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Does Opay Give Loan to Customers?

By Oluchukwu Ikemefuna

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OPay, a subsidiary of Opera Group and prominent financial service provider in several African countries, has garnered attention for its range of services, including payments, transfers, and mobile money.  With its user-friendly interface and convenient services, Opay swiftly expanded its offerings to include a range of financial services, including loans.

However, one question that often arises is whether OPay extends loans to its customers. 

In this article, we’ll look into this query, address common FAQs, analyse the pros and cons, and explore other related inquiries.

What is Opay?

OPay is a leading financial technology company that offers a wide range of digital financial services in several African countries. 

It was founded in 2018 by Opera Limited and aims to provide convenient and accessible financial solutions to individuals and businesses. 

Its services include mobile money, digital payments, transfers, bill payments, and more. 

OPay operates through a mobile application, allowing users to carry out various financial transactions quickly and securely using their smartphones. 

OPay also collaborates with financial institutions to offer loan services to its users, further expanding its suite of offerings in the digital finance space.

Read also: Bank of Industry Loan in Nigeria 2024

Does Opay give Loans to Customers?

It is essential to understand the different financial products offered by Opay. Opay primarily operates as a digital wallet and payment platform, allowing users to make various transactions such as money transfers, bill payments, and purchases.

Also, Opay has ventured into other financial services such as savings and investment products, but the provision of loans is subject to certain conditions and partnerships.

While Opay itself does not directly offer loans to customers, it collaborates with third-party financial institutions and lending partners to facilitate access to credit. Through its platform, Opay connects users with lending institutions that provide personal loans, business loans, and other credit products.

This partnership model enables Opay to offer loan services indirectly to its customers, thereby expanding its financial ecosystem.

The process of obtaining a loan through Opay typically involves several steps. Users can access the loan feature within the Opay app, where they are required to provide personal and financial information for eligibility assessment.

The platform then matches users with suitable lending partners based on their profiles and creditworthiness. Once approved, the loan amount is disbursed directly into the user’s Opay wallet or bank account, depending on the terms of the agreement.

Read also: How to Apply for Lifeline Loan

What is Opay Loan?

Opay Loans refer to the loan services facilitated by Opay, a digital financial platform. While Opay itself does not directly provide loans, it collaborates with third-party financial institutions and lending partners to connect users with credit opportunities.

Through the Opay app, users can access a range of loan products, including personal loans and business loans, provided by these partnering institutions.

The process of obtaining a loan through Opay typically involves users providing personal and financial information for eligibility assessment. Opay then matches users with suitable lending partners based on their profiles and creditworthiness.

Once approved, the loan amount is disbursed directly into the user’s Opay wallet or bank account, depending on the terms of the agreement.

Opay Loans aim to provide users with convenient access to credit, thereby promoting financial inclusion and empowerment. 

Read also: How to Stop Loan App from Accessing my Contacts in Nigeria

Eligibility criteria for Opay Loan/Opay Loan requirement?

To get a loan from Opay, you need to meet some rules. Here’s what you must do:

Sure! To be eligible for a loan from Opay, you need to fulfill specific conditions.

1. Nigerian Citizenship: 

You have to be a citizen of Nigeria. This means you need to be officially recognized as a Nigerian.

2. Opay Account: 

You must have a registered account with Opay. This account serves as the platform through which you’ll apply for and receive the loan.

3. Bank Verification Number (BVN): 

This is a unique identification number linked to your bank account. Opay requires you to have a valid BVN to verify your identity and financial status.

4. Valid Identification: 

You need to possess a recognized form of identification, such as a National ID card, driver’s license, or international passport. This helps Opay confirm your identity and ensure that you are who you say you are.

Meeting all of these requirements demonstrates to Opay that you are a legitimate borrower, eligible to apply for a loan through their platform.

Read more: How to Qualify for a Home Loan as a First Time Home Buyer

How to apply for Loan from Opay?

Once you have confirmed your eligibility, you can simply follow these steps to get a loan from Opay.

To borrow money from Opay, you’ll first need to download their app from either the Google Play Store or the iOS App Store. Once you’ve downloaded the app, sign in to your Opay account.

Inside the app, navigate to the “finance” tab located at the bottom of the screen. From there, you’ll find the option to apply for a loan.

Opay offers two loan options: Okash and Easemoni. Choose the one that suits you best and proceed to download it within the Opay app.

If you’re a new user, you’ll need to fill out a loan application form. This form will ask for some personal information, like your name, phone number, and address. Make sure to provide accurate details.

After filling out the form, you’ll need to decide on the loan amount you want to borrow. You can either stick with your current loan limit or enter a specific amount.

Before submitting your application, carefully review all the information you’ve provided. Once you’re satisfied, click on the “submit” button.

After submitting your application, Opay will review it. You’ll receive a notification of whether your loan has been approved or rejected, usually within a short time frame.

If your loan is approved, the money will be transferred directly to the bank account you provided during the application process.

Lastly, it’s essential to read and understand the terms and conditions of borrowing from Opay. This will help you know the consequences if you’re unable to repay the loan on time.

Read also: How to Apply for Link Loan and Get it

How to get Opay Loan using USSD?

If you don’t have a smartphone, you can still borrow money using Opay’s USSD code. Just follow these steps on your regular phone:

1. Dial *955# from the phone number linked to your Opay account.

2. When prompted, select the “loan” option.

3. Follow the instructions provided to apply for the loan. You might need to provide some details.

4. Once your application is approved, the loan amount will be sent directly to your Opay account for you to use.

Read also: Loan Apps With Low-Interest Rates in Nigeria 2024

What is Opay Loan interest rate?

The amount of money you pay back when borrowing from Opay depends on which loan service you use. For example, Easemoni charges between 5% and 20% interest, while Okash charges between 3% and 30%. It’s important to know that Opay doesn’t set these rates; they can vary based on your credit score. If you don’t pay back your loan on time, the interest rate might go up.

How to pay back your opay loan?

Once your loan gets approved, the next step is paying it back when it’s due. You have a few options:

1. Using your Opay balance:

If you have money sitting in your Opay account, you can simply use that to pay back your loan. Just go to the loan details page and hit the ‘repay’ button. It’s a straightforward way to settle your debt if you’ve got funds available.

2. Transfer from other loan apps:

If you’ve used Easemoni or Okash before they left the Opay app, don’t worry. You can still make your loan repayment. Just transfer the loan amount from your other app accounts to the provided account number on the repayment page. This ensures you can still fulfill your obligations even if the original loan services aren’t available directly through Opay anymore.

3. Automated Direct Debit (ADD):

This feature offers a convenient option for those who prefer a hands-off approach. By setting up ADD, you authorize Opay to automatically deduct your loan repayments from your bank account. This way, you don’t have to remember to make the payments manually each time, reducing the risk of forgetting and incurring extra charges.

Remember, timely repayment is crucial. Failing to repay your loan on the due date can result in additional fees, and it can negatively impact your credit score, making it harder to secure loans or credit in the future. So, it’s essential to stay on top of your repayment schedule to maintain your financial health.

Read also: NMFB Loan: How to Apply and Access It

Advantages of Opay Loan

1. Quick Money:

When you apply for a loan with Easemoni or Okash through Opay, they work fast. Once they approve your application, the money is sent to your bank account within minutes. It’s a speedy process, so you don’t have to wait long to get the funds you need.

2. Easy Payment Plans: 

Opay understands that everyone’s financial situation is different. That’s why they offer various repayment options. You can choose the plan that suits your income flow the best. Whether it’s weekly, monthly, or another schedule, you have flexibility in how you pay back the loan.

3. No Security Required: 

Unlike traditional banks that often ask for collateral to secure a loan, Opay loans don’t require any security. You don’t have to put up any valuable assets, like your house or car, to get approved for a loan. It makes the process simpler and less risky for borrowers.

4. Affordable Rates: 

Easemoni and Okash, the lending platforms available through Opay, offer competitive interest rates. This means you won’t be charged excessively for borrowing money. Keeping the rates low helps make the loans more affordable and manageable for borrowers.


How do I get money from Opay?

You have to download the Opay app first, make an account, then ask for a loan using Opay Credit, like Okash or Easemoni.

Does Opay give loans?

Yes, they do. They work with other companies like Okash and Easemoni to give out loans.

How do I borrow money from Opay without giving my BVN?

Just make a Basic Opay account, request a loan using the app (like Okash or Easemoni), and you can add your BVN later.

What’s the code to borrow money from Opay using USSD?

Easy, just dial *955# and you’re in for Opay loans via USSD.

How much can I borrow from Opay?

Depends on the loan company, your credit score, and stuff like that. If everything’s good, you could get up to one million naira.


While OPay does not directly offer loans, its collaboration with financial institutions provides users with access to loan services through its platform. This arrangement offers convenience and accessibility to users but also comes with certain considerations, such as interest rates, repayment terms, and responsible borrowing practices.

If you found this piece useful, kindly drop a nice comment. Also visit and follow us on X @SiliconAfriTech for access to other useful contents.


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Blessing Ukibe
Blessing Ukibe

Medical Student at Nnamdi Azikiwe University|Tech content expert at Silicon Africa Technology|Lover of fun books and fun fun ☺️

Articles: 123

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