Opay is arguably the biggest mobile wallet in Africa due to its amazing market valuation and because of the fact that, similar applications offer loan services, people have at several occasions asked if it was possible to borrow money from Opay. Unlike what is obtainable on other similar payment service banks and mobile money wallets, whether or not you can obtain loan from your Opay account is not dependent on Opay itself but on the third party lending services available on the App.
In this article, we will be finding out how to borrow money or borrow loan from Opay account. So if you are one of the individuals who have been wondering how to borrow money from Opay and all sorts, this article will serve as a means of enlightenment. But before we get down to that, there is need to have a brief run down of what Opay is about for those who are not familiar with the app.
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About Opay App
Opay is a mobile money wallet that has been in operation for years in Africa. Recently, it was listed as the payment wallet with the highest market valuation in Africa ahead of GTco and UBA for which, confidence in the app and it’s future in the industry was strengthened in the minds of users.
There are myriad of transactions that can be easily completed using Opay app from the comfort of ones home and they include but not limited to the following;
- Money transfers
- Bill payments
- Recharge card and data purchases
But then, one question that keeps lingering in the mind of users is, can I borrow money from my Opay account?”. This is important because one could be in a tight corner at any point in time and require the services of a money lending service or platform. Does Opay borrow loans? We will be getting answer to the question soon.
Can I Borrow Money From My Opay Account?
The answer is no. Some months ago, Opay introduced the overdraft service that allowed users make bill payments and money transfers when they run out of funds. It literally served as a complimentary funds available for users to complete their money transfer or bill payments on Opay. But for some reasons, this service was suddenly removed from the app and ever since, users have had no option to borrow loans from Opay app.
Opay doesn’t offer a direct money lending service to her users but it has third party partners that you can utilize to borrow money whenever the need arises just that you’d have to pass the credibility check of the platforms. The two major third party money lending services available on Opay that you can borrow money from are;
- Okash
- Easemoni
These are money lending services that are somewhat affiliated to Opay app but you can’t borrow from them directly with your account, you must create a different account on these platforms and pass through their credibility check before you would be granted a loan.
How to Borrow Money On Opay Application
This heading should have been how to access the third party loan services available on Opay but since the topic of the article is about how to borrow money from Opay and the services can be directly accessed via the Opay app, I decided to also drop the steps. Simply follow the steps below to see how to borrow money using your Opay account;
- Login to your Opay account using the app
- Then, click on Finance that is in the middle of the other options available on the app.
- You will now be shown the option to select loan, tap on it and you will be finally shown two money lending services Opay is affiliated with. Like I said, the two money lending services on Opay are Okash and Easemoni.
- Prior to November 2, 2022, users could access the okash loan without downloading any extra app simply with their Opay app but that is not the case anymore. You must download Okash or Easemoni from either Play store or Apple store to access their loans.
This brings us back to the initial answer. I know you must have asked numerous questions about the Opay loan service and whether it’s possible to borrow money from Opay, but I believe this article has answered the questions bothering you since. Let’s also have a look at some other frequently asked questions about Opay Loan service and whether or not it’s possible to borrow from Opay.
Frequently Asked Questions About Opay Loan Service
1. Can I Borrow Money Using My Opay Account?
The answer is no. Opay doesn’t have its own loan service, rather they are distinctly affiliated with Okash and Easemoni, two of which have their own ways of lending to users.
2. What’s the Difference Between Opay and Okash?
Opay is a mobile money wallet that lets you pay bills, complete money transfers and many other services but Okash is a money lending service owned by Blueridge microfinance bank which grants users loans of up to 500,000 Naira as long as they have a high credit limit based on previous transactions.
Accessing the Okash money lending service used to be possible via Opay directly but from November 2022, this was discontinued; making it impossible for one to borrow from Okash directly from Opay app, you now have to download Okash app and apply directly.
3. Does Opay Have USSD Code For Loans?
Contrary to reports, there is no code or ussd to borrow money from Opay. Their only ussd is *955# and it can be used to complete the transactions the app can do. It was created for people who don’t use smartphones but want to use the services available on Opay and not for loan or money lending. If you wish to borrow money from Opay, you need to follow the steps I stated earlier to download the lending apps and apply directly with them.
Thanks, I believe I have answered the questions you had about Opay loan service. Enjoy and feel free to share and join our telegram channel.
