan online

Kiakia Loan has a different loan application comparing to other Nigeria’s best and fast loan. There’s Kiakia loan website only because they don’t have app. It’s very simple to get the loan but you will need to follow the steps below;

  1. Log on to official Kiakia loan website
  2. Click on “Click to get loan” tab
  3. A chatbot will pop up and click on “Create an account”
  4. After you’ve done with creation of your account then click on “Get a loan
  5. A chatbot will request for your email to confirm and complete your application
  6. You will then assigned to one of their agents who you are going to meet in person for physical verification
  7. Finally, your loan request approved and get the money credited in to your account



We have plenty list of loan apps in Nigeria but all of them are not genuine, some fraudsters are even using the opportunity to scam many people and that’s why one have to becareful when it comes to anything about money online.

We give you 100% assurance about all the above list of loan apps in Nigeria. Because they are trustworthy, reliable and they are the best loan apps in Nigeria for free loan at this present year 2020.


Check This: How To Apply For CBN 50B Loan For COVID-19 Intervention


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CBN Resumes Sales Of Dollars To Nigerian Students, SMEs


CBN has resumed the sales of US dollars to Nigerian students in foreign schools, SMEs for important usage.


The Central Bank of Nigeria revealed the body has resumed sales of dollars to Nigerian students who study abroad and need to pay their school fees. This also applies to Small-Medium Enterprises who really needs foreign exchange for essential imports.


The statement reads;

“In view of the gradual easing of the COVID-19 lockdown both globally and in Nigeria.

The Central Bank of Nigeria (CBN) has resumed provision of foreign exchange to all commercial banks for onward sales to parents wishing to pay school feels and students and SMEs wishing to make essential imports needed to revamp economic activities across the country.

In particular, the CBN is resuming the provision of over USD$ 100 per week for both categories.”

“There is therefore no need for panic by any end-user that could necessitate recourse to illegitimate sources and spike in foreign exchange rates.”

Meanwhile, the CBN said it has intensified its surveillance efforts in a bid to detect the activities of market speculators, Forex smugglers, and illegal users. Those found guilty will be prosecuted and receive the penalty for his/her crimes committed without wasting time.

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N850bn Loan Request By President Buhari Gets Senate Approval

The N850Bn loan request by Nigerian President Muhammadu Buhari has been approved by the Senate after their meet up today.


The Nigerian lawmakers, Senate has approved N850Bn (Eight Hundred And Fifty Billion Naira Only) loan request by President Buhari to finance projects in the 2020 budget from the Capital Market.

However, on Tuesday, the senate instantly approved the request for the loan.

It further mandated its Committees on Finance and Appropriation to liaise with the Minister of Finance, Mrs Zainab Ahmad for details of the loan.

To be recalled that President Buhari had requested for the approval of Senate for the N850billion loan to finance the 2020 budget.

The request was conveyed in a letter addressed to President of the Senate, Dr Ahmad Lawan and read at the plenary.

The President hoped in the letter to raise the loan from the domestic capital market to ensure adequate funds to finance projects in the budget.

Meanwhile, Senator Lawan after the approval directed the Senate Committee on Finance in order to get further details of the loan, to liaise with the Minister for budget and national planning.


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3 Nigerian Banks Lower Dollar Spending Limit On Debit Cards


Three Nigerian Banks has reduced the monthly Dollar spending limit on debit cards due to the falling of cruide oil price and the suffering of Naira against Dollar.

In response to the decline in dollar supply as well as rising demand, some banks, namely GTBank, Zenith, Fidelity reduced the monthly dollar spending limit on debit their cards.

However, Zenith Bank reduced monthly limits to $1,000 and Guaranty Trust Bank reduced monthly limits to $500. Fidelity Bank on its part reduced monthly limits to $1,000 from $3,000.

Other banks may follow their steps very soon.

In addition to Covid-19 Pandemic rattling effect on the foreign exchange and fixed income markets, this pandemic has also caused massive disruption in banking services, as banks implement social distancing rules, in a bid to battle the spread of deadly Coronavirus.

The banking service was also reduced to skeletal operations in across the country, with transactions restricted to electronic payment channels and ATMs for cash withdrawals.

For example, from the third week in March and prior to the lockdown of Lagos, Ogun States and Abuja, most banks directed non essential staff to work home.

Meanwhile, Banks also restricted the number of customers allowed inside the banking halls per time to 25 people, leading to massive crowds outside banking halls with customers spending more time to gain entry into the banking hall.

The lockdown in Lagos, Ogun and Abuja has led the CBN to suspend cheque clearing activities till further notice.


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Financial Results : Polaris Bank Records Impressive 2019


The financial results of Polaris Bank of Nigeria for the year 2019 are highly impressive.


The Polaris Bank of Nigeria has released its 2019 financial results after securing the approval of the Central Bank of Nigeria (CBN) to its Annual Financial Statements for its first full financial year of operation.

By all objective standards, the results are impressive especially given the legacy constraints under which the institution was birthed.


The Annual Financial Statements ending December 31, 2019 show gross earnings of over N150billion, Profit before Tax of N27.83billion and Profit after Tax of N27.35billion showing very strong profitability and profit potential going forward.

The bank’s deposits from customers was N857.8billion with Total Assets in excess of N1.14Trillion confirming that Polaris Bank remains a systemically important bank within the Nigerian financial system.

The bank’s capital is multiples of the regulatory minimum of N25billion at N82.9billion with a Capital Adequacy Ratio of 14% providing sufficient capital buffers to customers and other counterparties.


Apart from strong capital adequacy, the bank’s other ratios are equally impressive- Return on Assets (ROA) at 2%, Return on Equity (ROE) is 33%, Return on Sales (ROS) is 18%, and Liquidity Ratio at 81%.

These ratios demonstrate operating efficiency, strong inherent capacity for profitability and returns to stakeholders, very comfortable liquidity and asset efficiency.

The bank’s Cost to Income ratio of 59% is well in line with industry averages and further reinforces the institution’s underlying reality of operational and cost efficiencies, which is a significant achievement in view of its legacy constraints.

One remaining legacy challenge, perhaps understandably, is that the bank’s Non- Performing Loans Ratio (NPL) is 46%. Even though the management has brought this ratio down to this level from around 80% at the time of the regulatory intervention, it is evident that the work of the management of Polaris Bank to clean up its inherited loan portfolio must continue until NPLs are within acceptable



In Review of Polaris Bank Financial Results for 2019


Our key conclusions suggest four main themes emerge from Polaris Bank’s first year performance. In our view these themes are overwhelmingly positive:-

1. The financial performance of Polaris Bank in its first full financial year is impressive and the bank is stable, strong and competitive relative to leading Tier 1 and Tier 2 banks.

2. The Board and Management of Polaris Bank has successfully repositioned a previously troubled bank and created a new, thriving, forward-thinking bank


3. The bank has largely overcome its legacy challenges and constraints and is now very well positioned to compete in the Nigerian Financial Services Industry

4. The Management of Polaris Bank in concert with regulators seeks to assure a sustainable future for the bank and its customers leveraging technology, digital transformation and innovation in the context of a retail banking strategy

Report by RTC Advisory Services Ltd, Lagos.


Source: Vanguard


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