Andray Finance has launched a mobile lending application on Google Play Store and Apple iOS App Store, aiming to reshape Nigeria's digital lending landscape with a transparent and ethical alternative to predatory loan platforms.
Launch Amid Regulatory Scrutiny
The launch coincides with intensified regulatory scrutiny of digital lenders as authorities seek to curb exploitative practices and restore trust in the fast-growing fintech segment. Andray Finance promises transparency in digital lending, targeting Nigerians underserved by traditional banking institutions.
From SaaS to Consumer Lending
Andray Finance initially operated as a Software-as-a-Service (SaaS) provider before identifying a gap in the direct-to-consumer credit market. Many Nigerians face limited access to formal loans and exposure to high-interest, intrusive lending platforms. By transitioning to a mobile-first model, the firm delivers its technology directly to users through a digital wallet-based lending solution, extending enterprise-grade security and data-driven credit assessment tools to individuals and small businesses.
Challenging Predatory Lending
Founder and Chairman Bayowa Fredrick Borokini described the app as more than a financial product, positioning it as a response to widespread malpractice. Many digital lenders use aggressive tactics, including excessive interest rates and unauthorized access to contact lists. Andray Finance aims to reverse this trend by prioritizing fairness, speed, and respect for borrowers. Borokini added that the company focuses on proving ethical lending to underserved populations can be sustainable and profitable, leveraging its existing SaaS infrastructure to help users build verifiable financial histories and achieve long-term independence.
Diverse Loan Offerings
The app features a range of loan products tailored to different financial needs, including payday loans for salary earners and informal workers, and Andray Nano, a micro-credit option for short-term cash flow gaps. It also caters to niche segments with creative industry loans for artists and content creators, education financing for school fees, medical emergency loans, general emergency funding, and personal asset financing for employed and self-employed individuals. Beyond lending, users can access airtime purchases and bill payments, making the app a comprehensive financial tool.
Emphasis on Transparency and Privacy
A key differentiator is Andray Finance's commitment to user privacy and regulatory compliance. The company says it does not engage in unethical data harvesting practices common among some digital lenders. Instead, it uses advanced analytics to assess creditworthiness while safeguarding personal data, aligning with broader regulatory efforts to ensure accountability and transparency in Nigeria's fintech ecosystem.
Driving Financial Inclusion
As digital finance expands across Nigeria, Andray Finance positions 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.
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. The Digital, Electronic, Online, or Non-Traditional (DEON) Consumer Lending Regulations 2025 took effect on July 21, 2025, with full enforcement from January 2026. The framework targets harassment by loan apps, data privacy violations, and predatory lending practices.
