Dotpay, which was established in September 2021, has joined the top mobile money businesses in Nigeria, processing over a billion transactions in its first year of operation and aiming to set new milestones this year and in the years to follow. In this article, we will consider Dotpay Loan Requirements & Application Procedure.

The company is not only aiming to be the best in the mobile money space, but they also intend to launch and dominate other spaces, such as the banking industry with Dotbank, the small and medium enterprise with Dot SME, and the insurance industry with Dot Insurance. This information was made available to aggregators during the first meeting of the year 2022.

Since the company presently works with SMEs through the Dotpay POS service, it was thought appropriate for the company to establish her loan program, which is powered by the Dot SME, in order to assist both her current and potential clients in obtaining loans to operate their businesses.

Dotpay Loan

Since Dotpay’s genesis, a loan option has always been present on the POS machine, but you cannot apply because the application form is not available. However, the business began the test-running procedure in Lagos in January 2022 following the introduction of Dot SME by offering kiosks and loans to a restricted group of people. It enabled the business to choose the loan’s term, interest rate, and repayment schedule.

With a loan amount beginning at 50,000 Naira, Dotpay extended the Dotpay loan program to a select group of high-performing Dotpay POS agents in other states in April 2022.

Dotpay Application Procedure

Currently, the application is chosen at random, and the business chooses high-performing agents and calls them to offer them the chance to apply for the loan. However, it is anticipated that agents would be able to request for the loan using their POS and wait for approval similar to a quick lending service by the end of the second quarter of 2022.

Loan Interest Rate for Dotpay

The Dotpay Loan now has a single interest rate of 5% (five percent), making it one of the the smallest interest loans given by a private company in Nigeria.

RECOMMENDED: GoCash Loan – How to Get A Loan from GoCash

Duration and Repayment of Dotpay Loans

Following a successful loan disbursement, the recipient is required to begin making daily loan repayments.

The agent’s wallet will be deducted every day for a total of 26 days, except Sundays, therefore the repayment procedure is automatic.

Repayment Amount

Due to the 5% loan interest rate, an agent who receives 50,000 Naira will be required to repay 52,500 Naira; as a result, this agent must pay a total of 2,019 Naira every day for 26 days.

Loan Requirements For Dotpay

• You must be a Dotpay customer who uses the Dotpay POS for mobile money business or a high transaction shop owner who uses the Dotpay POS to process your transactions in order to qualify for a Dotpay loan.
• You must also accurately fill out every field during registration in order to be eligible.
• Users of Dotbank may also be qualified for a loan, although as of right now, it is unclear exactly what those applicants’ conditions would be.

Conclusion

The Dotpay loan is still under development, and we want to have a higher and good loan offer where agents and non-agents alike can be given loan chances at low interest exactly as the company has already started.