Digitvant is a licensed Microfinance Bank (MFB) in Lagos operating DigitvantPay, a digital banking app that allows users to carry out banking features including instant transfers, savings, bill payments, airtime purchases, POS, and loans.
The digital bank was conceived in 2022 and officially approved and licensed by the Central Bank of Nigeria (CBN) as a microfinance bank in 2024. In addition to that, Digitvantpay is insured by the Nigeria Deposit Insurance Corporation (NDIC).
Digitvant Microfinance Bank (Digitvant MFB) was co-founded in 2024, operating under Credlanche Limited, with the vision of becoming a pan‑African financial institution that's promoting inclusive services to underserved communities.
Credlanche Finance Limited is a financial intermediary committed to transforming the financial landscape with a relentless focus on the entrepreneurs at the bottom of the pyramid. Credlanche also has Market Monie LTD and Finventory LTD.
Credlanche Finance Limited is co-founded by three visionaries who have known each other for over 22 years and share an aggregate of about 45 years' worth of diverse experience in financial and developmental consultancy and info tech.
Digitvant MFB, co-founded by Kayode Oluwagboye, who is the Chairman of the Board of Directors, is also parented by Credlanche Limited. Kayode described the launch as the beginning of a journey to transform the financial lives of many in Nigeria.
However, it's important to note that we'll not talk about everything Digitvant in this article; we'll only focus more on its loan and credit aspect. That said, Digitvant offers both business and personal unsecured loans to entrepreneurs and individuals.
Digitvant Personal and Business Loans
Digitvant offers four types of loans: Market Monie (Micro & Informal Business Loans), MSME Loans (for Small & Medium Enterprises), Sustainable or Green Loans, and Low Interest Loans, with Market Monie (Micro & Informal Business Loans) being a product of Credlanche Finance Ltd. That is, it is not directly attached to Digitvant MFB.
Digitvant Low Interest Loans
Digitvant Low Interest Loans are affordable credits on the Digitvant platform. These loans are in four different types: personal loans, business loans, emergency loans, and salary advances. These loan products come with low interest, ranging from 1.5% to 2.5% monthly.
These monthly rates are low within Nigeria’s microfinance landscape—especially when compared to global microloan APRs averaging 37% (and often exceeding 70% in informal markets) and predatory mobile loan apps that charge up to 50% weekly or over 20% monthly.
In addition to that, these loan products are collateral-free loans, delivered quickly via Digitvantpay and its agent network. All these features make Digitvant’s loans notably more transparent, ethical, and accessible.
1. Personal Loans
Digitvant's personal loans range from ₦50,000 to ₦2,000,000 and come with a 1.8% interest rate monthly. The loan's tenure typically ranges from 3 months to 12 months. No collateral is needed, it comes with quick approval, and it has flexible repayment.
2. Emergency Loans
The Digitvant emergency loans are a type of short-term loan that offers quick access to funds. Also known as payday loans or crisis loans, they are designed to be used for financial emergencies, such as medical bills or urgent repairs that must be fixed immediately.
These loans come with a 2.5% monthly interest rate, and disbursement amounts range from ₦10,000 to ₦500,000. Repayment tenure ranges from 1 month to 12 months. The loan is approved the same day you apply and requires minimal documentation such as NIN, BVN, and proof of address.
3. Salary Advances
Digitvant offers salary advances that allow salary earners to get credit advances before their salary is eventually paid. The salary advance is another payday loan and unsecured loan that comes with a 1.5% monthly interest rate and no collateral or guarantor on the Digitvantpay app. The Digitvant's salary advance disbursement amount ranges from ₦20,000 to ₦1,000,000 depending on your salary.
These loans are typically designed to cover immediate financial needs and are intended to be repaid on the borrower's next payday. The loan tenure ranges from 1 month to 6 months. However, you'll need to be using the Digitvantpay account for your salary account because the loan will be deducted automatically every time you get paid.
4. Business Loans
The Digitvant's business loans are working capital loans that allow entrepreneurs, especially in Nigeria's informal sector, to get financing for the enhancement of their businesses. As a business owner using the Digitvant agent network for day-to-day business transactions, you can get a business loan amount that ranges from ₦100,000 to ₦10,000,000.
Digitvant's Business Loan Purpose:
- Support for working capital
- Finance for equipment
- Expansion of the business
The business loan comes with tenures ranging from 6 months to 36 months. The loan also features a 2.2% monthly interest rate. Meanwhile, your business must be scalable and must be using the Digitvant platform to get approval.
Digitvant MSME Loans
Micro, Small, and Medium Enterprises (MSME) loans are financing provided by Digitvant MFB to empower small or medium businesses with tailored microfinance solutions. MSME businesses are categorized based on factors like number of employees, annual revenue, and asset value or capital investment.
Based on these categories, Digitvant offers three types of MSME loan products designed for different business needs: working capital loans, equipment financing, and trade finance. These are for the purpose of supporting businesses and for the businesses's expansion.
1. Working Capital Loans
A working capital loan is one that is availed of to fund the day-to-day operations of a business, ranging from payment of employees' wages to covering accounts payable. Not all businesses see regular sales or revenue throughout the year, and sometimes the need for capital to keep the operations going may arise.
The Digitvant's working capital loans disburse amounts ranging from ₦50,000 to ₦5,000,000 with a 2.5% monthly interest rate. The loan tenure is between 3 months and 12 months with flexible repayments.
2. Equipment Financing
Equipment financing is a loan that is used to obtain business equipment. Digitvant's equipment financing ranges from ₦100,000 to ₦10,000,000 with a 2.8% monthly interest rate. The loan also offers asset-backed financing with competitive rates and extended tenures ranging from 6 months to 24 months.
3. Trade Finance
Trade finance is a phrase used to describe different strategies that are employed to make international trade easier. It signifies financing for trade, and it concerns both domestic and international trade transactions.
The Digitvamt's trade finance is designed for importers and exporters; the loan supports trade operations through letters of credit, invoice discounting, and tailored working capital solutions. It ranges from ₦200,000 to ₦15,000,000 depending on the years of operation of the business.
In addition to that, trade finance comes with a 2.2% monthly interest rate and tenures ranging from 1 month to 6 months.
Digitvant Sustainable/Green Loans
Digitvant green loans are credits made available to borrowers to finance new or existing environmental projects. These loans help support Nigeria's digital economy while protecting its environment for future generations.
Like other loan products on Digitvant, sustainable/green loans are also offered in three types: green business loans, solar energy financing, and eco-friendly savings.
1. Green Business Loans
The Digitvant Green Business Loans come with a 12% p.a., and the disbursement amount ranges from ₦500K to ₦50M. In addition to that, the beneficiary of the loan will get a green certification support from Digitvant.
2. Solar Energy Financing
Solar energy financing is the various ways individuals and businesses can fund the purchase and installation of solar energy systems. With Digitvant's Solar Energy Financing, you get 10% p.a., and the loan disbursement amount ranges from ₦200K to ₦10M.
These loans are typically provided to solar energy installation companies. The loans allow up to 7 years of repayment, and installation is supported. The most amazing thing about this loan product is that no collateral is required to get the disbursement.
3. Eco-Friendly Savings
Eco-friendly savings is about being smart with your money and kind to the environment at the same time. So, the Digitvant's Eco-Friendly Savings offer higher returns for sustainable investments. It gives 8% p.a., and the minimum amount you can request is ₦10K with impact reporting.
Market Monie (Micro & Informal Business Loans)
Market Monie is not directly affiliated with Digitvant; it's part of Credlanche Ltd's product. It's a venture and thrift loan that allows micro and informal businesses to access working capital loans. The loan size ranges from ₦10,000 to ₦1,000,000.
The loan comes with flexible repayment plans: daily, weekly, or monthly, depending on the borrower's market cash flow. The loan has benefited over 50,000 active market men and women across many markets. The company has recorded monthly disbursements exceeding ₦700 million with <3% non-performing loans.
Digitvant Loans Requirements
There are different requirements for each Digitvant loan. But I will only highlight the general requirements in this section. You can log in to your Digitvant business loan application to get your eligibility status and know further documents and criteria you'd need to submit. Here are the criteria you must meet and the documents you must provide to apply for loans on the Digitvantpay app:
1. Personal Information
You'll need to provide your basic personal details:
- Your full names, including first name and last name. Your middle name is optional.
- You'll also need to provide your valid email address and working phone number.
- Your date of birth (DOB) and gender will also be required.
- Your residential address including the state, and local government area would be submitted as well.
This is the first step of the loan online application. Once you provide accurate details in this section, you'll be proceeded to the next section.
2. Required Documents
Here are the documents you'd need to complete the loan online applications:
- National means of identification such as a valid ID including, NIN, Driver's License, or Passport.
- Proof of Income such as Salary slip or Bank statement is required and compulsory.
- Proof of address; documents like bank account statement (last 6 months), utility bill (not older than 3 months), or business registration (for business loans), or guarantor information (for loans above ₦1M).
These documents must be clearly captured and uploaded completely during the loan online application.
3. Employment Information
Digitvant will also ask for your employment information; that means you will need to submit your work and income information. Information such as:
- Employment status: employed, self employed, business owner, or freelancer.
- Monthly income
- Employer or company name
- Work or company address
- Work experience and years.
Employment information is needed in a loan application because it helps lenders assess your ability to repay the loan. Once all these details are accurately submitted, Digitvant will be able to verify your income, access your risks, Debt-to-Income Ratio (DTI), and prevent fraud.
Digitvant Loans Online Application
Once you have all the requirements and documents needed ready, then go to Digitvant's online loan application portal, accessible via https://www.digitvant.com/loan-application, to submit your loan application.
However, it's important to note that you can use the Digitvant's Loan Calculator to calculate loan amount, interest rate, and tenure of the loan. The loan calculator helps you quickly estimate how much you’ll pay each month on the loan; it gives you a clear picture of the total cost and helps you plan your budget before borrowing.
Once you've gotten an estimate of your preferred loan, you can proceed to the loan application processes as I will be explaining the steps below:
1. Submit Personal Information
To begin your online application, visit "digitvant.com/loan-application" on your device browser, and begin by providing your basic personal details as we highlighted in the requirement details above. Just make sure that you provide accurate information and details about your residential address imcluding the state and local governement area.
2. Choose Loan Details
After you've successfully provided your accurate personal information in the first step of the online application, then you'll need to choose your loan type, loan amount, preferred repayment tenure, and purpose of the loan. The lowest repayment tenure is 3 months and the longest repayment tenure is 36 months.
3. Submit Employment Info
Submit your employemt information such as employment status, how much you earn per month, the company your work for, the name of the comapny, your years of experience in the company and the company's address. Once all these information are accurately provided, then proceed to the next online application step.
4. Upload Required Documents
Upload all the required documents including the specific one required for business loan and higher amount loan. For instance, business registration certificate such as CAC documents will be required for business loans and guarantor information will be required for loans above ₦1M.
5. Review and Submit Application
This is the last step of the online loan application. All the details and documents you've submitted will be higlighted for you in one page for review. Please review all your information carefully before submitting your application. Once all the documents and info are correct, click on the "Submit" button to submit your online application.
Digitvant Loans Repayments
Digitvant loans repayment is simple. Depending on the loan repayment tenure you choose during the online application—3 months, 6 months, 12 months, 18 months, 24 months, and 36 months—repayments are done daily, weekly, and monthly.You can repay your Digitvant loans into different methods: payment via Digitvantpay app and payment via designated bank account provided in the loan dashboard.
Repayment via Digitvantpay App
To repay via Digitvantpay App, log in to your Digitvant account using your registered email and password. Navigate to the "Loan Section" and look for a section labeled "My Loans," and click on "Repayment." Click on the active loan you wish to repay and choose a repayment option such as full repayment, installment payment, or early repayment.
Select the repayment option that fits your needs and confirm the payment with your Digitvant PIN. Once the repayment is successful, the repayment amount will be deducted from your Digitvant account balance.
Repayment via Designated Bank Account
This option is available in two methods: bank transfer and debit/credit card. Once you choose a preferred repayment option—full repayment, installment payment, or early repayment—transfer the amount shown on your loan dashboard to the designated account number provided in the loan dashboard. Transfer can be made from any bank account in Nigeria.
If you'd prefer the debit/credit card repayment option, you'll need to provide your bank card's details such as card number, CVV, PIN, expiry date and OTP code sent to the mobile number linked with the bank card.
Final Note
In conclusion, Digitvant Loans offers a convenient and accessible lending solution designed to meet a variety of financial needs. With a streamlined application process, flexible repayment options, and responsive customer support, it provides a reliable platform for borrowers seeking short- or long-term financial assistance.
Whether you're covering unexpected expenses or funding personal goals, Digitvant Loans aims to make borrowing straightforward and stress-free. This is an amazing article so far. Did you get value from this article? Please like our work by sharing it to other users on social media and drop your opinions in the comment section.
