How to Pay Your Migo Loan with Transfer

A Step-by-Step Guide to Paying Migo Loans via Bank Transfer or USSD in Nigeria

Migo is a fintech company providing unsecured, short-term consumer loans to individuals in Nigeria. When you take a Migo loan, you can repay it through various online and offline methods. Two convenient payment options are bank transfer and USSD.

This comprehensive guide covers the step-by-step process to pay back your Migo loan using either bank transfer or USSD, along with tips, precautions, troubleshooting, and frequently asked questions.

how do i pay my migo loan with transfer


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Introduction to Migo Loans

Founded in 2013, Migo provides collateral-free loans from ₦1,500 to ₦500,000 to eligible applicants in Nigeria. Migo evaluates alternative data like mobile phone usage instead of pay slips or assets when approving loans.

Their loans are disbursed instantly and require repayment within 1 to 6 months in equal installments. Customers can access friendly loans to cover emergencies, education costs, investments or other needs.

Migo offers multiple repayment channels for convenience including debit cards, bank transfer, USSD, mobile wallets, and cash deposits. Let’s examine two popular options – bank transfer and USSD – in detail.

Repaying Migo Loans Through Bank Transfer

Bank transfer allows you to pay your outstanding Migo loan amount securely from your bank account. Here is the step-by-step process to pay Migo through bank transfer:

On Migo’s Website

  1. Visit Migo’s website and click on ‘Repay’
  2. Enter your registered phone number on the page
  3. Select ‘Pay Loan’ from the options
  4. Choose ‘Bank Transfer’ as the payment method
  5. Pick your bank from the drop-down menu
  6. Click ‘Continue’ to proceed
  7. Note down the unique account number displayed
  8. Note down the payment code also provided
  9. Login to your bank’s mobile or internet banking platform
  10. Add the Migo account number in the recipient details
  11. Enter the exact loan repayment amount
  12. Input the payment code in the description/reference field
  13. Complete all required steps to confirm and process the transfer
  14. Save or print the transaction receipt from your bank

The payment will reflect in your Migo account within 24 hours.

Precautions When Paying via Bank Transfer

  • Double check the account number entered matches what Migo provided
  • Accurately input the repayment amount without errors
  • Enter the correct payment code as reference
  • Save the payment receipt for your records
  • Contact Migo if payment is not reflected after 48 hours


Paying Migo Loans via USSD

USSD allows Migo loan repayment directly from your mobile phone using simple text commands. Follow these steps:

Via *561#

  1. From your phone, dial *561#
  2. Select ‘Loans’ from the menu options
  3. Choose ‘Pay Loan’
  4. Pick ‘Pay with Phone’ as the payment method
  5. Follow prompts to add your debit card details
  6. Select the registered debit card to make payment
  7. Carefully enter the repayment amount when prompted
  8. Review and confirm payment details
  9. Complete payment by entering your card PIN
  10. Note down the reference code displayed
  11. Wait for the final success notification message
  12. Contact Migo if payment is not reflected after 48 hours

Precautions When Paying via USSD

  • Have your debit card ready before initiating payment
  • Accurately input your 16-digit card number, CVV, expiry date
  • Carefully enter the exact repayment amount; don’t estimate
  • Note down the reference code for your records
  • Contact Migo customer support if any issues faced

Troubleshooting Migo Loan Payments

If you face any problems when repaying your Migo loan through bank transfer or USSD, here is how to troubleshoot:

  • If you entered an incorrect account number or amount, contact your bank to reverse the transfer if possible. Initiate fresh payment.
  • If payment confirmation is delayed beyond 48 hours, contact Migo support through phone, email or chat to confirm status.
  • If USSD transaction doesn’t go through, verify your debit card details were entered correctly. Retry payment.
  • If you forgot to note the reference code, contact Migo. Share your loan account details so they trace your payment.
  • For errors like duplicate payments, provide Migo transaction receipts so they can reconcile accounts.
  • For ongoing issues, visit the Migo support portal and raise a ticket for specialized assistance.


In summary, Migo provides a convenient and structured loan service tailored to the Nigerian market. Borrowers can easily repay their loans through various channels like bank transfers and USSD using the steps outlined above. By following the processes accurately, saving transaction records, and contacting support if required, you can manage your Migo loan repayment seamlessly.

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