Best Instant Mobile Money Loan Apps In Ghana 2023-24

Estimated read time 11 min read

Currently, getting a loan in Africa from banks can be a dilemma especially, if you do not have any collateral, good credit score, or even you’re not a government worker. Their laid down procedures can be very lengthy and even with this, you are not assured to get the loan at the end of the day.

But hey!… don’t be worried. Today, we will be enlightening you with more than 10 loan apps developed by entrepreneurs that pay out loans to their customers through mobile money instantly once they reach their set forth requirements.

When we say requirements, we do not mean a collateral, almost all these mobile money loan apps do give out loans without collateral. All you need to do is to have your Ghana card or a recognized national identification card and then perform some few verifications.

Once your application is accepted, your requested loan will be disbursed into your submitted mobile money account.

The main rationale behind this guide is to enlighten our readers with the best mobile money loan apps with no collateral in Ghana and Nigeria now. And also, ones with reasonable interest rate and repayment period.

Article Disclaimer:

Recently Bank of Ghana released a list of over ninety seven (97) loan apps that are not registered. Glance through the list of apps here.

We are not giving a 100% assurance that this procedure is going to work for everybody. And also, we won’t be responsible in case of any financial loss since the info on this website is for educational purposes only.

All gen shared on here is for informational purposes. We can not give assurance on its accuracy, validity, reliability, and completeness.

Also, do well to read about the app you’re willing to use both it pros and cons here before you conclude to select it.

List Of Mobile Money Apps For Instant Loan In Ghana

1. 4cedi App:

The first money lending app on our list is the 4cedi app. You might have probably heard or seen their ads on Facebook. They are one of the popular mobile money loan apps currently. To get a loan on 4cedis app, you will need;

i. Old or new voters ID card.

ii. Fill in your necessary info.

iii. Verify your through a selfie camera.

Pros of using the 4cedi app

i. The app comes with a user-friendly interface.

ii. Makes it terms and conditions clear.

iii. Easy verification process.

Cons of using the 4cedi app

i. According to the reviews from “Ghanaian users” they claim mostly, they do not get the amount they apply for.

ii. Also, you can not get them through their provided hotlines most often.

iii. Some Google users complained about receiving fake alerts when they requested for their loan.

iv. Most of their reviews are from Foreigners, (thus, names that are not local). And almost all these foreign reviewers are saying good things about them which makes it look fishy. Some also do mention STARLOAN.

v. Before you’ll even access the app, you have to give the app permission to get access to your contacts, camera, calendar, storage etc. which we find it to be too much.

Steps To Apply For Loan On 4cedi App

1. Download the 4 cedis app on Google Play Store

2. Launch the app and agree to their terms and conditions

3. Now proceed to create a new account. (Valid mobile number and 6 number pin code)

4. Proceed to verify your account. (Use an old or new voter’s ID card)

5. Start your loan process

Best Mobile Money Loan Apps With No Collateral In Ghana and Nigeria

2. Fair Money (Microfinance Bank):

Fair money is also a mobile loan app for residents in Nigeria.  They operate in Nigeria and in India currently. Fairmoney is licensed by the central bank of Nigeria and all deposits are issued by NDC.

They are one of the best apps that gives up to 1,000,000 Naira to their customers  with no collateral needed. They do not lend money, they offer different services like savings, investments, paying of bills, transferring funds and many others.

How To Apply For Loan On Fairmoney App

1. Download the Fairmoney app on Google Play Store

2. Launch the app and hit on sign up.

3. Proceed to add your phone number and verify

4. Perform needed verification to be eligible to apply for a loan

Best Mobile Money Loan Apps With No Collateral In Ghana and Nigeria

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3. Fido Micro Credit Limited (Fido):

Fido is one of the popular loan apps in Ghana now. They are known for giving out short-term loans directly to mobile device of customers within minutes. They are located in Accra, Ghana, and work almost 10 hours every day (Mon-Fri).

With Fido, you do not need a guarantor, collateral, no application fees and or paperwork before you get a loan. To be eligible to apply for Fido loan you’ll have to;

i. Be a resident in Ghana and be above 18 years.

ii. Have a mobile money account that is at least 2 months old.

ii. Have an android device with internet connection.

Also, you need to have a recognized ID card in order to be verified to use Fido services. Sometimes, people with documents that can not be verified remotely will be asked to visit their main office here in Accra to verify their identity.

Steps To Apply For Fido Loan

1. Download and install app on Google Play Store.

2. Launch app and hit on “Get a loan”

3. Enter your valid mobile number and verify it.

4. Verify your account by using (Passport, Driver’s license, Ghana card ID, NHIA and Voters ID)

5. Once your verification is completed, you can proceed to apply for a loan and wait for approval.

6. Once your loan is approved, the exact amount will be disbursed into your mobile money account in minutes.

NB:  Currently, to access the Fido app, you need to use an android device. And you can repay your loan on any mobile money service or through their provided bank account which you’ll be given, Zenith bank to be precise.

4. Motito Paylater:

PayLater is also a loan app for residents in Ghana. According to review from old users on Google Play Store, they are one of the best loan apps in Ghana. They also collaborate with merchants to allow customers buy stuff and pay later in installment.

Thus, for example, you buy a 32-inch LG TV which is GHC 1,500. You will be allowed to pay in installment. That’s pay a specific amount every month until you fully pay for the item bought.

Steps To Apply For Loan On Motito PayLater App

i. Download app on Google Play Store.

ii. Launch app and fill in necessary info (Email address, phone number)

iii. Proceed to verify the ownership of the mobile number provided.

iv. Complete your profile (Name, gender, marital status, date of birth) and accept terms and policy.

v. Activate or verify your account with your National ID card, Driver’s license or Passport.

vi. Proceed to apply for your loan and wait for it to be approved.

5. Student Loan Trust Fund (SLTF):

The SLTF also provide loans to students mainly tertiary students. They help students with financial problems make their academic dreams come true. They assist student get laptops, pay school fees etc.

Just like it name goes “Loan trust fund” this means you will have to pay the credited amount later. Currently, measures are being put in place in order to eliminate the guarantor thing. This means students will be able to get loans without any guarantor, but they just have to get their biometric done.

The SLTF has one of the best loan interest. The loan interest is low and reasonable. To be eligible to get a loan, you have to be in any tertiary institution in the country and also be in L100, L200 and L300. For final year students we cannot confirm for now.

Loans are being disbursed every academic year and semester. Visit their official website create an account and apply for a loan. Once your loan is approved, you’ll receive the requested amount with little interest.

6.  MTN Mobile Money Loans:

MTN and few banks work together to give out loans. This loan is for available to only MTN subscribers. To be eligible to get a loan, you’ll have to use your mobile money account frequently. This means new subscribers on MTN may not be eligible to get a loan.

Once, you are eligible to get a loan, you will receive a message from MTN and you can take up to 2,000 cedis depending on your credit score. To be eligible to take huge loans you have to repay your loans on time.

Currently, there are three types of loan given. Thus,

i. Qwikloan.

ii. Ahomeka loan.

3. Expressloan.

Once you are eligible to take loans, you can take a loan from any of them. The interest rate on the loans is quite reasonable but the charged added if you fail to pay within the time given is very high and bad.

Repayment of loans are done on MTN mobile money. Navigate to the loan portal and select “repay loan” using the MTN app (Full guide to request and Repay MTN momo loans)

7. Vodafone Cash Ready Loan:

This is similar to the MTN mobile money loans. With the ready loans, only Vodafone subscribers are allowed to apply. Once you have an active Vodafone cash wallet, and you’re 18 years above you can apply for the ready loan.

With the ready loans, Vodafone decides on the amount of money you’ll be loaned, and the interest rate is already set. Failure to pay on time will attract additional fees to the old one.  Their interest fees are not less than 7% monthly and penalty charged is 12.5%. Also, Payment of loans are done using Vodafone cash.

Best Mobile Money Loan Apps With No Collateral In Ghana and Nigeria 2022

8. Zidisha App:

The Zidisha one of the best lending apps online now, the apps allows individuals to lend money to enterprenuers. This is app works like how P2P (peer-to-peer) platforms do work.

All you need to do is to visit Zidisha.Org, their official website and then proceed to create your account. Currently, we will recommend you use is the Ghana card ID for membership verification.

Once your account and all verifications are done successfully, you can then proceed to get loans from individuals and even from those outside the country. Just as we said earlier, with P2P, you will be dealing with another individual to get you the loan, and they will be the intermediary.

How To Apply For Loan On Zidisha

1. Download app on Google Play Store

2. launch the app, you will be then referred to their official website to create a new account.

3. Provide the necessary information needed and make sure to complete the required verification processes

4. You can then proceed with your loan application.

9. SikaPurse:

The SikaPurse is known for its fast lending and smooth experience. It easy to apply for loans and you will need no collateral or mortage when applying for loans. All you need to do is to download the app, get and account perform necessary verifications and apply for your loan.

The only con about their app is, you will have to give their app access to your camera, contacts, phone’s unique number, storage, calender and location. Although they have provided a tangible reasons why they need that access but in our view, that’s too much.

Steps To Apply For Loan On The SikaPurse App

i. Download the app on Google Play Store.

ii. Accept terms and conditions

iii. Fill-in your necessary info needed. (Phone number and a 6 digit pin)

iv. Proceed to verify your account. (Use an old or new voter’s ID card)

v. Start your loan process

10. GhanaLending App:

11. ChasteLoan App:

12. LoanClub App:

Check this out: How To Buy and Sell Paypal Funds In Ghana

In a nutshell, above is almost everything you need to know about mobile money instant loan apps. Just as said earlier in the intro, you do not need to have a collateral or be a government worker in order to be eligible for these loans.

What you need is either your Ghana card or a recognized national identity card. Also, for the SLTF, its for students in the tertiary institutions only. For non-students you can try the best apps below;

i. Fido

ii. MTN momo loans

iii. Vodafone Cash loans

Article Disclaimer:

We are not giving a 100% assurance that this procedure is going to work for everybody. And also, we won’t be responsible in case of any financial loss since the info on this page is not from a certified financial backer.

All gen shared on here is for informational purposes. We can not give assurance on its accuracy, validity, reliability and completeness.

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Michael Rashaan is a webmaster and co-founder of Kbroda Tech Groups. I currently hold a double major degree in Information science and Political science. During my Information science days at the university, I got enlightened more on how vital and powerful information is to human and businesses. As an information science graduate, I love to give out information that seems important for free through my research-oriented blog posts. Another part of me is, I also love to give back to the society, even though I don’t have much. This has made me develop the habit of writing and publishing. I see this to be the little role I play to make the society better. Contact me on

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