Categories: Credit Financing

Peer2Peer Borrowing and Top Platforms in Nigeria: How it Works

Peer-to-peer lending has been in existence since the inception of money. It is what many do every day. Have you ever asked someone to lend you money urgently, that you will pay back the next day or when you are back? That is a typical example of what is called peer-to-peer lending.

Peer-to-peer lending is between two individuals not banks or loan companies. It is very fast and involves less hassle like that of bank loans.

Peer-to-peer lending has gone digital there are now many loan companies in Nigeria that act as a marketplace for such. They connect investors who want to give loans to the borrower.

Many of these loan companies will be listed in this article but before we go there we will like to take you through the different types of modern P2P lending.

Investors partake in the review process

In this type, the connector or marketplace will review the application of the borrower. They will check their creditworthiness and other important stuff, after this they will pass it to an investor who will then decide on the amount of loan to give the borrower base on the recommendation of the connector.

Investors do not partake in the review process

Here, Investors relax, they do not partake in the review and loan disbursement process what they do is they will entrust their money to the hand of the connector to disburse as they see fit.

Borrowers do not know this. In fact, they won’t know the Investor that loans them money. It is a win-win situation. The Investor receives interest on his money while the borrower gets the loan in their pockets.

Top peer-to-peer lending in Nigeria

Below are the peer-to-peer lending platforms that give loans to people in Nigeria


Sycamore focuses on salary earners. They give out loans to these people in less down 24 hours. Their loan is without collateral and paperwork, but you need to have a good credit score before they will send your detail to an investor who will give you the fund. Investors on this platform earn as high as 16% on their capital.

Apart from getting loans from them, you can also buy credit, pay bills, and pay subscriptions. You will not see or know the investor that gives you a loan. Who you will be dealing with is the sycamore staff.


Fint is another peer-to-peer loan company, but here the fund is coming from other companies and not individuals. They give out loan to both individual and business which make them one of the best in the loan Industry.

Their loan processing is very fast and within 10 hours of applying for the loan it will be disbursed. Though they did not request for collateral and the paperwork is minimal if you are aiming for an Individual loan. You need to have a good credit score and you must not have defaulted on any loan before.


Ajobox is a p2p lender that gives out loans to small businesses. It is also funded by individuals. The work of Ajobox is to review the application and disburse the fund to the SME. They do not take time to disburse funds as long as you meet their requirements, the loan will be disbursed.

Investors in the platform can earn as much as 16% Interest rate in their fund. If your credit score is bad, don’t even go to Ajobox, they will not give you a loan. They utilize AI to review applications.


P2vest review application and give loan to applicants who meet up with their requirements. The job of the investor is to entrust the money to them. They obtain funds from individuals and businesses. Their target customers are individuals who need loans to balance up. Their loan is also fast, but the review process might take time.

Kiakia loan

Kiakia is another p2p lender in Nigeria. They started operation in 2016 and I’m sure you have heard of them, like many other lenders above. They collect money from individual investors and give it to a borrower that qualifies.

Their loan processing is very easy, you don’t need to gather documents and you don’t need collateral but surely, they will run background data on you before you will be given a loan. Investors can receive their ROI annually, quarterly or biannually. The RoI can be as much as 40% per annum.

Often Asked Questions and Answers

What is the difference between p2p loan company and a normal loan company?

The difference is where the fund is coming from, for p2p the fund is coming from individuals and company some time while the fund from a normal loan company is from the company pulse. It is hard for p2p to run out of funds since it is coming from many people.

Is p2p lending good for me?

Yes, it is good for you, as long as you meet up with their requirements and have a good credit score. You will be given a loan if you do not meet their criteria. P2p is far better than bank loans because it is very fast.


Peer-to-peer lending is like other loan companies in Nigeria. They have their own requirements you need to meet up with before you can obtain a loan from them. Peer-to-peer is still growing, we still need a company that will allow people to lend to each other without interference.



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