Branch is an android app that lets you borrow personal loans from your mobile phone without visiting a bank. This San-Francisco and Nairobi based company lends money to users in Nigeria, Kenya, and Tanzania.
For Nigerians, the maximum amount you can borrow is 200,000 Naira, while customers in Kenya can borrow to a maximum of 50,000 KSH and Tanzania, 975,000 TSH.
To be able to borrow the maximum amount, you need to borrow little amounts at first and repay on time.
Branch works exactly like PayLater. The differences between Branch and Paylater are; PayLater is restricted to only Nigeria while Branch is serving three African countries. The maximum amount on Paylater is also higher.
How to Borrow Money from the Branch App
The Branch application is only available for Android. Head over to the Google Play store, download and install Branch. The Branch app is only available for Android operating system.
Select your language and sign in with Facebook. Facebook will request you give permissions to the Branch app on your Facebook profile. Approve the permissions to continue with the sign in/sign up process.
Choose your country of residence and fill out your correct details on the following form. Enter your phone number and validate.
Fill in you Bank Name, Bank account number, and BVN number (only applicable to Nigerians). Users in Kenya or Tanzania will be requested to fill in their Mpesa or Tigo Pesa information.
Once you sign up process has been completed, you can apply for a loan on the Branch app.
As a starter, you can borrow little amounts until you build trust level. The minimum amount you can borrow is 1,500 Naira.
Please note that Branch does not work with all the Banks in Nigeria. Check the list below for compatible banks.
List of Nigerian Banks that Work with the Branch App
These are the list of Nigerian banks that work with Branch. Support for other Banks may be added in the future.
- Access Bank.
- Diamond Bank.
- Fidelity Bank.
- First Bank of Nigeria.
- First City Monument Bank.
- Guaranteed Trust Bank (GTB).
- Skye Bank.
- Stanbic IBTC Bank.
- Union Bank.
- United Bank for Africa (UBA).
- Zenith Bank.
If your bank is not supported, you have to switch to another bank pending when support for your bank will be available.
I have registered on the Branch app and the initial amount of loan I was allowed to borrow is 6,000 Naira with an interest of 1,200 Naira in one month.
The payment option for my loan was spread out to 4 weekly payments (1,800 Naira per week).
The app’s user interface is smooth and relatively easy to use.
How to Repay Branch Loans
Once your loan repayment date is due, you should pay your loan to enable loans of bigger amounts.
There are three ways to repay a branch loan in Nigeria. You can either pay with your ATM card via the Branch platform, pay with ATM card via Paga or Pay using your bank internet banking app.
Repayments Via ATM card on Branch App
- From the “My loans” tab at the left, click “Tap to pay”.
- Select the amount to repay: You can select Next amount due, Total Balance or Other Amount. For other amounts, you have to type in the amount you want to pay back.
- Click on continue after you have made your selections.
- Add new debit card details. Enter your debit card details to continue.
- Choose your auto-debit setting under the “payment options” and click on “continue”.
- To prevent fraud, some banks will request for a pin or send an OTP code to the phone number registered with the bank.
- Once your payment is completed, your branch account will be updated.
Repayments with ATM card on PAGA
PAGA is an online payment platform that works like Quickteller. Branch supports PAGA for repayment of loans.
- Access the Branch loan payment gateway on Paga here.
- Enter the exact amount you want to repay. Fill in the account number you registered with on Branch in the Payment notes field.
- Under the “Pay with a Card” tab, fill in your details and click complete payment with card.
- Fill in your debit card details to complete payment.
- If successful, Branch will verify and update your account within 24 hours.
Repayments via Mobile Banking App
Branch states that this option may not work for Union Bank, UBA and some other banks mobile banking platform.
- Login to your Bank’s internet/mobile banking platform.
- Click on transfer funds.
- Select transfer to other banks and select “PAGA”.
- Enter account number as 1945481448.
- Enter the amount you want to transfer (confirm the amount from the branch app).
- In the remarks option, enter the account number you used to register on Branch.
- Enter your pin and press continue.
- If payment was successful, Branch will update your account within 24 hours.