Overview
Migo is a Nigerian fintech platform that provides quick loans and microfinance services, helping small businesses extend low-interest, no-collateral microloans, banking services, and credit purchases to their customers. The platform operates as both a direct lender and API provider, enabling individuals to access instant personal loans while also serving businesses, FinTechs, merchants, and banks with lending infrastructure.
The platform allows Nigerians to borrow money easily, with loan amounts up to ₦500,000 and competitive interest rates starting from 5%. Migo targets both individual borrowers seeking quick financial solutions and businesses looking to offer credit services to their customers.
Key Features
Instant Loan Approval
Get loans approved within 2 minutes
No Collateral Required
Unsecured personal loans without asset backing
Flexible Repayment Options
Multiple payment methods including transfers, USSD, and cash
API Integration
Cloud-based lending infrastructure for businesses
Credit Building
Improved offers with timely repayments
SME Lending
Business loans for small and medium enterprises
Pros & Cons
Advantages
- Quick 2-minute loan approval process
- No collateral or physical documentation required
- Multiple flexible repayment methods available
- Competitive interest rates starting at 5%
- Credit score improvement with timely repayments
Limitations
- No dedicated mobile app for consumers
- Initial loan limits may be low for new users
- System-generated loan offers only
- Limited independent user reviews available
- No ability to customize loan terms
Security Features
Advanced KYC verification processes
Integration with international screening solutions
Compliance with global sanctions lists
Data encryption for customer information
Secure API infrastructure for partner integrations
Regular security audits and compliance checks
Pricing & Fees
| Service | Fee | Details |
|---|---|---|
| Personal Loans | 5% - 15% per annum | Interest rates vary based on creditworthiness |
| Loan Processing | ₦0 | No processing fees for loan applications |
| Early Repayment | ₦0 | No penalties for early loan settlement |
| Late Payment | Variable | Charges apply for overdue payments |
| API Access | Custom pricing | For businesses integrating Migo's lending API |
Getting Started
Detailed Ratings
Final Verdict
Migo provides a highly accessible platform for Nigerians seeking quick, small-value personal loans, with flexible repayment methods and no collateral requirements. While the platform offers competitive rates and fast processing, the lack of a dedicated consumer mobile app and limited loan customization options may deter some users. The strong security framework and regulatory compliance make it a relatively safe choice for borrowers.