Migo is a digital loan platform that gives quick access to cash loans with zero need for collateral, documentation or guarantor.
There are two ways to get their loan. You can do that by just failing the Migo loan USSD code on your phone, or through their official website.
So if you’ve never heard of Migo before or you’ve heard about them but don’t know how it all works, this article will guide you properly.
About Is Migo?
This platform was originally founded as Mines.io in 2017 as consumer credit and embedded lending services in Nigeria.
Migo is the new brand name for both Mines.io and Kwikmoney. Mines.io was the original name of the parent fintech company known as Migo Money, Inc.
The parent company built the lending platform and credit-scoring technology while Kwikmoney was the name of their consumer-facing loan service.
Later, the company rebranded globally from Mines.io to Migo to enable them expand their financial services globally.
As we speak, Migo is one of the best Nigerian fintech company that provides instant personal loans to individuals through their machine learning driven technology.
Since 2017, Migo has disbursed millions of loans to many Nigerians without the need for paperwork, collateral, or guarantors.
What makes Migo stand out from a lot of the loan apps is that they don’t require you to download anything. You can get their loan through their:
- Website
- USSD code,
- partner banks
- POS terminals
Migo is fully compliant with all major Nigerian regulations including the Central Bank of Nigeria (CBN), the Federal Competition and Consumer Protection Commission (FCCPC), the National Information Technology Development Authority (NITDA), and the Nigerian Communications Commission (NCC).
See Also: List of Loan Apps Approved by CBN 2026
How Much Can You Borrow From Migo?
Migo loan amounts ranges from ₦500 to ₦500,000 and even more. They give smaller amount to first time borrowers and then the credit offers increase gradually over time as trust is built between you and Migo.
As borrowers repay on time, they’ll keep increasing their loan limit just as every other digital lender in Nigeria .
What Is the Interest Rate on Migo Loans?
Migo charges an interest rate ranging from 5% to 25% of the total amount of loan borrowed. The actual interest charged per borrower depends on the borrower’s credit profile, borrowing history and repayment history.
Requirements to Get a Migo Loan?
To get their loan, you’ll only need the following:
- Your phone number: it should be an active number
- Bank account: must be a bank account with your details and must be linked to your BVN
- Your Bank Verification Number (BVN): this is needed to verify your identity and account ownership.
Not Required:
Migo will not ask you for the following:
- Linking of ATM card
- Collateral
- Guarantor
- Paper work
- Salary proof
How to Borrow Money from Migo
There are multiple ways to borrow money from Migo and there include:
Option 1: Via Migo USSD Code
This is the most popular method, especially for people who don’t have smart phones or internet connection. To do this:
- Dial *561# with a phone number that is linked to your BVN or your Migo account and follow the screen prompt
- Select “Request Loan” from the popup menu
- Go through the list of available loans for you
- Enter the amount you want
- Confirm your details, and submit.
- Wait for disbursement
Note: If you see this message “We currently do not have a loan offer for you, please try again in 30 days. Thank you.” Then it means it’s either your number is not registered with Migo yet or the number is not linked to your BVN or any of your bank account.
Option 2: Via the Migo Website
If you prefer to use the internet, follow these steps
- Go to www.migo.ng on any browser.
- Tap on “get a loan” at the right top corner of the website
- Type in your phone number in the number request form and tap on login, from there, you can access and apply for a loan
Note: If you are a first-time user, you have the log in with the phone number that’s linked to your BVN, and they’ll also send an OTP code to the number to verify it’s your number.
Option 3: Via Migo Partner Platforms
Migo also offer loans through its partner companies including banks, telecom companies, and fintech platforms to provide an embedded credit services and instant loan services.
You can apply for their loan through the following partnered company:
1. Telecom (Telcos)
- Airtel
2. Commercial Banks
- Access Bank
- Fidelity Bank
- GTBank (Guaranty Trust Bank)
- Keystone Bank
- Sterling Bank
- UBA (United Bank for Africa)
- Wema Bank
3. FinTechs
- Interswitch
- Credit Direct
- OnePipe
4. Merchants & Retailers
Migo provides Point-of-Sale (POS) and “buy now, pay later” APIs that allows retail partners to embed credit services to their customers.
Option 4: Via WhatsApp
Migo also processes loan offers and credit through WhatsApp. Migo uses embedded lending that allows users to interact with them through different partners channel including WhatsApp.
You can reach out to the Migo customer service through their verified WhatsApp phone number: +2348109423776 to initiate your request.
Migo Loan Code
The Migo loan USSD code is *561# and this code works on any phone that can make calls. See complete List of Loan Codes in Nigeria 2026
Late Repayment
If a borrower fails to repay on time, Migo may automatically extend the loan period, but this will double the interest and add a 5% late fee.
Beyond the extra fee penalty, defaulting on Migo may also affects your credit profile across Nigerian credit bureaus and affect your ability to borrow on other platforms.
Migo vs Other Loan Apps in Nigeria
Now, let’s quickly see how Migo compares to other bigger lending platforms in the Nigerian digital loan market.
| Feature | Migo | FairMoney | Carbon | PalmPay |
|---|---|---|---|---|
| USSD Access | Yes (*561#) | Yes (*566*15#) | Yes (*1303#) | Yes (*861#) |
| App Required | No | Yes | Yes | Yes |
| Minimum Loan | ₦500 | ₦1,500 | ₦1,500 | ₦5,000 |
| Maximum Loan | ₦500,000+ | ₦1,000,000 | ₦1,000,000 | ₦500,000 |
| Interest Rate | From 5% | From 5% | From 5% | From 10% |
| Collateral | None | None | None | None |
| Guarantor | None | None | None | None |
Migo’s biggest advantage is that it offers a USSD-first approach that doesn’t require a smartphone, internet connection or mobile app.
Migo loan Customer Care number
You can contact Migo loan customer care by reaching out to their official Support channels which include:
- Contact Phone Numbers: 09087792933 or +234 708 063 7315
- Support Email Address: support@migo.money
- Self-Service USSD Code: Dial *561# for self-service
- Facebook Handle: @getmigomoneyng on Facebook
Frequently Asked Questions About Migo Loan
Is Migo the same as *561#?
Yes. *561# is the official Migo USSD code. When you dial it, you’re connecting directly to Migo’s loan system through your telecom network.
Does Migo check my credit bureau report?
Yes. Migo use your BVN to check your BVN-linked financial history which includes your credit bureau record. If you have existing loan defaults with other loan apps, it could disqualify you from their loan.
Conclusion
Migo quietly sits among the most accessible loan platforms in Nigeria and doesn’t get nearly enough credit for it. While everyone is talking about apps that need downloads and selfies and multiple document uploads, Migo has been giving loans through a simple USSD dial since before many of those platforms existed.
The loan amounts are flexible, the requirements are minimal, and the channels you can use to access it are more than any other lender in the country. Whether you’re in Lagos with full 5G or in a rural area with just a basic phone and a 2G signal, *561# works for you.
Just handle it responsibly. Borrow what you need, repay on time, and let your limit grow naturally. That’s the smart way to use any lending platform — and Migo is no exception.
