Mobile lending has become a very popular practice in Kenya. Its growing popularity and easy accessibility, has led to a boom in the number of mobile loan services available in the country, as a direct response to the ever growing demand present here..
One of such mobile loan services available in Kenya, is OkoaMia.
OkoaMia provides fast and easy loans to its users on any mobile device. This means that loan applicants with mobile devices like the Kabambe phones and the Android smartphones to iPhones alike, will be able to access OkoaMia loans.
What You Should Know About OkoaMia Loan
Below are certain things you should know about OkoaMia i.e, the features as well as the requirements for your loan application:
- OkoaMia initially stuck with the theme from its name which means ‘Borrow 100’, only gave out loans of 100 Kenyan Shillings. The limit however, has since been raised to 900 Kenyan Shillings.
- Users who meet the OkoaMia eligibility criteria set out in the eligibility section of this website, will have their requested loan amounts (the ‘Credit Advance’), credited to their electronic wallet.
- You must be a Safaricom M-Pesa user.
- You must be over the age of 18.
- You must have a national ID.
- The interest rate for OkoaMia loans is 10%.
- Every OkoaMia Credit Advance received, attracts a transaction fee of 15 Kenyan Shillings. What this means is that the user will pay an additional 15 Kenyan Shillings for their loan.
- OkoaMia users pay acceptance fee amounts that range from 5 Kenyan Shillings to 45 Kenyan Shillings. The acceptance fee amount however, depends on the particular loan amount requested.
- The OkoaMia acceptance fee also doubles as your signature which signifies that you have accepted the loan provider’s terms and conditions, before proceeding to request for your OkoaMia loan.
- Once your OkoaMia Loan has been approved and delivered, you will be required to pay back the loan in full within 5 days from the date you received it.
- Failure to repay your OkoaMia loan, will result in the loan being in an overdue state.
- The OkoaMia penalty for late repayment of loans is 20 Kenyan Shillings to 180 Kenyan Shillings per day depending of course, on the loan amount. This will happen every time your loan credit advance is in an overdue state to a maximum of your loan principal.
- OkoaMia will only send you notifications via SMS and email your address.
- OkoaMia will need to check your credit score and acquire your details from the Credit Reference Bureau (CRB) databases before and most likely after giving you your loan. The loan provider will however only do so with your consent.
- To qualify for the loan, You will need to pass the OkoaMia Credit Reference Bureau (CRB) check and have your national ID and mobile number validated against IPRS, M-Pesa Account and of course the Credit Reference Bureau (CRB).
- OkoaMia reserves the right to qualify and reject any loan application at their discretion.
How To Apply For An OkoaMia Loan
To apply for an OkoaMia Loan, simply:
- Register by dialling the USSD Code *628#.
- Once done, proceed to pay your acceptance fee via the M-Pesa Paybill number ‘519608’. Your account number, is your ID number.
If you do not qualify for the loan, your acceptance fee will be rejected and sent back to you, so you will not lose your money.
3. Once done, dial *628# on your mobile device. There, you will be able to choose the amount you would like to borrow. The loan amount if approved, will be deposited directly into your M-Pesa mobile account wallet within 5minutes.
Remember that OkoaMia only gives a loan of 100 Kenyan Shillings which will even grow up to 900 Kenyan Shillings which is the maximum OkoaMia loan limit for now.
How To Repay Your OkuaMia Loan Via M-Pesa
To repay OkuaMia loan via M-PESA Paybill, simply use the following steps:
- Go to your M-Pesa via your Safaricom SIM Toolkit.
- Once there, select the ‘Lipa na Mpesa’ option on the menu.
- Next, select the ‘Paybill’ option.
- In the field labelled as ‘Paybill Number’, type in 519608.
- Next, in the field labelled as ‘Account Number’, type in your ID number.
- Once done, type in the loan amount that you would like to repay.
- Type in your unique M-Pesa pin.
- Again, make sure that all the details you provided are accurate, especially the Paybill Number and of course your phone number. After making sure the details are correct, proceed to select ‘Ok’.
Remember that all OkoaMia Loans are repayable within five (5) days at an interest rate of 10%. Late repayment will attract a fee will be charged everyday.
How To Contact OkoaMia
If you are however in need of further assistance from OkoaMia, please feel free to reach out to the loan provider’s help team via the following channels:
Official Phone Number: 0707000222
Official email address: info@okoamia.com
Official website: https://www.okoamia.com
