Kolopay – Everything you need to know about Kolopay

Saving is one of the most fundamental characteristics that any individual must acquire in order to protect themselves from any unforeseeable and inevitable disasters. Job loss, health issues, unfavorable government policy changes, and so forth are examples of crises.

Unfortunately, many people are unaware of how to establish and maintain a saving culture. KoloPay is a mobile piggy bank that allows you to save a small amount of money toward your long-term goals.

Kolopay’s Background

KoloPay, originally known as Mr. Kolo, is a large savings platform.

Its goal is to reduce the stress associated with saving and to encourage their consumers to develop a strong saving culture.

Koloplay now offers e-commerce services to its clients, so you may buy directly from them.

Kolopay was founded on December 4th, 2017 by Ayoola Ogunnowo and Ifeoluwa Popoola. Koloplay has consciously built a name for itself and won respect for its remarkable features since its inception.

What is KoloPay and how does it work?

Kolopay works with two key savings options:


Kolopay’s users can save any amount of money with this option.

You can transfer funds from your bank account to your Kolopay account at any time, and you can save as little as $1.

Auto Save

Users can choose a savings plan using the AutoSave option. This could be done on a daily, weekly, or monthly basis.

Aside from these money-saving features, Kolopay has an e-commerce tool that allows customers to set a target budget for purchasing desired items.

How do I sign up for a Kolopay account?

The following are the steps to obtaining a Kolopay account:

Create a Kolopay account via their app, which may be found at www.kolopay.com.
Provide all required information, such as your name, email address, phone number, account information, and so on.

How do I use Kolopay to save money?

Follow these steps to save after you’ve successfully created a Kolopay account:

Set a target, i.e. give it a name and a dollar amount that you want to save.
After that, link at least one bank account in Nigeria to your Target.
Visit their website at  www.kolopay.com for additional details.

What are the basic requirements for using Kolopay?

Kolopay has a list of qualities that it looks for in new consumers. These are some of them:

You must be a Nigerian citizen or a legal resident of Nigeria, and you must be 18 years old.
Where the majority of the population is under the age of 21, however, the same requirements apply.

Finally, you must have a bank account with a Nigerian bank that is licensed.

What are the interest rates at Kolopay?

Kolopay offers her customers an annual interest rate of 6% on their target budgets.

If you make a withdrawal within 30 days after creating the objective, however, interest may not accrue.

Kolopay also keeps any interest accrued on the entire cash after paying any interest owing and payable to their customers in exchange for their services.

When will I be able to use my Kolopay savings?

The following are the rules for disbursements and withdrawals:

When your savings balance exceeds 3,000 Naira, you can access funds in your account.
You can use the App to request the disbursement of any amount from your Credit Balance. This, however, can only happen once per calendar month.
Kolopay sends any withdrawal requests to your associated account details within 24 hours.

They will, however, refuse your disbursement request if the amount you want exceeds your available credit balance.

Finally, unless otherwise authorized, Kolopay does not make payments to third parties.

Leave a Comment

You cannot copy content of this page