The microfinance loan space in Nigeria has grown massively in recent years, and one of the top names you will often come across is AidaCredit.
The app is designed to provide Nigerians with fast, collateral-free loans without the stress of traditional banks. If you are like many people today who prefer using their mobile phone instead of visiting a bank branch, AidaCredit offers that flexibility.
In this guide, I will show you exactly how to open an account with AidaCredit in Nigeria, step by step, along with all the important things you should know before you start.
Learn More About AidaCredit in Nigeria
AidaCredit is operated under Ishiagu Microfinance Bank Ltd, which is licensed and regulated by the Central Bank of Nigeria (CBN).
This means the platform is a legitimate financial service provider and not one of the unlicensed “loan sharks” people often complain about.
The app launched in Nigeria with a simple promise: to provide safe, instant, and collateral-free personal loans directly to users’ bank accounts. Over time, it has gained thousands of active users and has maintained steady growth because of its fast approval system.
Here are some quick facts about AidaCredit:
- Loan Range: ₦4,000 to ₦1,000,000 (sometimes up to ₦2 million depending on profile).
- Repayment Period: 91 days to 12 months.
- Interest Rate: Around 4% per month (24%–260% APR depending on the chosen terms).
- Late Payment Fee: 2% daily rollover charge after a 1-day grace period.
- Platform: Android app (Google Play Store), with APK and iOS versions also available.
- Security: No third-party data sharing, 24/7 support, and repayment reminders.
- Eligibility: Nigerian resident, 18–60 years old, valid ID (BVN, NIN, or passport), and a linked bank account.
The name “AidaCredit” has quickly become recognized among users who need emergency funds within minutes.
Step-by-Step: How to Open an AidaCredit Account
If you are new to AidaCredit, here’s the detailed process to create your account and start accessing loans:
1. Download the App
Go to the Google Play Store and search for “AidaCredit: Safe Online Loan”. Download and install the app. If you use iOS or need the APK, you can also find the links on the official website at aidacredit.ng.
2. Register with Your Phone Number
Open the app and enter your active Nigerian phone number (preferably the one linked to your BVN). You will receive an OTP code via SMS. Enter it to verify your number.
3. Complete Your Profile
Fill in your details, such as:
- Full name
- Date of birth
- Residential address
- Email address
- Occupation
You will also be asked to upload or verify your valid ID (NIN slip, driver’s license, or passport).
4. Link Your Bank Account
Enter your bank account number and BVN. The app will use this for verification and for sending loan disbursements directly to your account.
5. Grant App Permissions
Like other loan apps, AidaCredit will request access to your contacts, SMS, and location. This helps them assess your creditworthiness since loans are collateral-free.
6. Apply for a Loan
Once your account is set up, you can choose the loan amount you want (first-time users usually start with ₦4,000–₦10,000). Select your preferred repayment period and submit the application.
7. Approval and Disbursement
If approved, money will be credited straight to your bank account, often within minutes. You’ll also get SMS and in-app notifications confirming the loan.
Tips for First-Time Users
- Start Small: Don’t request ₦200,000 on your first try. Begin with smaller amounts to build your credit history.
- Repay Early or On Time: Timely repayment will increase your loan limit and prevent penalties.
- Keep Details Accurate: Wrong BVN or mismatched ID can lead to rejection.
Recent Updates About AidaCredit (2025)
- App Upgrade (August 2025): Faster OTP verification and improved disbursement times.
- Recognition: In July 2025, AidaCredit was listed among CBN-approved loan apps in QuickCheck’s update on trusted platforms.
- User Feedback: Nigerians generally rate the app as good for emergencies, but many mention that interest rates can feel high if you stretch repayment for months.
Frequently Asked Questions (FAQs)
1. Is AidaCredit legit?
Yes. It is licensed under Ishiagu Microfinance Bank Ltd and regulated by the Central Bank of Nigeria (CBN).
2. Can I get a loan without collateral?
Yes. AidaCredit loans are 100% collateral-free.
3. What is the minimum and maximum loan amount?
Loans start from ₦4,000 and can go up to ₦1,000,000 or ₦2,000,000 for long-term customers.
4. How long does approval take?
Most approvals are completed within minutes after application.
5. What happens if I pay late?
You will be charged a daily rollover fee of 2% after the one-day grace period.
6. Do I need BVN to register?
Yes. Your BVN is required for verification and loan disbursement.
Conclusion
Opening an account with AidaCredit is straightforward as long as you have your BVN, valid ID, and an active phone number.
The app is built to serve Nigerians who need fast, collateral-free loans without going through the stress of traditional banks.
For first-time users, my advice is to start with smaller amounts, repay on time, and gradually build your credit record. This way, you can enjoy higher loan limits and better trust with the app.
If you are searching for a simple, regulated, and digital-first loan platform in Nigeria, AidaCredit is one of the top options available.
