Aposhashamura

Frequently Asked Questions (FAQ)

Is Aposhashamura a Bank?

No. Aposhashamura is not a bank. Aposhashamura Finance Limited is a small company. According to the Central Bank of Nigeria definition of small companies; Small Companies are Start-ups, Innovators, Technology Companies and Young Nigerians that have great ideas.

Aposhashamura Finance Limited is a FinTech company with huge vision & goals and keen interest in all key areas of impact of Financial Inclusion- Money Lending, Financial Management, Payments & Banking. The company belongs to the FinTech Industry & it is classified as Other Financial Institution (OFI), a sub-sector of the Financial Services Segment of the Nigerian Economy. 

How many types of loans are offered on the Aposhashamura platform?

Aposhashamura® offers loan in 3 categories- Mini, Midi & Maxi Loans

Loan Type Range Minimum Tenor Maximum Tenor
Mini NGN 5,000-50,000 7 days 30 days
Midi NGN 51,000-250,000 30 days 60 days
Maxi NGN 251,000-1,000,000 30 days 90 days

How to apply for Aposhashamura Loan, how long does it take?

Aposhashamura is easy! Just download the Android or the iOS version. Complete our application form in minutes and submit. We will review your information and communicate a loan decision to you shortly after. If loan is approved, you will receive funds directly into your preferred bank account. If you are a returning customer, loan processes can take up to 24 hours. If you are a new customer, loan processes could take between 24-72 hours. This is to enable Aposhashamura carry out data checks & validations on the information provided by the borrower

Who can apply for the Aposhashamura Loan?

Aposhashamura Loan is available to both Employed & Self-Employed Applicant, although eligibility criteria differ. Please see the requirements below:

MINI Loan MIDI Loan MAXI Loan
Employed Self Employed Employed Self Employed Employed Self Employed
Must provide 6-month Statement of Account if data is not provided through OKRA Must provide 6-month Statement of Account if data is not provided through OKRA Must be gainfully Employed with a Bank or Conglomerate or a known Company *Must have acquired MINI Loans minimum of five times*Must have a Running Business with track records *Must have acquired MIDI Loan minimum of two times*Must be gainfully Employed with a Bank or Conglomerate or a known organization *Must have acquired MIDI Loans minimum of five times*Must have a Running Business with track records
Upload a Selfie Upload a Selfie Upload 6 Months Statement of Account. DSR must not be more than 30% of Income
Upload 6 Months Statement of Account. DSR must not be more than 30% of Income Upload 6 Months Statement of Account. DSR must not be more than 30% of Income Upload 6 Months Statement of Account. DSR must not be more than 30% of Income
Upload Valid ID (Government Issued) Upload Valid ID (Government Issued) Upload Valid ID (Government Issued) Upload Valid ID (Government Issued) Upload Valid ID (Government Issued) Upload Valid ID (Government Issued)
Upload Work ID Upload Work ID (if any) Upload Work ID (if any) Upload Work ID (if any) Upload Work ID (if any) Upload Work ID (if any)
Provide 1 valid Debit Cards for loans below N20,000 & two Debit Cards for loans above N20,000 Provide 1 valid Debit Cards for loans below N20,000 & two Debit Cards for loans above N20,000 Provide 2 Debit Cards Provide 2 Debit Cards Provide 2 Debit Cards Provide 2 valid Debit Cards from 2 different Banks, of which each account must have activities in the last 3 months. One of the cards must be the Business Account.
    Upload Utility Bill Upload Utility Bill Upload Utility Bill Upload Utility Bill
    Upload Official Complementary Card (Optional) Upload Official Complementary Card (Optional) Upload Official Complementary Card (Optional) Upload Official Complementary Card (Optional)
    Provide Post-dated Cheques (Salary Account) Provide Post-dated Cheques (Business Account) Provide Post-dated Cheques (Salary Account) Provide Post-dated Cheques (Business Account)
    Download, Fill, Scan and Upload Loan Agreement Form Download, Fill, Scan and Upload Loan Agreement Form Download, Fill, Scan and Upload Guarantor Form Download, Fill, Scan and Upload Guarantor Form
    Download, Fill, Scan and Upload Guarantor Form Download, Fill, Scan and Upload Guarantor Form Download, Fill, Scan and Upload Loan Agreement Form Download, Fill, Scan and Upload Loan Agreement Form
    Provide a Guarantor Post-Dated Cheque for Loan above N200,000 Provide a Guarantor Post-Dated Cheque for Loan above N200,000 Provide a Guarantor Post-Dated Cheque for Loan above N250,000 Provide a Guarantor Post-Dated Cheque for Loan above N250,000
    Must be collaterized by a luxury asset but easily realizable asset such as Jewelries, Banker’s cheque, vintage cars or any other Business Assets Must be collaterized by a luxury asset but easily realizable asset such as Jewelries, Banker’s cheque, vintage cars or any other Business Assets Must be collaterized by a luxury asset but easily realizable asset such as Jewelries, Banker’s cheque, vintage cars or any other Business Assets Must be collaterized by a luxury asset but easily realizable asset such as Jewelries, Banker’s cheque, vintage cars or any other Business Assets
Loan Approval takes 48 Hrs. – 72 Hrs. Loan Approval takes 48 Hrs. – 72 Hrs. Loan Approval & Disbursal takes 48 Hrs.- 72 Hrs. Loan Approval & Disbursal takes 48 Hrs.- 72 Hrs. Loan Approval & Disbursal takes 48 Hrs.- 72 Hrs. Loan Approval & Disbursal takes 48 Hrs.- 72 Hrs.

What lines of products/services are available with the Aposhashamura loans?

Loan Products Description Transaction
Dynamics
Unsecured Personal Loans (UPL)

Aposhashamura UPL allows customers to borrow our MINI Loan ONLY without any form of collateral. However, eligible candidates must have & meet the following requirements respectively:

  • Bank Verification Number (BVN)
  • Bank Account No.
  • A valid form of Identification
  • At least 1 bank debit card
  • High Credit Score
  • Must provide Guarantor Details
  • Must Provide Employment Details
  • All details must be validated through accredited Service Providers
Download Aposhashamura Android & iOS version of the mobile app to get started
Secured Personal Loan (SPL)

Aposhashamura SML Loan allow customers have access to Aposhashamura MIDI & MAXI loan using a form of easily realizable asset for loan collateral- Motor Vehicles, Jewelries, Banker’s cheque, etc.However, eligible candidates must have & meet the following requirements respectively:

  • Bank Verification Number (BVN)
  • Bank Account No.
  • A valid form of Identification
  • At least 1 bank debit card
  • High Credit Score
  • Must provide Guarantor Details
  • Must Provide Employment Details
  • All details must be validated through accredited Service Providers
  • Collateral
Download Aposhashamura Android & iOS version of the mobile app to get started
Asset Finance
(*new)
Aposhashamura Asset Finance is a type of Lending that gives Borrowers access to Business Assets such as Equipment, Machinery and Vehicles or enables us to release cash for assets that are already owned while using the same asset as collateral.
  • Customer initiates an Asset Finance request through the App.
    If request is approved: Customer uploads a Proforma Invoice from an accredited vendor Customer makes a 30% down payment A loan is set for the customer while the Vendor Account is credited with the Invoice value
  • Vendor generates an Invoice & forward to the Insurance company who will ensure the asset while stating Aposhashamura Finance Limited as First Loss Payee
  • Upon receipt of Insurance Premium cover, Aposhashamura issues a pick-up slip to the Customer for asset pick-up
HMO Insurance Premium Finance (*new)

Aposhashamura HMO Finance (*new) is one of our newest initiatives. This product is designed for consumers:

 

  1. who are in need of basic healthcare services & seeking for a chance at survival but cannot afford one-time payment of HMO Insurance Premiums
  2. who are not willing to make outright payments for their HMO Insurance Premiums

 

Aposhashamura has been able to exemplify an established emotional connect & psychological balance associated with perception of healthcare as luxury, instead of necessity of life, among some classes of consumers.

The HMO Insurance Premium Finance is a strategic innovation that will accommodate all classes of consumers but unique to its projections are the low-income earners who earn daily, but in piece meal & have seen healthcare as 'not affordable'. This product will yet cause another disrupt in the HealthCare sector as it will help Nigerians overcome the daunting mindset of 'Healthcare is not affordable' & embrace the fact that 'Healthcare is a basic necessity of life' with the help of Aposhashamura HMO Insurance Premium Finance.

  • Customer initiates an HMO Finance request through the App. If request is approved,
  • Customer uploads a Proforma Invoice from an accredited HMO Agent
  • Customer makes a 30% down payment
  • A loan is set for the customer while the Vendor Account is credited with the Invoice value
  • Vendor generates an Invoice & forward Aposhashamura
  • Upon receipt of Invoice, Aposhashamura releases a pick-up slip to the Customer for the HMO card pick-up

How much can I borrow from Aposhashamura? For how long?

Aposhashamura offers loans in three categories- Mini, Midi and Maxi Loan. When you fill out an application, our system will calculate a loan offer for you based on the information provided; and determines the amount and repayment duration we can offer you. This process differs by individual, so please ensure your information is accurate and that you are applying from a safe device for us to provide you with the best possible loan offer

Why is my Bank Verification Number (BVN) required?

We request your BVN as this is used to verify that the individual applying for a loan is also the same as the owner of the provided bank account. Your BVN matches your bank account information. This will ensure that your details cannot be used to apply for a loan without your authorization in the event a third party has access to your account details. Please note that your BVN does not provide access to your account. If in doubt, we encourage you to confirm this from your bank before you proceed.

My current loan offer is too small? Can I get a higher loan amount?

The loan offer given to you is what we can provide at the time of application. This may vary in the future as we learn more about you, we will also be able to provide loans that better suit your financial profile

What are the required documents or collateral for Aposhashamura loan?

Aposhashamura mini loans do not require collateral or documents- the process is entirely paperless! All you need is an android device, a data connection and a valid bank detail. However, we require some documentations for the Midi & Maxi Loans.

How long does it take to process Aposhashamura loan?

The entire process can be completed in no time! Once you complete our short application and accept the loan offer provided, your information is reviewed, and a loan decision is typically provided within a short time. If approved, funds will be received within a few moments after approval.

I don’t have an Android phone. Can I apply for a loan on a computer or from another operating system?

Aposhashamura loan is available only on phone devices. However, we are working on getting Aposhashamura out on a USSD code in the coming months, so stay tuned!

I don't know my BVN, what do I do?

Just dial *565*0#. Please note: This will only work if you are making the request from the same phone number currently linked to your bank account

Why is my bank account required?

It is important for us to send your funds to your preferred account as quickly as possible. We request bank account details as that is where we will disburse funds to, if approved. Please note that this must be a personal bank account in your name

Who should I contact to submit a comment, question or complaint?

You can send us a message using our social media pages or in-app chat service, and an agent will respond swiftly.

Feel free to reach out to us any time via the in-app live chat or find us on social media (Facebook, Twitter & Instagram). You can also send us an email on [email protected]. We will always do our best to respond as quick as possible

Can I access Aposhashamura from any location?

Aposhashamura is currently available throughout Nigeria

I am receiving an error: ‘location not found’. ‘Unable to submit loan application'. How do I resolve this?

Please ensure that location settings are activated on your Android device, in order for the application to submit successfully. After this is done, please exit the Aposhashamura app, then re-open and attempt to submit your application again. We also recommend that you ensure you are in an area with stable network connection while the app detects your location-sometimes, even taking your device outdoors briefly can help, as network signal is typically stronger

I was approved for a loan, why have I not received my funds?

If this is your first-time loan, your debit/ATM card needs to be setup in order for your funds to be disbursed to your account. Please click 'Link-a-Card' in the app and add a card to be used for repayment. For your convenience, we'll deduct your repayment automatically on your due date.

Note: you may need at least NGN100 in the account linked to the card for setup to be successful. Card setup is only required once, as long as your card is valid

My loan status shows 'Disbursed', but I am yet to receive funds in my account?

Funds are typically received within few hours of receiving disbursement confirmation. We recommend that you check the bank account provided & ensure it is a personal account as we do not process transfers to 3rd party accounts. We also advice checking your account balance directly as credit alerts are not always received with transfers

Why is my loan application rejected?

There are a few reasons behind loan application rejections. The most likely reason is that our system did not receive sufficient data to score your application. Please ensure you are signed into Aposhashamura using your main mobile device, and also keep your data on while using the app in order for us to determine the best possible loan offer for you

Another possible reason is that you may not have shared all your information required in the application or provided invalid details

However, there can be other reasons. As a responsible lender, we take steps to ensure we only extend credit to applicants who can afford it, so that our clients won't become too indebted. It is possible that at this time, you don’t match the profile of individual we normally lend to

Negative repayment patterns on previous obligations (including Aposhashamura loans) can also limit access to credit, or make it more expensive to.

Whatever the situation, we recommend keeping the app installed and retrying in 1-2 months, as the criteria of these decisions are constantly.

Does my account need to be funded before application?

Our loans are intended to meet your urgent cash needs, so we understand you may be low on funds at the time of application. However, on your Mini first loan, we process a one-time card setup charge which can be up to NGN100 when your loan is approved. This is done to verify that the debit/ATM card your repayment will be taken from is valid

I have submitted my application, but I have not yet received any notification on loan status?

Notifications are typically sent via SMS and/or email immediately after the loan application is sent. If you have not received either of these, please check your account Dashboard to confirm the current status of your request

My loan is showing 'Pending' after I have submitted my application. How do I proceed?

This status indicates that our system is processing your application. You will receive a notification on your loan decision shortly after

What is a Customer Unique ID (CUID)? How do I find mine?

Your CUID is the unique number Aposhashamura uses to identify you. Think of it as your account number with us. It is displayed in the app, sent via SMS/Email when you sign up, and in all e-mails, we send to you.

It can also be found by logging into your app

Please take note of your CUID as it should be used for resolving account issues speedily or on any repayment transaction details for quick identification

Can I update my banking/personal information?

You can update your banking details and information in the app.  If you have a running loan with us and need to update or change certain details, please use the 'Manage Account' menu, or contact us via the in-app chat for assistance.

How do I check my loan due date & due payable?

Please log in to your Aposhashamura account Dashboard to view all the details concerning your loan

Why do you need my card details?

We ask for card details in order to charge your account for your loan repayments on your due date. Aposhashamura understands that this is very sensitive information, so we have taken all available precautions by securing our platform with world-class encryption and security technology to protect your data

My debit/ATM card is being declined when I try to complete card setup. What can I do?

This may be due to a number of reasons:

  • You may have insufficient funds in your account. Please ensure you have at least NGN100 in the account linked to the card for setup to be successful
  • You haven't activated your card for online transactions. For card activation instructions, please click HERE or contact your bank
  • Details entered may be incorrect: please check the card number, expiry date and CVV provided to be sure all information is valid
  • You are attempting to setup a card already in use by another Apo Shashamura customer

If you are still having issues with setup, please send us a message and we'll be happy to assist.

I have never previously used my debit/ATM card for an online transaction. How can I set up on Aposhashamura?

Depending on your card type, you may need to contact your bank to enable your debit/ATM card for online transactions prior to completing setup on Aposhashamura. For card activation instructions, please click here

How do I repay my loan?

We have made it as easy as possible for you to repay your Aposhashamura loan. On your due date(s), your payment will conveniently be deducted from the account linked to the debit/ATM card provided during your loan application. Make sure it is funded.

If you prefer to make a repayment before your due date, these channels are available to you for now. Other channels will be available soon:

  1. PAY VIA APOSHASHAMURA WEB PORTAL (RECOMMENDED)
    To make a payment to clear an active loan, login to our web portal >>> Your Account Dashboard. Click on your running/due loan amount >>> Click the 'PAY LOAN' button. Your account is immediately updated, once payment is successful
  2. DIRECT TRANSFER
    Account Name: Aposhashamura Finance Limited
    Bank Name: Zenith Bank Plc
    Account Number: 1015786033

Please include your full name or email address on the transfer details and notify us immediately you make a repayment. Repayments made via cash transfer are typically updated on our platform within 1-2 business days.

How can I make an early payment?

If you want to make a payment prior to your due date, please use the ‘PAY LOAN’ button found when you click on the loan amount on your account Dashboard. This will automatically set your loan status to ‘completed’ so you can request for another loan if need be.

If I make an early repayment, will I pay less?

Yes, you will pay less. Early repayments are accepted, and you can apply for a new loan immediately your previous loan is paid off. Your repayment terms are fixed at the point of loan application and the total amount to be paid will be displayed on your account Dashboard

I have made my repayment, but my account has not been updated. How come?

You should ensure that your account to be deducted is funded on your due date for successful payments, or repay your loan using the 'PAY LOAN' button in the app as this immediately updates your account. Other forms of repayment can lead to delays with account updates. If you have made a cash transfer, please be sure to include your full name or email address in the transfer description/narration so your account can be reconciled swiftly. Payments without these details can experience additional delays. After you make the payment, please send us an email with the following details:

  1. Full Name or email Address
  2. Amount Paid
  3. Date/Time Paid
  4. Bank account funds were transferred to
  5. The name/details indicated on the description/narration of the transfer
  6. Mode of repayment (bank deposit, Mobile transfer, ATM transfer, web, Quick Teller, Paga, Unified Payments, other)

Please note: Repayments made via cash transfer will be updated on our platform within 1 - 2 business days of receiving your email

I just paid back my most recent Aposhashamura loan. How soon can I apply for another loan?

You can check your current status by logging into your account. If you have successfully paid off your previous loan on time, you can re-apply for another loan within 24 hours and may qualify for higher credit at a lower rate

Can I reschedule my loan repayment date?

Please note that due dates are fixed when your loan is approved. We do not currently reschedule due dates, so please ensure that you make your repayment on/before your agreed due date in order to continue having this service available to you

What happens if I can't make a payment on my due date?

We understand that financial circumstances can change suddenly, however, it is important to note that we do not schedule repayment dates and you should only take a Aposhashamura loan if you are reasonably certain you have the means to repay within the agreed period. There may be fees associated with late repayments. In addition, defaulting loans are reported to national Credit Bureaus and this can severely affect your ability to access loans in future. We therefore advise you take every effort to meet your obligations on time

What happens if I don't pay back my loans?

We want to keep you as a customer, so please make every attempt to pay us back on time. If you find yourself in a situation that makes it difficult to make your scheduled repayment, please contact us immediately by sending us an in-app chat message or email [email protected] or calling 09026652324

We do our best to help our customers avoid these situations and the resulting consequences which can include:

  1. Suspension of your access to our lending service
  2. Reporting your account delinquency to multiple credit bureaus
  3. Involvement with external collection agencies
  4. Possible legal action

Remember, a positive outcome for you is a positive outcome for us, so let us assist you with work through and finding a solution to any issues you may face during the loan period

Can I trust Aposhashamura with my data?

When using Aposhashamura, your data is always secure. Our platform uses world-class standard security and encryption technology to protect all details. When you provide us with information, you can also be assured of your privacy - our loan agreements are always kept confidential

Who has access to my data?

Aposhashamura never shares your personal details with third parties, unless it is for dedicated business purposes, such as reporting of loan defaulters to authorized Credit Bureaus. It is therefore important to ensure that you repay your loan on time, so your credit history is not negatively affected. If you make timely repayments, this increases your chances of accessing credit from financial institutions in future

What is a Credit Bureau? How can I review my data that Aposhashamura sends to Credit Bureau?

Credit Bureaus are agencies that provide information on individuals' borrowing habits and financial patterns. They typically work with financial institutions and other creditors to collate this data, and your performance on previous reported accounts impact your ability to obtain loans or other financial services in future. The more loans you repay on time, the better your credit history gets. With this, you'll be able to access better loans at cheaper rates

You can order a self-report on your credit history from any of the 3 nationally registered credit bureaus. You may contact:

  • First Central Credit Bureau (former xdscreditbureau.com)
  • Credit Registry Services (www.crservicesplc.com)
  • CRC Credit Bureau (www.crccreditbureau.com)

 Why do you need permission to my mobile device?

Aposhashamura uses data from your mobile device, including (but not limited to) location, contacts and notifications to provide you with the best possible loan offer. It's an important part of our evaluation process and allows us to provide you with loans most suitable for you

How do I give Aposhashamura permission for my phone?

On your mobile device, kindly go to Settings -> Apps -> Aposhashamura -> Permissions and ensure you have provided Aposhashamura with access to the requested permissions

What happens if I lose my device?

You're safe! Your data provided in the app is secured by a 4-digit PIN or PASSWORD created by and only accessible to you. This PIN or PASSWORD is requested each time you open the app. Once you get a new device, just login to your account and your data will be right where you left it

I have forgotten my Aposhashamura PIN or PASSWORD. How can I get it back?

If you do not remember your PIN or PASSWORD, launch the app or web app, select 'Forgot PIN' or ‘FORGOT PASSWORD’ as the case may be, and enter the requested personal details in order to verify yourself and reset your PIN or PASSWORD

I did not receive a phone verification code, what do I do?

 When you sign up on our service, you should receive an SMS link from us to the mobile number you provided. Please enter the code received to verify your number and successfully register on the platform. If you are certain that you did not receive a message, please ensure that your provided number is switched on and is in an area with good network service to receive the SMS.

Note: A data connection is required in order to validate your phone number.

What is a referral code?

A referral code is a unique code assigned to you, which you can then use to tell anyone about our service. If an individual sign up for Aposhashamura using your code, you become eligible for benefits, such as loan discounts, when a referral repays a loan on time. You can find your referral code by checking in the 'Refer a Friend' menu in the app

I have introduced my friend to Aposhashamura, and I want to apply for a loan on his/her behalf. Am I allowed to do this?

Third party applications are not accepted on Aposhashamura. Please ensure you do not complete an application for someone else or login on your device with another individual's profile, as this can suspend your access to our service. Encourage friends to apply for Aposhashamura loan themselves and on their own devices.

How do I earn loan discounts?

Aposhashamura offers a discount program that allows you to earn money for referring a friend - who then repays their first loan on time - to our service. When you bring in a good borrower to help grow the community, we'll reward by offering you a discount on your next loan. Just click the 'Use Discount' button that becomes available on the Loan Details page and apply it before applying

I have referred a friend but did not earn a discount on my next loan. What happened?

Discounts have a validity period after which they expire, if it remains unused. Please ensure you apply your discount to your loans before it expires. For more information on discounts, please contact us via the in-app chat

I previously applied on the Aposhashamura platform, but I’m now redirected to the google playstore to download the mobile app. Why?

In order to provide a better mobile experience for you, Aposhashamura has eventually switched to an app-only service. This means that users of our web platform will need to migrate to the Android app in order to continue enjoying this service.

I am trying to download the mobile app from the Play Store, but I am getting the following error This item isn't available in your country'. How do I fix this?

This means that your Google Play account is currently set in a location where the app is unavailable. If you are currently in a location where Aposhashamura is available, but your Play Store settings currently have you in a different country, you will need to update your Google Play account profile to your correct location in order for you to access the app

I am getting a 'Device not compatible' message in the google play store when I try to download the app. What does this mean?

Aposhashamura currently only supports Android devices running on version 4.1 and above. Please check your device settings to verify whether your device meets this standard

Whether you need to Borrow, or you have some free cash to Lend to make some gains, or you have Investment goals, or you need to Save for the rainy day, all on a single platform.