Okash Loan Interest Rate + Terms & Conditions

Before you borrow from Okash, it’s important to understand their terms and conditions as well as the interest you need to repay on top of the loan amount. This post will break down the key points you need to know to make informed decisions about your loan.

What is Okash?

Okash is a mobile app that allows Nigerians to borrow small amounts of money over short periods. They operate under Blue Ridge Microfinance Bank Ltd. and offer a convenient way to access quick cash for emergencies or unexpected expenses.

Is Okash registered with the CBN?

Yes, Okash is registered with the Central Bank of Nigeria (CBN). Okash operates under Blue Ridge Microfinance Bank Ltd., which is a CBN-licensed Microfinance Bank. You can find Blue Ridge Microfinance Bank listed on the CBN’s list of licensed microfinance banks as of October 31, 2020.

What are the interest rates on Okash loans?

Okash loan interest rates can vary depending on the loan amount and repayment period, but they generally fall within a range of 36.5% to 360% APR. Here’s a breakdown assuming we are borrowing NGN 3,000 for some specified number of days:

Loan Term: Interest Rate (APR) Example (NGN 3,000 Loan)
15 days 9.1% Interest: NGN 273, Total Repayment: NGN 3,273
30 days 18.2% Interest: NGN 546, Total Repayment: NGN 3,546
91 days 27.3% Interest: NGN 819, Total Repayment: NGN 3,819
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Points to note:

  • Even though Okash interest is calculated daily, not annually, they still insist you pay the full interest rate even if you are repaying earlier than the due date.
  • The examples we have used above are based on a loan amount of NGN 3,000. The interest rate you receive may be higher or lower depending on the loan amount you apply for.
  • Okash also charges a one-time service fee of 4% of the loan amount.

Okash interest rate

Okash terms & conditions

Below is a list of key terms and conditions of Okash you need to take into consideration before borrowing money from the app:

  • Eligibility: You must be between 20 and 55 years old with a valid Nigerian phone number, bank account, and BVN to use Okash.
  • Fees and Interest: Okash charges a fee on top of the loan amount, and the interest rate is usually stated at the time of application. You are responsible for repaying the loan and interest by the due date.
  • Repayment and Default: Late payments will incur a rollover fee, and if you still haven’t repaid the loan after the rollover period, you may be reported to credit bureaus and face legal action.
  • Data Privacy: Okash collects and uses your personal information for verification, credit scoring, and loan servicing. They may share your data with third parties under specific circumstances, such as credit bureaus or legal authorities.
  • Service Discontinuation: Okash reserves the right to discontinue the service or terminate your access at any time without notice.

Does Okash call your contacts?

Officially, Okash no longer calls your contacts for loan collection. They faced lots of backlash from users in the past for this practice, and with the new Google Play Store policies now prohibiting loan apps from gaining access to users’ contact lists, Okash had no choice but to comply.

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However, there are some caveats:

  • While Okash claims they no longer access your contacts for debt collection, some user reports suggest they might still send automated text messages to some contacts listed as emergency references during loan application.
  • It’s also possible that some agents working with Okash might unofficially try to contact your contacts, although this is against the company’s policy.

Additional points to remember before using Okash

  • Read the full terms and conditions: Don’t be among the 99% of people who don’t read terms and conditions. Also, don’t just skim through the highlights. Take your time to read the entire document so you can understand your rights and responsibilities.
  • Borrow responsibly: Cut your coat according to your size, only borrow what you can afford to repay.
  • Explore alternatives: Don’t be afraid to look for other alternatives to secure the funds you need such as borrowing from family members or commercial banks if you have the chance.
  • Seek help if needed: If you’re struggling to repay a loan, reach out to financial advisors for advice. You are not the first to be in debt, so do not kill yourself.

With the above Okash’s terms and conditions and interest rates we have highlighted, you can make informed borrowing decisions and avoid potential problems. Remember, borrowing money should not be cultivated as a habit but should be seen as a last resort after you have exhausted all possible means to get the money you need.


Many loan apps change their interest rates and repayment terms over time. Always review the terms and conditions carefully before downloading any loan app. B4loan doesn't promote any loan app, we just help you make informed decisions.

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