OkoaMia is a loan product of PesaPata which is a peer to peer online lending platform. The loan is easy to access since it doesn’t require one to download a loan app. So, If you’re looking for a small loan that does not require a loan app then, I guess that you’ve come to the right place.
If we look closely on how it operates, we can confidently say that OkoaMia is a USSD based microloan product that offers a credit of between Ksh 100 to Ksh 900 at an interest rate of 10%.
Is it 10%? Let’s see by doing quick math. For you to access the loan, let’s say of Ksh 100, you must have a minimum of Ksh 10 on your Mpesa account. Then, you have to pay Ksh 5 as an acceptance fee via a paybill number provided. See their terms and conditions.
After a period of 5 days, you will be required to pay Ksh 120 also via a paybill number. Keep in mind, M-pesa charges and apply. See pic below.
Related: How to Fuliza M-pesa 4 Steps (with pictures)
OkoaMia: How to get a loan without a loan app
OkoaMia loan Eligibility
You only need a good credit history, Mpesa enabled SIM card, and possess a National Identity card in order to qualify for a loan on OkoaMia platform.
OkoaMia will use your ID number and mobile number on registration to check on the CRB Kenya database to determine if you’re eligible for a loan. New clients are only eligible for loans of up to Ksh 100
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How to OkoaMia
- On your mobile phone, dial *269*100#
- Enter your National ID number in the pop-up menu.
- Select T&c to read the terms and conditions.
- To borrow, Send the Ksh 5 acceptance to Mpesa Paybill number 519608 with your national ID as the account number.
- You’ll then receive your loan on your Mpesa account or an SMS if you are not qualified.
How to repay your loan
To repay your Okoa Mia loan, simply send the amount loaned plus the interest to the Mpesa paybill number that you used to receive the loan.
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Well, well, well, that is it on Okoa mia, let’s hear your comments in the comments section below about your experience with this kind of a loan product.