Top 9 SME Loans Without Collateral In Nigeria 2022

Small and Medium Scale Businesses, SME loans without collateral in Nigeria are a critical sector and the backbone of any nation’s economy, especially developing countries. SMEs are also important contributors to employment, economic and export growth. In Nigeria, SMEs contribute 48% of national GDP, account for 96% of businesses and 84% of employment. Most SMEs cannot survive without loans and cannot afford the collaterals that traditional banking system requires. Hence it’s important that SMEs loans without collateral in Nigeria are available to these very important sect of businesses.

Despite the fluctuation and devaluation of the currency which has culminated in capital inadequacy for most SMEs in Nigeria, there are opportunities in the business environment that small businesses can explore to turn the tide.

Why SME Loans Without Collateral In Nigeria is Important

SMEs need loans to sustain their working capital, to invest and expand their productive capacity for better output and increased bottom line. Without the access to funds and funding which most times are through loans, small businesses run the risk of becoming stunted, unproductive and unsustainable.

In Nigeria, SMEs contribute 48% of national GDP, account for 96% of businesses and 84% of employment. According to the Nigeria Bureau of Statistics, (NBS), small and medium scale enterprises (SMEs) in Nigeria have contributed about 48% of the national GDP in the last five years.

According to the World Bank, SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. Because of this major role, it’s important that each country provides special SMEs loans without collateral for the survival of their econmies.

List Of Best 10 SME Loans Without Collateral In Nigeria

The following are a list of the top 10 SME Loans without collateral in Nigeria. Apart from specially designed for small businesses, their processes are quick, they provide instant cash, and they do not require collateral or any major documentation.

  1. Lidya SME Loan
  2. Stanbic SME Loan
  3. Lendigo SME Loan
  4. Zedvance SME Loan
  5. GroFin SME Loan
  6. CBN SME Loan For Graduates, Undergraduates
  7. CBN Anchor Borrowers Programme
  8. Sterling Specta
  9. Wema Bank Alat for Business Quick Loan

1. Lidya SME Loan

Top 9 SME Loans Without Collateral In Nigeria 2022
Top 9 SME Loans Without Collateral In Nigeria 2022

Lidya is our 1st pick for SME loans without collateral in Nigeria. It is a USA holding financial institution that provides instant SMEs loans without collateral in Nigeria and to some other frontier and emerging markets. The company is spread across 3 continents and 5 countries which are USA, Portugal, Nigeria, Poland and Czech Republic. Lidya says it can grant instant credit between N50,000 to N30m to small businesses  in 24 hours.

Lidya SMEs loan give you the opportunity to expand your business and generate more income. Lidya provides financing based on the cashflow in your bank account and without collateral. You can access this quick online instant loan by simply signing up for growing your business to the next level. With Lidya instant online loan, you don’t need to wait for your invoices to get paid in order to pay your expenses or grow your business. The online loan platform provides the option to turn every invoice into a revenue opportunity.

Lidya says it has registered over 269,836 businesses, granted at least 44,245 quick loans. It also has 90 strategic corporate partners and has presence in 3countries.

To Apply for a Lidya Business Loan CLICK HERE

2. Stanbic SME Loan

Top 10 Best Bank Loans In Nigeria Without Collateral
Top 9 SME Loans Without Collateral In Nigeria 2022

Stanbic SME Loan is our 2nd pick for SME loans without collateral in Nigeria. It is a tailored made lending facility that is available to small businesses in Nigeria for expanding their productive capacity and meeting working capital in order to achieve business goals. The bank says the SME loan scheme takes 24-Hour process for eligible customers.

In this article, we examine how small and medium scale businesses, (SMEs) can access the Stanbic IBTC SME loan and have opportunity to not just expand their productive capacities but increase their working capital.


Simply FILL the form in THIS LINK to apply for Stanbic IBTC SME Loan and the bank will contact you.

3. Lendigo SMEs Loan

10 Best Bank Loans In Nigeria Without Collateral
Top 9 SME Loans Without Collateral In Nigeria 2022

Lendigo is our 3rd pick for SME loans without collateral in Nigeria. Lendigo is a financial technology firm with a vision to become Nigeria’s leading financial institution dedicated to small businesses (SMES Loans) through technology and innovative practices. The company prides itself as being Nigeria’s No 1 SME Loan Provider.

This is because Lendigo offers business loans from N300,000 – N10,000,000 without collateral.

Lendigo claims to provide easy, fast, flexible and reliable access to working capital to Nigerian SMEs according to their individual requirements and suited to their business and finance needs.

You can easily apply for a business loan on the Lendigo App at a very low interest rate, and get it credited straight into your account, even if your business is not yet registered.

To access their loan offers, you have to first register on their platform and then fill their form, CLICK HERE FOR MORE DETAILS.

4. Zedvance SME Loan

Top 10 Best Bank Loans In Nigeria Without Collateral
Top 9 SME Loans Without Collateral In Nigeria 2022

Zedvance Finance: The small business loan company that claims to provide N5million Loan in 5 hours

Zedvance is our 4th pick for SME loans without collateral in Nigeria. It is managed by Zedvance Finance Limited and is a consumer finance company committed to providing consumer credit in the most efficient and convenient manner while ensuring best practices. It offers loan packages that cater to all your financial needs regardless of what they may be. The company claims an eligible individual or small business can get up to N5million quick loan in 5 hours.

According to Zedvance, :”if you have a full-time job and wish to start a side business, with Zedvance you can borrow up to N5 million and repay it over a period of 18 months. No hidden charges.” With Zedvance Instant Loan, you have the choice to a flexible mode of payment almost at the point of need. Depending on who you bank with, you could have the funds in your account within the hour.

Individuals and small business owners can give them a try. Once you are eligible and qualify, you may receive instant cash disbursement after your loan is approved.

To apply for Zedvance SME loan, you have to, sign up first.

5. GroFin SME Loan

Top 9 SME Loans Without Collateral In Nigeria 2022
Top 9 SME Loans Without Collateral In Nigeria 2022

Grofin loan support of $100k to $1.5m for small businesses in Nigeria and more

GroFin is a specialist, impact-driven small and medium scale businesses SMEs loans without collateral in Nigeria financier. The organization helps entrepreneurs succeed by providing them with small business loans and business support to grow their businesses.

GroFin believes that a growing SME sector which creates sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives. Headquartered in Mauritius, GroFin offers financing and support to SMEs in 14 countries in Africa and the Middle East. It’s supported by 34 international finance institutions, development organisations, and private funders who have committed nearly $540 million in capital to the funds. Since its inception in 2004, GroFin has invested in 761 SMEs and sustained nearly 84,500 jobs.

Features of Grofin SME Loan

GroFin support entrepreneurs and their small buisnesses with instant loan to help them thrive. It focuses on small businesses operating in education, healthcare, agri-processing, manufacturing and key services (water, energy and sanitation). GroFin believes that SMEs need more than finance to succeed. And that growing small businesses to create sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.

The application for Grofin loan is done via the official website. It starts with the Pre-qualification Assessment
to make sure you’re qualified for the loan.

STEP 01 – Pre-qualification Assessment

STEP 02 – Application Form

STEP 03 – Documents Check-up

STEP 04 – Approval

STEP 05 – Disbursement

To apply, go to the Grofin loan application portal.

Fill the application form with valid and verifiable information about yourself and your business.

Submit the application and wait for approval.

6. CBN SME Loan For Graduates, Undergraduates

Top 10 Best Bank Loans In Nigeria Without Collateral
Top 9 SME Loans Without Collateral In Nigeria 2022

CBN unveils business loans at 5% (N5m individuals, N25m corporate) for graduates, undergraduates  

The Central Bank of Nigeria (CBN) as part of its policy measures to address rising youth unemployment and underemployment unveiled business loans for graduates and undergraduates of Nigerian polytechnics and universities at a single digit interest rate of 5%.

The business loans which comprises N5million for individual projects and N20million for partnership and company’s projects are designated the Tertiary Institutions Entrepreneurship Scheme (TIES), and executed in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.

TO APPLY for the SMEs loan scheme N5m (individuals) and N25m (partnerships/company) at  5% interest rate for graduates and undergraduates, CLICK HERE.

7. CBN Anchor Borrowers Programme

Top 9 SME Loans Without Collateral In Nigeria 2022
Top 9 SME Loans Without Collateral In Nigeria 2022

The Central Bank of Nigeria (CBN) in line with its developmental function established the Anchor Borrowers Programme (ABP). The Programme which was launched by President Muhammadu Buhari (GCFR) on November 17, 2015 is intended to create a linkage between anchor companies involved in the processing and small holder farmers (SHFs) of the required key agricultural commodities.

The programme thrust of the ABP is provision of farm inputs in kind and cash (for farm labour) to small holder farmers to boost production of these commodities, stabilize inputs supply to agro processors and address the country’s negative balance of payments on food. At harvest, the SHF supplies his/her produce to the Agro-processor (Anchor) who pays the cash equivalent to the farmer’s account.

The Fund shall be provided from the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF). Loan amount for each SHF shall be arrived upon from the economics of production agreed with stakeholders.

Interest rate under the ABP shall be guided by the rate on the N220 billion MSMEDF, which is currently at 9% p.a (all inclusive, pre and post disbursement). The PFIs shall access at 2% from the CBN and lend at a maximum of 9% p.a. 1.10. Tenor The tenor of loans under the ABP shall be the gestation period of the identified commodities.

To apply for the CBN Anchor Borrowers Programme, (ABP), CLICK HERE.

In Septrember 2021, the Anchor Borrowers Programme was revised. To read details of the updated copy and application procedures, CLICK HERE.

8. Sterling Specta

Top 10 Best Bank Loans In Nigeria Without Collateral
Top 9 SME Loans Without Collateral In Nigeria 2022

SMEs loans for small businesses take 5 minutes — Sterling Specta

Specta is an online lending platform that claims to give loans of up to 5 Million in one transaction all within 5 minutes! According to the organization, you don’t need any collateral, no paperwork, no guarantors and no visit to any office. Digital lending from Specta are available to take care of urgent personal and business needs.

Specta claims that once application is complete, scoring is instant, and disbursement can be done in less than 5 Minutes. Specta is opened to everyone irrespective of occupation and bank.

Specta has different packages but the two relevant to this article are:

  1. Non-Salaried Individuals – You can access a loan if you are self-employed, a business owner, a professional, a trader etc., with accounts in any other bank or with Sterling Bank.
  2. Specta4Business – Boost sales with Specta by signing up to start receiving payments from customers with Specta spending limits. You can also get up to N2M to start or grow your business.

To get more information about Sterling Specta SME loan , CLICK HERE.


9. Smart Business Loan (SBL)

Top 9 SME Loans Without Collateral In Nigeria 2022
Top 9 SME Loans Without Collateral In Nigeria 2022

Smart Business Loan (SBL) is a product of Standard Chartered Bank and it provides you access to credit of up to N20million for your SMEs loans without collateral in Nigeria.


  • No Collateral Required
  • Available to both Existing and New Clients (no waiting period)
  • The repayment plan can be structured to suit your business and flexible for up to 2 years
  • Easy access to the loan through our digital application forms and automated repayment process.
  • If you need additional financing during your loan tenor, we can offer you a top up after 12 months if regular repayments are made.

To apply for Smart Business Loan, CLICK HERE.

10. Wema Bank ALAT for Business Quick Loan

Top 10 Best Bank Loans In Nigeria Without Collateral
Top 9 SME Loans Without Collateral In Nigeria 2022

Wema Bank’s digital platform, Quick Loan is set up to assist entrepreneurs, startups and SMEs customers fund their businesses.

The digital lending product hosted on ALAT for Business, its corporate internet banking platform, will help small and medium-scale enterprises (SMEs) and corporate customers access quick loans between the range of N100,000 and N10 million.

Quick Loan, the bank claims, will be accessed virtually from any location without the need to locate a physical branch. And it will only be available for ALAT for Business customers. This implies that to access this SME Loan, you must be or ready to become a Wema Bank Customer.


The ALAT for Business Quick Loan is open to new and existing customers registered on the ALAT for Business platform and does not require cumbersome paperwork.

ALAT for Business is the internet banking platform designed to help corporate customers and entrepreneurs manage their business accounts optimally and stay on top of their finances from anywhere and anytime.

It’s a low-interest quick loan platform by the deposit money bank, for salary earners whether such person is an existing customer or not and has been in operation before this additional feature for businesses was launched.

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In need of an instant loan or an emergency cash loan? You can apply and get funded under 3 hours, a few more hours or within 24 days.

If you are in United States of America (USA), you can also apply for an emergency cash advance loan even if you have a poor or bad credit rating. If you need the top and best Apps For No Credit Check Loans, direct to your debit card, CLICK HERE.

These Top 10 Best Instant Loans No Credit Checks Guaranteed Online Approval are also highly recommended.

If you are in Canada, these 10 cash advance loan apps could meet your emergency and quick cash loan request.

For instant, payday, emergency or advance cash loan if you are in Australia, CLICK HERE.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (, the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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