What is Kopo Kopo Overdraft?
Overdraft is a credit facility that allows you to access additional funds to send money when your account balance is low.
How much Overdraft can I get?
Your Overdraft limit can range from as low as Ksh 500 to as high as Ksh 100,000, depending on your business performance. While your limit may be higher, you can choose to use only what you need, even as little as Ksh 50.
How do I use my Kopo Kopo Overdraft?
To start using overdraft, you’ll need to opt in first. Only the Administrator or Manager on the account can complete this step.
Choose your preferred platform below to opt in:
Once you have opted in, your overdraft limit is automatically available when your account balance is low and you can use it to:
- Send to M-PESA phone
- Send to Bank Account
- Send to Till
- Send to Paybill
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ℹ️ Note: Overdraft cannot be used when sending money to free M-PESA phone |
No extra steps are needed, your available overdraft will be applied automatically if your account doesn’t have enough funds.
What do I need to qualify?
- You must have a Kopo Kopo account.
- You need to have actively transacted for at least 14 days.
- You should not have any active cash advances.
- You must have no booked reversals.
How much will I be charged for using the Overdraft facility?
The interest rate is 0.75% on your outstanding balance and is charged daily. No Fee is charged on the first day before midnight
How do I pay back the Overdraft amount?
We will automatically deduct 100% of your incoming payments towards your overdraft balance.
How can I check my repayment progress and my transactions?
You can access your overdraft statement through the web app and mobile app. Check the video below on how to track repayment.
Can I get a Cash Advance while paying my Overdraft?
Yes, we will deduct the overdraft balance from your principal amount. You will see the deductions on your cash advance summary while applying.
I have been transacting for more than 14 days. Why am I not qualified yet?
Overdraft, similar to our cash advance facility, is automatically determined by your till activity and other factors. Continue using your till and check your account regularly for eligibility.
Can I opt out of the Overdraft feature?
Yes, the administrator and manager can opt out at any time via the same channels used to opt in. See the steps here;
▶️Watch the following video tutorial for a quick and easy start.
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