16/11/2021
OKcash operates a model where they have ground agents helping to sign people unto the platform. You can find these agents at different shops where mobile phones and other devices are sold. Their agents are uniquely identified by a shirt with the OKcash logo and brand colors on it. As a first step, you should locate one of these agents.
ii. Pick Your Preferred Phone or Device
After locating an OKcash agent, you get to decide what phone or device you intend to purchase. OKcash supports the purchase of a large range of devices, provided the store (where you meet the agent) has it. So, feel free to explore your options at this stage.
iii. Register With the OKcash Agent
After deciding what kind of phone or device you want to finance, you should register with the OKcash agent. For this, you will need to provide details and documents like name, phone number, address, company name, salary information, BVN, valid means of identification, debit card information (to enable auto-debit when monthly paybacks are due) and more.
Initial deposit amount and loan tenure is usually decided in this stage. Also, you are obligated to pay at least 30% of the phone or device price as a deposit. It is also worth mentioning that available loan tenures on OKcash are either 3 months or 24 months.
Moving forward, you will have to provide at least four (1) people whose words OKcash will take as collateral. These people (family, friends, and colleagues) have to assure them via a phone call that you are who you say you are.
iv. Pay Your Initial Deposit Amount
The payment of your initial deposit amount comes after registration. This payment is made to the store where the purchase is being made alongside the OKcash agent. As initially stated, the initial deposit must be at least 20% of the price of the mobile phone or device. Behind the scenes, the platform completes your payment to the store, so loan repayment is in turn made to them (OKcash).
v. Login to the OKcash Mobile App
After paying your deposit, you can now download and login to the OKcash mobile app for consumers. After logging in, you are expected to set up your loan repayment instrument/mode. This includes adding a card to enable the platform to automatically debit your account once it’s a due date. You can also decide to pay back your device loan before the due date.
This is the last step here, after which you will be allowed to go with the device purchased.