In our continuing 4-part series of OPesa Financial Literacy, we recently discussed about the things that you should consider before taking a loan from the OPesa app as well as well as what you should know when applying for the OPesa loan. (Click the text highlighted in blue to read the articles).
In this article, however, our focus will be on the five things you need to acquaint yourself with when it comes to OPesa loan repayment. We enumerate them below in a question-answer format.
a). How do I repay a loan and can I do it early?
You will receive a message to your phone two days before the due date reminding you to repay the loan. You can repay the loan through the App or M-Pesa. Early loan repayment is accepted.
b). How do I repay the loan via M-PESA?
OPesa paybill number is 606280. Follow the steps below to repay your OPesa loan with M-PESA.
1. Navigate to MPesa in your Safaricom menu on your phone
2. Select Lipa na M-PESA
3. Choose Paybill
4. Enter the Paybill number 606280
5. For account number, enter your MPesa number on which you received your OPesa loan
6. Enter your repayment amount
7. Enter your M-PESA pin
8. Confirm that all details are correct and press ‘OK’.
c). Can I repay a loan on behalf of someone else?
Yes, you can, through the M-Pesa Paybill and the account being the mobile number of the person who took the loan.
d). What happens if I overpay my loan?
After reconciliation of all payments, excess funds will be reversed to your M-Pesa account within 7 days, specifically on Mondays.
e). What happens if I repay my loan late?
Late loan repayments automatically incur a late fee of 2% per day. It is, therefore, advised that one does not exceed the repayment period. Further, this could reduce your future borrowing score.
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