Another Firm Launches Mobile Lending App to Tackle Predatory Practices in Nigeria
- Andray Finance launches a mobile app to promote ethical lending in Nigeria's digital landscape
- New app aims to challenge predatory practices and ensure user privacy in lending
- Wide range of loan products targets diverse financial needs, driving financial inclusion
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
To reshape Nigeria’s digital lending landscape, Andray Finance has launched its mobile lending application on the Google Play Store and Apple’s iOS App Store, offering what it describes as a transparent and ethical alternative to predatory loan platforms.
The launch comes at a time when regulators are intensifying scrutiny of digital lenders, seeking to curb exploitative practices and restore trust in the fast-growing fintech segment.
Source: Getty Images
For Andray Finance, the new app signals a major step in its mission to deliver fair, accessible, and dignity-driven financial services to Nigerians—especially those underserved by traditional banking institutions.
From SaaS to consumer lending
Andray Finance began as a Software-as-a-Service (SaaS) provider before identifying a gap in the direct-to-consumer credit market.
The company says many Nigerians remain caught between limited access to formal loans and exposure to high-interest, intrusive lending platforms.
By transitioning to a mobile-first model, the firm is now delivering its technology directly to users through a digital wallet-based lending solution.
This shift allows Andray Finance to extend enterprise-grade security and data-driven credit assessment tools to individuals and small businesses seeking quick, reliable funding.
Challenging predatory lending
Founder and Chairman, Bayowa Fredrick Borokini, described the app as more than just a financial product, positioning it as a response to widespread malpractice in the sector.
He noted that many digital lenders have relied on aggressive tactics, including excessive interest rates and invasion of users’ privacy through unauthorised access to contact lists.
According to him, Andray Finance aims to reverse this trend by prioritising fairness, speed, and respect for borrowers.
Borokini added that the company is focused on proving that ethical lending to underserved populations can also be sustainable and profitable.
By leveraging its existing SaaS infrastructure, the firm hopes to provide users with a pathway to build verifiable financial histories and achieve long-term financial independence.
Diverse Loan Offerings
The Andray Finance app features a range of loan products tailored to meet different financial needs.
These include payday loans for both salary earners and informal workers, as well as “Andray Nano,” a micro-credit option designed for short-term cash flow gaps.
The platform also caters to niche segments with products such as creative industry loans for artists and content creators, and education financing solutions to support the timely payment of school fees.
Additional offerings include medical emergency loans, general emergency funding, and personal asset financing for both employed and self-employed individuals.
Beyond lending, users can access basic financial services such as airtime purchases and bill payments, making the app a more comprehensive financial tool.
Emphasis on transparency and privacy
A key differentiator for Andray Finance is its stated commitment to user privacy and regulatory compliance.
The company says it does not engage in unethical data harvesting practices commonly associated with some digital lenders.
Instead, it uses advanced analytics to assess creditworthiness while safeguarding personal data.
According to reports, this approach aligns with broader regulatory efforts to ensure accountability and transparency within Nigeria’s fintech ecosystem.
Source: Getty Images
Driving financial inclusion
As digital finance continues to expand across Nigeria, Andray Finance is positioning itself as a responsible player focused on inclusion and trust.
By combining technology with ethical lending principles, the company aims to bridge the gap between accessibility and accountability, offering Nigerians a safer path to credit in an increasingly complex financial landscape, according to a report by The Guardian.
FCCPC cracks down on loan apps
Legit.ng earlier reported that Nigeria’s digital lending industry has entered a new era of accountability as the Federal Competition and Consumer Protection Commission (FCCPC) rolled out stricter regulations to curb abuse and protect consumers.
The Digital, Electronic, Online, or Non-Traditional (DEON) Consumer Lending Regulations 2025 officially took effect on July 21, 2025, with full enforcement kicking in from January 2026.
The new framework targets long-standing issues in the sector, including harassment by loan apps, data privacy violations, and predatory lending practices.
Source: Legit.ng
