Accessing Migo loans

How do I get a Migo loan?

To get a loan, all you have to do is enter your phone number here https://www.migo.money/get-a-loan/;

Once you select the loan amount you want, you’ll be asked to give us the details of your bank account for the loan to be deposited. Finally, we will register your debit card information to make repayment easier for you.

Where else can I get a Migo loan?

You can also get a Migo loan by dialing *561# for MTN, 9mobile, and Glo or *554*561# for Airtel. From the list, select “Request Loan” to see a list of your customized loan offers.

Migo is also available at the point of payment. You can view our growing list of partners here https://www.migo.money/pay-with-migo/

How long does it take to get a Migo loan?

We work hard to ensure that your loan enters your account (or the account of the merchant you are paying) right after you complete your application session. 

Can I access Migo if I port my number to another network?

Yes, as long as your SIM registration details match your bank account details. We operate our USSD service across all networks.

Can I use USSD shortcuts to request a Migo loan?

Yes, to avoid multiple screen selections, you can use USSD menu shortcuts by placing your menu selections in the code you dial. Here are some examples;

To take a loan, dial *561*1*1*1#

To repay your loan, dial *561*1*2#

To check your loan balance dial *561*1*3#

To extend your loan, dial *561*1*4#

For terms and conditions, dial *561*1*5#

To recommend a friend, dial *561*1*6#

Do you have a mobile app?

You can access Migo on your mobile phone by visiting my.migo.money.

Can I access Migo with another person’s phone number?

No, your loan offers are specific to you.

Do I need to provide collateral or documentation to request a Migo loan?

No, you do not need any collateral or documentation to request your Migo loan.

Do I need to visit a bank to request a Migo loan?

No, all you need is a bank account linked to a valid BVN and a phone number, and you’re ready to go. You can conveniently apply for the loan from your mobile phone.

Do I need to talk to a loan agent to request a Migo loan?

No, you can apply for your Migo loan directly from your phone.,. However, we are happy to assist you if you have any questions, call us on +234 (0) 1 700 2274 or send us an email at support@migo.money.

How do I qualify for a Migo loan?

You qualify for loans based on your personal information. The more information we can find on you, the easier it is to qualify.

Do you deposit Migo loans into all banks

Your Migo loan can be deposited into any of the following banks:

  • Access Bank
  • Diamond Bank
  • Fidelity Bank
  • First Bank
  • First City Monument Bank (FCMB)
  • Guaranty Trust Bank (GTB)
  • Heritage Bank
  • Skye Bank
  • Stanbic Bank
  • Union Bank
  • United Bank For Africa (UBA)
  • Unity Bank
  • Wema Bank
  • Zenith Bank

Can I get a Migo loan in two different bank accounts using the same phone number?

You can register any number of bank accounts to receive your Migo loan. However, you can only receive one loan at a time.

Loan Offers

How much money can I borrow with Migo?

Our loan amounts range from N500 to over N500,000. We will usually start with a small loan and grow your loan offers over time as you build trust with the system.

How do you determine my loan offers?

Your loan offers are based on your personal information.. The more you pay your loans on time, the higher the amounts you can be offered.

Can I request specific amounts?

Your personal information is used to determine your unique loan offers, and we provide a range within your available credit limit from which you can select. Currently, we are unable to fulfil requests for specific amounts.

Does Migo offer business loans?

We don’t categorize loans by purpose at the moment. You can use your Migo loan for any need, including business.

How do I increase my loan offers?

The best way to increase your loan offers is to pay back your loan on or before the  due date. With Migo, your offers are a reflection of your borrowing behaviour. The more frequent your early repayments, the better your future offers. It is also better to extend your loan, to preserve your offers, rather than miss a payment date.

Why don’t I have any loan offers?

We aim to make you an offer every time you make a request, no matter how small. However, in instances where we are unable to ascertain your personal information, we may not be able to make you an offer.

If I provide a guarantor, can I get a higher offer?

You do not need a  guarantor to get a Migo loan. Your loan offers will continue to grow at a steady pace as you borrow and repay early.

How come my offers dropped or have not increased since my last loan?

Your loan offers grow at a steady pace, provided you meet all the terms and conditions and repay your loans early. Your loan offers will only reduce in amount if you have defaulted or are late paying a previous loan.

How do I recommend a friend?

You can recommend a friend once you have taken and repaid your first loan. To recommend a friend:

  1. Visit my.migo.money.
  2. Select “Loans”.
  3. Select the “Recommend a friend” option.
  4. Enter your friend’s number.

When you recommend a friend and that friend takes and repays their loan, you are guaranteed that the interest rate on your next loan will be at 10% provided.

I cannot pay but do not want my offers affected, what do I do?

To ensure your offers are not affected, you can make a partial payment of 30% of the total outstanding amount and extend your loan. 14 day loans can be extended up to 14 days. 30 day loans can be extended up to 30 days

Loan Repayment

How do I pay back my Migo loan?

There are several ways to pay back your Migo loan. Visit www.migo.money/repay and select the option that works best for you from the list provided.

Can I pay my migo loan with transfer?

Yes. Migo now accepts transfer payments through a unique account number that will be sent to you, only when you request it. Once you successfully make the transfer to the account number, you will get a payment confirmation message.

How can I pay via transfer?

To pay your loan with a bank transfer:
– Dial *561#
– Select “loans”
– Select “pay loan”
– Then select “pay with transfer”
– A customized account number will be sent via SMS to you
– Then simply transfer your loan repayment using your bank app or ussd to your unique account number Please note that this account number only receives credit towards your Migo repayments

Does Migo have any other account number for repayments via bank transfers?

Your unique account number is the only account number affiliated with Migo. Do not transfer money into an account with the account name that does not contain your phone number. Migo will never ask you to pay into an account different from the unique account number given to you.

How do I make a partial repayment?

Visit www.migo.money/repay, select your preferred repayment method, change the amount to be paid, and confirm the payment. A partial repayment is a good option to take to preserve your good repayment history and avoid a reduction in your next loan amount.

How do I extend my loan?

To request a loan extension, dial *561# or visit my.migo.money. Select “Loans”, then “Extend Loan”. Pay the 30% initial payment, and your loan can be extended up to the same duration as your original loan. For example, 14 day loans can be extended up to 14 days. 30 day loans can be extended up to 30 days.

Can Migo debit my account directly?

At the moment, this option is not available, but we are always looking for ways to serve you better. In the meantime, please visit www.migo.money/repay and select the option that works best for you.

Can I repay my Migo loan on any other platform?

Our verified repayment methods are all on www.migo.money/repay. Please use this Any other channels or methods are unauthorized, and Migo cannot be held liable for fraudulent transactions that result from engaging with them. 

Do I have to pay my Migo loan with the same card I registered when I applied for the loan?

You can repay your Migo loan using any valid debit card. If you previously registered a card and would like to change it, please visit www.my.migo.money and follow the instructions to add a new payment card.

I lost the line I used to get a loan. How can I make a repayment?

If you can no longer access the phone you used to take your loan, you can repay using our “pay with cash” option. Please visit www.migo.money/repay for details on this payment method.

Interest & Tenure

Why are there different interest rates?

Your interest rates, just like your loan amounts, vary based on your personal information and loan repayment history. Interest rates could reduce, while loan amounts increase with good repayment history and vice versa.

How much does it cost to take a Migo loan?

Interest rates range from 5%-25%. The rate applied depends on your repayment history and the loan term. Interest rates are not fixed and can be reduced by repaying your loans early. You can also get reduced interest rates when you recommend friends to take a loan and repay.

How do I get a 30-day loan?

30-day loans are offered to you based on your unique borrowing behaviour. Keep repaying your loans early to unlock 30-day loan offers.

How is my Migo loan balance calculated?

You pay loan interest as specified in the offer, with additional 5% fees + VAT if you pay late or if you default. For example, if you take a N10,000 Migo loan @ 10%, your loan balance is as follows:

If you pay by the due date:

Loan value: N10,000

10% loan interest: N1,000




If you pay after the automatic rollover:


10% rollover interest: N1,000

5% late fee: N500

5% VAT on late fee: N25



Late Repayment

What happens if I do not pay back my Migo loan?

For us to keep increasing your loan offers and offering loans to more people, you must repay your loans when due. In the unfortunate event that you do not repay your loan on the due date, we will charge an additional default fee (5%). If you still do not repay, further penalties, as agreed in the terms and conditions, will be issued. Rather than paying late, a good option that preserves your loan history is partial repayment. Please use the ‘Extend your Loan'[Link back to How do I extend my loan question] option to extend your loan.

Terms and Conditions

What should I do if I don’t understand the Terms and Conditions?

We developed our T&Cs with your comfort and security in mind, so you must understand what you agree to when you take a Migo loan. Migo highlights four main points you must agree to when you accept a loan offer:


  • To pay the loan balance on or before the due date:

This term means you understand that Migo is a loan that must be paid back by the due date to continue enjoying the service.

  • To allow the use of your personal data to determine loan offers:

This term means that you have given consent to Migo to consider and analyze your personal information and provide you with the best available loan offers. Your personal information comes from many sources, including your phone, your bank, bill payments, credit bureaus, and other sources.

  • To be subject to fees and penalties for late payment:

To enable us to continue lending to more customers while increasing your loan offers, we must recover loans granted. When you do not repay your loan on the due date, we are forced to charge additional fees and interest. This term means you have given your consent to be subject to these charges if your loan repayment is late.

  • To allow messages to your contacts if you do not pay:

This term means you consent to Migo sending text messages to anyone you have ever called or sent an SMS if we are unable to reach you. Migo will only send these messages after multiple unsuccessful attempts to contact you after your loan repayment date has passed.

Please visit www.migo.money/terms-conditions/to read our full Terms & Conditions. If you need further explanation, we would be happy to help you. Please call us on +234 (0) 1 700 2274.


I received an error message saying my bank account and SIM registration details do not match. What should I do?

Please re-register your SIM card, so your SIM registration details match your bank account details.

I got an error saying that the loan is delayed because you couldn’t reach my bank. What do I do?

We’re sorry, but sometimes there are interruptions in service amongst our network of partners. Please give us 72 hours to provide feedback on the issue. If you have not heard from us within this time, please call us on +234 (0) 1 700 2274.

I repaid my Migo loan, but I did not receive a payment confirmation. What do I do?

We’re sorry, but sometimes there are interruptions in service among our network of partners. Please send an email to support@migo.money with proof of the deposit that shows the date of payment, and one of our customer experience representatives would be happy to assist you.

Migo is messaging me about a loan I know nothing about, how do I resolve this?

Your loans are linked to your phone number and BVN, so we will need to go through our verification process with you. Please call us on +234 (0) 1 700 2274 or send an email to support@migo.money, providing the mobile number where the SMS was sent, and we would be happy to help resolve this.

I repaid my Migo loan, why did my contacts still get notified?

Our system only sends out notifications as a last resort in instances where customers have been unreachable. If you have repaid your past loans, please call us on +234 (0) 1 700 2274 or email us at Support@migo.money with proof and the date of payment. One of our customer care representatives would be happy to assist you.

Security and Privacy

Are my personal information and bank/card details secure with Migo?

Your security and privacy are our topmost priority, and so we have implemented multiple security measures to safeguard your information. We are also fully compliant with all regulations and national laws governing consumer and data protection.

I received a notification from Migo to help reach a contact of mine to discuss a business issue, am I liable?

No, you are not liable. With consent, we reach out to the friends and family of our customers when we are unable to reach them after multiple attempts.


How do I partner with Migo?

We are always looking to partner with businesses to offer credit services to their customers, so we would be more than happy to hear from you. Please send us an email at info@migo.money.

I am interested in employment with Migo. How do I reach you?

Please send your CV to careers@migo.money.

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