So many people now know that it’s not just about hardworking and smart working because as of this year, over 30% of the country’s youth, especially the educated ones, are hardworking and smart working, and even the elderly people that are doing their SMEs in their old method, like food sellers and skilled workers, are now available on different platforms.
Some even go as far as employing a digital marketing expert and having themselves a Google profile also.
So, you should know by now that if you’re a Nigerian and want to succeed, the first thing is to know your onions.
Once you know what to do and how to do it perfectly, the next thing you will be concerned about is money, and as of this year, 2025, SME empowerment loans beat economic dips and thanks to microfinance bank loans in Nigeria like LAPO, AB MFB, Links MFB and many others that have no collateral needed.
In this detailed guide, we’ve discussed how you can support yourself or your business financially by getting an easy-to-pay-back and flexible loan from CashX Microfinance Bank, whether you’re a student, business owner, or even jobless at the time.
Learn More About CashX Microfinance
CashX is one of the fastest-growing microfinance and digital loan providers in Nigeria. It operates mainly through its mobile loan app called CashX—Loan App, managed by CashXpress Nigeria Limited, a company fully registered and approved by the Federal Competition & Consumer Protection Commission (FCCPC) with license number FCCPC/DSI/INV/ML/363 as of November 2023.
The app offers instant online loans directly to users’ bank accounts without collateral, paperwork, or guarantors. CashX has gained massive popularity for being fast and reliable, especially for people in urgent financial need.
Features of CashX Microfinance
- Instant Loan Approval: Loan processed and approved within 15 minutes.
- Loan Range: ₦3,000 – ₦300,000 available for new and returning users.
- No Collateral Needed: Only your BVN and phone verification are required.
- Interest Rate: 2%–4% per month (24%–48% annual rate).
- Loan Tenure: 65 days maximum with flexible repayment options.
- 24/7 Service: Loans and repayments can be done at any time.
- Transparent Charges: No hidden fees; you see your full repayment amount upfront.
- Secure & Regulated: Data and transactions are encrypted; the app is approved by the FCCPC.
Step-by-Step Guide to Open a CashX Account
If you’re new to CashX or want to activate your loan account, follow these simple steps carefully:
1. Download the App
Go to the Google Play Store or Apple App Store and search for “CashX – Loan App.”
- For Android: CashX App on Google Play
- For iPhone: CashX App on Apple Store
Make sure it’s the official one developed by Elite ICT, as this is the verified publisher.
2. Register With Your Phone Number
Open the app and tap on “Get Started” or “Register.”
Enter your mobile number (MTN, Airtel, Glo, or 9mobile) and confirm using the OTP sent to your SMS.
3. Input Your BVN and Basic Information
You’ll be asked to provide your Bank Verification Number (BVN) to verify your identity and prevent duplicate registration.
Fill in your personal details, such as name, employment type, and income source.
4. Grant App Permissions
CashX uses secure phone data access (contacts, SMS, and device info) to help calculate your eligibility score. This is common in all Nigerian lending apps and is covered under their privacy policy.
5. Set Up Your Account PIN
After verification, you’ll be asked to create a 4-digit PIN for security purposes. This PIN will be required whenever you log in or make repayment transactions.
6. Account Activation Completed
Once your details are verified successfully, your CashX loan account will be activated instantly. You can then view your dashboard, available credit limit, and loan offers.
Example of Loan Calculation
Let’s say you take a loan of ₦5,000 for 65 days with a 2% monthly rate:
- Interest = ₦5,000 × 0.0645% × 65 = ₦209
- Total repayment = ₦5,209
If you extend the loan before the due date, extra charges may apply. CashX always displays your final payment clearly before approval.
Benefits of Using CashX
- Easy to use and quick loan access.
- BVN-based security makes sure your loan is tied to you alone.
- Option to extend repayment period before due date.
- Improved credit score for timely repayments.
- Customer service available directly from the app.
Recent News About CashX in Nigeria
- January 2025: CashX joined PeerBerry to boost digital lending investment in Nigeria.
- September 2025: CashX released app version 2.5.2, fixing network delays and improving user experience.
- Over 500,000+ Downloads: As of October 2025, the CashX app has over half a million users across Nigeria, Uganda, and Sri Lanka.
Frequently Asked Questions (FAQ)
1. Can I apply for a CashX loan without BVN?
No. BVN is compulsory for verification and to prevent duplicate or fraudulent loan accounts.
2. What are the minimum and maximum amounts I can borrow?
You can borrow between ₦3,000 and ₦300,000 depending on your eligibility.
3. How long does approval take?
Usually within 10–15 minutes after registration and BVN verification.
4. What is the interest rate?
Between 2% and 4% monthly (24%–48% yearly), depending on your credit score.
5. How do I repay my loan?
Repayment can be made directly inside the app using your debit card or via your bank’s USSD code.
6. Does CashX require collateral or a guarantor?
No collateral or guarantor is needed. Only your BVN and valid bank details.
7. Is CashX registered in Nigeria?
Yes. CashXpress Nigeria Limited is approved by the FCCPC as a digital lender under code FCCPC/DSI/INV/ML/363.
Conclusion
CashX Microfinance has become one of the easiest and fastest ways to access instant loans in Nigeria. Whether you’re a student, business owner, or self-employed person, you can apply for a loan in minutes and get credited without any stress.
The process is simple: download the app, verify with your BVN, fill in your info, and activate your account. Once activated, you can apply, track, and repay easily without visiting any branch.
Always remember to borrow responsibly and repay on time to maintain a good credit score and qualify for higher loan limits in the future.
