Dotpay Loan – How to Apply, Requirements, Dotpay Loan Duration, Repayment Plan and Interest Rate

Dotpay Loan – How to Apply, Requirements, Dotpay Loan Duration, Repayment Plan, and Interest Rate

Founded in September 2021, Dotpay has joined the league of top Mobile money companies in Nigeria with over a billion transactions processed in the first year of launch and hoping to break higher records in the current year and years to come.

According to information made available to aggregators during the first meeting of the year 2022, the company is not just hoping to be the best in the mobile money space rather they 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.

Since the company is currently dealing with SMEs through the Dotpay POS service, the company deemed it fit to launch her loan scheme which is powered by the Dot SME to help her old and new customers to gain access to loans to run their businesses.

Read also: DotPay POS – How to get the POS

Dotpay Loan

Since the inception of Dotpay, the option for a loan has always been on the POS machine but the application form is not available hence you can’t apply. However, the company in January 2022 started the test running process in Lagos after the launch of Dot SME by providing kiosks and loans for a selected few. It allowed the company determines the loan duration, interest rate, and repayment plan.

In April 2022, Dotpay extended the Dotpay loan service to some high-performing Dotpay POS agents in other states with the loan amount starting at 50,000 Naira.

Read also: Opay Loan, How to Apply and Interest Rate 

How to Apply for Dotpay loan

At the moment, the application is by random selection and the company picks high-performing agents and puts a call across to them to offer them the opportunity to apply for the loan. However, before the end of the second quarter of 2022, it is expected that agents can apply for the loan through their POS and wait for approval just like in instant loan service.

Dotpay Loan Interest Rate

The interest rate for the Dotpay Loan is a single digit of 5% (five percent) at the moment which makes it one of the lowest interest loans in Nigeria today offered by a private firm.

Dotpay Loan Duration and Repayment

After a successful loan disbursement, the beneficiary is expected to start paying back the loan on daily bases.

The repayment process is automated this is because the agent’s wallet will be debited on daily bases for a total of 26 days excluding Sundays.

Read also: Paycentre User Guide and How to Get Free POS

Repayment Amount

Since the loan interest rate is 5%, an agent who receives 50,000 Naira will be expected to pay back 52,500 hence such an agent is to pay the sum of 2,019 Naira daily for 26 days.

Dotpay Loan Requirements

To be eligible to get a Dotpay loan, you should be a Dotpay Customer who is using either the Dotpay POS for mobile money business or a high transacting shop owner using Dotpay POS to process your transactions.

All information provided during your registration must also be accurate for you to be eligible.

Dotbank users may also be eligible for a loan but at the moment, no clear information has been provided as to what the requirements for such persons would be.

Final Words

The Dotpay loan is a work in progress and we are hoping to see a bigger and better loan offer where both agents and non-agents can be offered loan opportunities at low interest just as the company has already started.

I’m also looking forward to the company releasing other recovery plans should incase an agent decides to abandon he’s/her POS business before paying up the loan.

We will continue to update this content as more information about the loan is made available. Meanwhile, if you have further questions or need clarification on anything stated here, do well to leave a comment and we will do our best to provide feedback.

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