Credit Direct Maintains Lead in Finance Company Sector as Loan Book Grows to Over ₦171.5bn

Credit Direct maintained its leadership in Nigeria’s non-bank finance sector, growing its loan book to over ₦171.5 billion as of May 2026, according to a post-report company update.

The latest milestone builds on the performance captured in Credit Direct’s 2025 Nigeria Credit Landscape Report, which showed that the company closed 2025 with a ₦139.53 billion loan portfolio, representing a 58% increase from ₦88.32 billion recorded a year earlier. The report ranked Credit Direct as Nigeria’s largest finance company by loan book, accounting for 31.5% of the industry’s total loan portfolio at the end of 2025. As of May 2026, its loan book had grown further to ₦171.5 billion, reflecting continued growth alongside expansion across the finance company sector.

According to the report, Credit Direct maintained a non-performing loan (NPL) ratio of 7%, below the finance company industry average of approximately 9%, despite managing the largest loan portfolio in the sector. The report attributed the performance to disciplined underwriting, platform-led expansion and product diversification in an operating environment characterised by elevated interest rates and persistent macroeconomic pressures.

An NPL ratio measures the proportion of loans that borrowers have stopped repaying. Maintaining an NPL below the industry average while operating the sector’s largest loan book points to effective credit risk management and strong asset quality, particularly at a time when lenders are navigating higher funding costs and weaker household purchasing power.

The report also highlighted Credit Direct’s scale, noting that the company provided more than ₦400 billion in credit between 2020 and 2025, serving over 1.07 million individuals across Nigeria. The performance mirrors the growing role of finance companies in expanding access to formal consumer credit as households increasingly seek alternatives to traditional bank lending.

Industry-wide, finance companies have continued to strengthen their position within Nigeria’s credit market. According to the report, personal loans disbursed by finance companies increased from ₦90.96 billion in January 2022 to ₦247.70 billion in November 2025, reflecting rising demand for consumer credit amid sustained cost-of-living pressures.

The report also showed that the industry is becoming increasingly concentrated. The ten largest finance companies account for 77% of total industry loans, while Credit Direct and the second-largest operator together control 46.3% of the market, highlighting the competitive advantage enjoyed by the sector’s leading players.

Looking ahead, the report projects continued growth in consumer lending as macroeconomic conditions improve. It identified payroll lending, Buy Now, Pay Later products, asset financing and other structured consumer credit solutions as key segments expected to support future expansion, while emphasising that prudent risk management will remain essential to sustaining portfolio quality.

The full Nigeria Credit Landscape Report 2025 is available for download from Credit Direct: https://www.creditdirect.ng/2025-credit-report

About Credit Direct

Credit Direct is building Africa’s leading embedded finance business by integrating credit into the supply chains and payment flows of partners, unlocking financial success for individuals and businesses. The company also provides retail investment solutions, expanding its role from access to credit to broader financial growth and wealth-building. Credit Direct has served millions of customers nationwide, including those historically underserved by traditional banking. Credit Direct is a wholly owned subsidiary of First City Monument Bank (FCMB) Group Plc.