New Loan Apps in Ghana: Top 5 Best

New Loan Apps in Ghana: Top 5 Best

In recent times, the Ghanaian financial landscape has undergone very huge significant changes, this is due to the basic influence of technological advancement in the whole wide world. One thing that is very much on the rise and developing at an increased rate is the emergence of loan apps, these apps have completely changed and brought some new forms of revolutions on how individuals, groups of people, small-scale businesses, and even large extent organizations can access credit from them.

No two ways about this, loan apps are here to stay and these apps have emerged as a viable second choice to our current Ghanaian traditional way of banking institutions, this is because they are more convenient, easy to access, and very efficient. some do not even demand any collateral plus they have more flexible terms and methods of payment, including instant approval. Gone are the days when you had to suffer the hassle of being in a queue at the bank for a loan. Then again there is the issue of offering collateral, getting a guarantor, and even the completion of piles of paperwork just to secure a loan.

With your smartphone and internet connection, you can conveniently apply for loans and receive funds directly into your bank accounts, often within minutes. You just need to download the loan app of your choice and then install it on your smart device, after that you just apply for your loan and you may receive your funds directly into your preferred bank account or even your Momo number within a very few minutes, that is if only you provided very legit details of yourself. One of the basic and interesting advantages of loan apps is their ability to reach individuals who may have limited or no access to formal financial services.

Ghana, like many other African developing countries, faces a lot of challenges in financial inclusion, with a significant portion of the people being underbanked or not even in the banking sector. However, the emergence of loan apps has helped make this huge gap very insignificant by leveraging technology to extend financial services. This has also helped a lot in reaching out to previously underserved towns and villages by giving them the power to meet their financial needs to work on their entrepreneurial projects.

What Are Loan Apps?

LOAN APPS: These are apps that are specifically designed to borrow or lend money to their users. These apps are very efficient, convenient, and much faster compared to the traditional way of Ghanaian banking. Examples of such apps are Fido money lending, a pay later loan app, etc.

A loan can be described as property, money, or other material goods that are given to another party in exchange for future repayment of the loan value plus interest and other finance charges. A loan can be for a specific, one-time amount, or it may be availed as an open-ended line of credit up to a specific limit. Loans come in different forms like personal, commercial, secured, and unsecured loans.

How Loan Apps Work in Ghana

Loan apps work when users of that particular app can submit loan applications directly from the app, it usually involves filling out an application form and providing personal and financial data. The lender then determines the loan amount and interest rate by using an algorithm and other technologies to assess the user’s creditworthiness. So, before you go in for a loan from these loan apps make sure you truly understand what you are dealing with, especially with the repayment method.

Why Are Loan Apps Becoming Popular in Ghana?

In recent times, loan apps have become a very common thing in Ghana. People don’t have to walk to a bank to apply for or access a loan. These apps provide loans and financial aid at a very high speed and it is done conveniently without much hassle.

These apps are designed to provide short-term loans to individuals who need emergency cash to deal with their issues involving money and there’s no better place to go than these loan apps. some even offer top-up options if you have paid your previous loan to a certain percentage you may qualify for it.

Some New Loan Apps in Ghana

Ghana is one of the leading countries when it comes to the usage of loan apps even though Ghana is still a developing country, and shortly more and more loan apps will emerge into the system but before that let us take a look at some new and current apps in the Ghanaian market.  here is the list below

  • Branch Loans App
  • KiaKia Loan App
  • MTN QwikLoan
  • Zidisha loans
  • Fido money lending

Top New Loan Apps in Ghana

Ghana has been blessed with a lot of loan apps, some are not registered with the Bank of Ghana whiles others are duly registered and licensed by the Bank of Ghana, so below are some top new loan apps making a lot of waves in Ghana. But before that, we need to understand some key terms in the world of financing.

Branch Loans App

Branch Loan App
Branch Loan App

It is always available for their cherished customers to apply for loans. It is a 24/7 app. You can apply for a loan without any collateral and your money is sent straight into your account after approval. The firm started its technological operations in 2017. The branch does not charge late fees or rollover fees which makes them a favorite. They also boast of swift and responsive customer support that is available 24/7 via the app.

How To Apply for Branch Loan App

  1. Download the app on Google Play Store and install it on your device
  2. Create your account with your accurate details for quick and convenient review.
  3. Then you apply for the amount of your preferred loan option.
  4. Your applied loan will be sent straight into your bank account.
  • Loan Amount: They offer loans of up to GHS 2,000 with repayment periods ranging from 4 to 52 weeks. In this case, the borrower has almost a year to repay his or her loan amount on time.
  • Interest Rate: The branch loan app offers a very flexible interest rate of 1-14%. depending on the app algorithm.
  • Repayment Terms: Repayment periods range from 4 to 52 weeks. In this case, the borrower has almost a year to repay his or her loan amount on time. this is one of the reasons why the branch loan app is a really good choice for a loan app

Fido Money Lending

Fido Money Lending
Fido Money Lending

Fida Loan is one of the best loan apps in Ghana. It was established in 2015. it is one of the best loan apps in Ghana. It is currently managed by Nadav Topolski who doubles as the co-founder and currently the president of this loan app technology. They offer easy and instant access to financial services, enabling users to conveniently access loans directly from their smartphones in their comfort zone in a matter of minutes. No paperwork, collateral, or any form of documentation.

How To Apply For Fido Money Lending

  1. Download the app from Play Store and install it
  2. Register by using your correct details
  3. Fill out the loan forms in the mobile apps with your correct details
  4. When your loan gets approved, you will receive the amount of money you applied for.
  • Loan Amount: They can offer you a minimum loan amount of GHS 100 to a maximum of GHS 3,000. However, with new borrowers, they are only eligible for a maximum loan amount of GHS200. This is to ensure timely, quick loan and successful loan repayment following the steps outlined in the Fido Score section, borrowers can gradually increase their loan limit to a maximum of GHS 3,000. All these are to ensure financial safety for their customers.
  • Interest Rate: Fido money lending has one of the best and most flexible modes of interest rate. Their interest rate is 0.266% per day, and their loan duration is between 10 and 90 days. If you do not like this what else do you want
  • Repayment Terms: Customers who are eligible for installments in loans will have the option of in the app when choosing their loan terms. Fido Money offers up to 6 months of installment options for their customers. This is to say that, instead of the customer being forced to pay up every penny of the loaned amount within one month period, fido money is dividing the loan repayment amount into very small portions of equal amounts to be paid within the 6 months. Wow right.

Eligibility Requirements

  • You must be a resident Ghanaian.
  • You must be at least 18 years of age.
  • Have an active mobile money wallet, registered in your name.
  • Have a valid Ghana Card.



It is the fast, easy, and convenient way by which an MTN Ghana customer can access some loans by using the MTN mobile money platform. MTN qwikloan is here to stay and this loan scheme saves Ghanaians a lot of time by not letting them go through any struggle to provide any proof of collateral for any of their customers to get access to qwikloan.

Steps To apply for MTN QWIKLOAN

  1. Dial short code of *170#
  2. Choose option 5 to access the financial service option)
  3. Choose option 3 for loans
  4. Choose option 1 for (qwikloan)
  5. Choose option 1 to request a loan
  6. Choose your loan amount
  7. Enter your pin to finalize
  • Loan Amount: MTN Mobile Money offers you the customer a of up to GHS 1000, within minutes of request, and as we said from the beginning it is very easy and convenient to access.
  • Interest Rates: They have an interest rate of 6.9%. For every amount the customer borrows from the MTN Mobile Money platform
  • Repayment Terms: MTN Qwikloan is a 30-day loan. What this means is that when you borrow any amount of money from the MTN Mobile Money platform you are required to pay the amount within 30 days, or else you will be penalized at a rate of 6.9% again.

Eligibility Requirements:

  • You have to be 18 years of age or above
  • You have to be an MTN Ghana subscriber for more than 90 days
  • You have to be registered with the mtn mobile money and be using it actively for transactions such as sending and receiving money, paying bills, and also using it to purchase airtime.
  • You do not have to owe any amount of debt on your MTN mobile money wallet

Zidisha Loans

Zidisha Loans
Zidisha Loans

This is an online service platform that allows people to lend a substantial amount of money to people in developing countries. for some years now zidisha loans have been helping residents of Kenya, Ghana, Nigeria, and other countries to expand their businesses.

How Zidisha Loan Works

Zidisha loans have a very unique way of working and operating compared to the traditional way how loan apps work normally. for example, when you log on to zidisha loans and let us say you need GHS 5000 to expand and promote your business their system will automatically pair you with someone who is a financially sound person ready and willing to give you a loan, hence the money is paid directly into your bank account, mobile money wallet or your preferred choice of payment. This idea of borrowing makes the whole process easy, very simple, flexible, and also very convenient.

How To Apply for Zidisha Loans

  1. Log on to
  2. Click on apply now, you will be redirected to the loan app page
  3. You can apply by using your mobile phone number or Facebook profile
  4. Enter your mobile number and click on “next”
  5. Click next to proceed
  6. Respond to all questions and answers
  7. Your loan application will be submitted for a quick review, if you qualify the loan will be directly paid into your mobile money wallet, bank account, or your preferred choice of payment.
  • Loan Amount: The maximum loan amount in Zidisha loans is GHC4153.730. This applies to already existing members but for first-time borrowers, they are only given a small amount to start with it.
  • Interest Rate: Another unique feature of the Zidisha loan app is that there are no charges for interest rates. you only pay a service fee of 5% of the loan amount to cover the cost of transferring and administering the loan. members who do not have any invitation from existing Zidisha loan app members will pay a one-time fee of GHC3,000. This is usually to cover the cost of a credit bureau and background check.
  • Repayment Terms: They do not have a fixed repayment structure so just have to use the mobile app, and go to your loan screen to view the repayment instructions. Also, you can visit the repayment instructions page. Upon disbursement of your loan, they will email you repayment instructions. see flexibility at play here.

Eligibility Requirements:

  • A good reputation and family support
  • No overdue loans in the bank account
  • Your business should generate enough income for you to repay the loan in installment
  • Smartphone and internet access to download, and install apps and also complete the application process.
  • reside in Ghana at the time of application
  • 18 years or above

Tips For Choosing the Best Loan App

Many mobile applications provide instant personal loans to meet the financial needs of the borrower. Though they all may have similar features the borrower should consider the following points before choosing the loan app:

  • Eligibility Requirement or Criteria: The eligibility criteria may include age, geography, credit score, employment status, source of income, and other such factors. The borrower should check the eligibility criteria before applying for the loan with an app. Most apps require the borrower to be a salaried person.
  • Loan Amount and Duration: The loan amount and duration differ from app to app but the most common loan amount disbursed ranges from GHS 200 to GHS 5000.
  • Documents and Verification: The majority of the documents needed are the borrower’s identity proof and address proof. The documents supporting these proofs are a Ghana card or any accepted national card, passport, and driving license. Some apps may require all of these while others may require any one or two of these. Also, the borrower may consider how quickly and seamlessly the verification process is done so that the loan can be disbursed as soon as possible.
  • Competitive Interest Rate: This is one criterion customers should properly research before taking a loan, you need to know every little detail and be satisfied with it before accepting the loan the rate of interest depends on the loan amount and the credit score of the borrower. The rate of interest is an important factor in choosing the loan app because repayment of the loan starts immediately. A single skipped loan repayment will have a greater effect on the whole loan repayment amount. Thus, the borrower should look for a low rate of interest.
  • Special Features: In case a borrower has a bad credit score then he should choose an app that decides the loan approval based on factors other than past credit history. Some apps take into consideration social profiles to approve a loan.
  • App Credibility: The borrower should always check the credibility of the loan app. It is advised that the app should be a state-regulated organization, this means that the app should be duly registered and licensed by the Bank Of Ghana which is the sole regulator of all financial institutions in the country.
  • Quick Payment: Since the borrower is choosing a mobile app over the traditional bank to get its loan approved, he should select the app that will disburse the loan immediately, some apps can even disburse the loan amounts within minutes of application.
  • Schedule of Payment: The borrower should select the app which provides flexibility in its repayment schedule. The app should give a grace period to repay the loan without negatively impacting the credit rating or history. Some apps give 6 months, and others too can give you almost a year as your grace period, so my dear borrower select an app that you think suits you better.
  • Avoid Using The Amount Carelessly: The borrower should ensure that he is allowed to use the loan amount for any purpose that he wants to rather than for a specific transaction like paying for utilities like rent.
  • Additional Cost: Many of the applicants fail to be vigilant when it comes to additional costs and other conditions applied by these mobile apps. As a result, they end up losing a significant amount of money. Thus, the borrower should conduct extensive research into processing rates and other hidden fees.
  • Effective and Responsive Customer Care: The app should be able to provide customer support and assistance around the clock. Their customer service should always be available to see to the needs of their customers and address their concerns.


As we conclude on another masterpiece of this incredible article, we would like to restate some of the purposes of this article which includes what loan apps are, the new ones in the market, and also how to know their credibility and how vibrant they are. As we keep on developing as a nation Ghana’s technology will also keep on advancing and hence loan apps will keep on improving their working conditions and services to their customers, very soon it will take over the financial service and people need to get acquainted with it.

READ ALSO: Some Licensed Loan Apps In Ghana

The loan apps provide instant personal loans with minimum documentation. With growing consumer awareness, popularity, and adoption of loan apps, the market has proliferated over the past few years and welcomed several new players. The borrower needs to be aware of the terms and conditions of the app before selecting it for loan approval. loan apps are stress-free. We would also like to encourage readers to do proper research before embarking on any loan app.

Below is a link to BANK OF GHANA on some of the new top loan app institutions which are duly registered with them.

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