Amending Account Details For Your Migo Loan Application – Options & Considerations
As one of Africa’s most popular and accessible digital lending platforms, Migo allows millions of customers to secure convenient, short-term microloans fully through their mobile phones.
However, after initially signing up, your circumstances may change – necessitating an update of your registered bank account details associated with accepting and repaying the loans from Migo.
Perhaps you opened a new bank account or want to shift to getting loans into a different digital wallet. Regardless of the reason, directly altering the pre-linked account number mid-loan on your Migo application poses some complications.
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This comprehensive article covers:
- The link between your BVN, account and Migo loan
- Viable options to change account information with Migo
- Repayment considerations when shifting accounts
- Guidance for contacting Migo customer support
- Expert tips for smooth account management
Follow these insights before attempting to modify financial details tied to your approved Migo loans.
Understanding the Loan Account Number – BVN Link
On signing up for a Migo loan, specifying your personal bank account number serves two purposes:
1) Identity Verification
By inputting a valid Nigerian bank account registered under your name and linked to your unique Bank Verification Number (BVN), Migo is able to reliably confirm your identity digitally without extensive paperwork.
This use of BVN regulation aids remote onboarding and rapid loan decisioning leveraging Nigeria’s advancing digital financial infrastructure.
2) Facilitating Loan Payout & Repayment
Secondly, your registered bank account number provides Migo with approved payment rails for seamlessly disbursing approved loans amounts directly to your account.
It also designates the destination where loan repayments from you must be received to settle dues – allowing smooth transaction tracking.
In summary, your specific bank account facilitates key loan functionality from underwriting through settlements, governed by BVN-based identity so directly changing it has implications.
Viable Options To Change Your Migo Loan Account Details
Given the intricate linkage between your identity, repayment behaviour and registered loan account, what options exist for amending account information if your circumstances change?
Option 1: Repay Loan and Reapply
The simplest and most effective route is closing your active Migo loan by fully settling outstanding amounts. Once your repayment history and relationship is formally closed, simply re-apply for a fresh loan inputting your new desired bank account number.
This essentially resets the loan account association cleanly without compromising tracking or identity pillars.
Option 2) Consult Migo Customer Support
Where repaying and re-applying is not ideal or feasible, formally contact Migo Customer Service through available channels explaining your requirement and rationale for wanting to modify your underwriting account mid-loan.
Based on your unique situation, credit history and loan status, their team may provide customized guidance or exceptions for either switching accounts on your current loan or structuring a parallel arrangement aligning repayments to limits.
While not guaranteed, a transparent discussion with Migo support opens options as regulations and systems evolve.
Key Considerations When Changing Loan Accounts
If Migo does facilitate amending your loan account, either through support team intervention or via the repay-reapply route, some implications to flag include:
Repayment Tracking: Your revised account will need fresh mandates and links configured by Migo to recognize incoming settlements versus the previously tagged number.
Credit History: Repayment track records and scores associated with your old loan account will not port over or reflect against new loan applications.
Fees: Account changes may be categorized as loan restructuring, attracting applicable admin or rescheduling fees from Migo.
Collateral Risk: Any personal or asset collaterals pledged against the original account may require re-configuring to link properly to updated account.
Thus, while updating accounts is possible in theory, the complexities mean starting afresh is often the cleanest approach.
Best Practices For Engaging Migo Customer Support
If engaging Migo support to amend your account, follow these best practices for smooth processing:
- Clearly explain why you require the account change and your repayment capabilities
- Provide necessary proofs upfront – bank letter, BVN slip etc.
- Be reasonable on timeframes for change requests considering process workflows
- Confirm any associated costs or fees impacting request upfront
- Follow up at regular intervals for status after initial request
Proactively managing expectations around account changes leads to better member experiences.
Expert Tips For Streamlined Account Management
Here are some professional tips when managing loan accounts with Migo:
- Consolidate loans under one verified account for consistency
- Maintain accounts in financial institutions with seamless digital workflows
- Confirm BVN linkage accurately reflects identities before applying
- Pre-notify Migo customer service regarding any major account changes
Proactively planning and communicating changes enables smoother transitions.
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Conclusion
While updating bank account details linked to your existing Migo loan application poses some changes due to the inherent BVN and repayment tracking complexities, options exist by closing loans, re-applying or formally consulting customer support.
Assess your exact requirements and leverage the available mechanisms to switch loan settlement accounts conveniently without compromising your overall loan terms or credit health over the long run.