OKOA Stima – How to Apply and Loan Limit

OKOA Stima is a service provided by Kenya Power that allows its prepaid electricity customers to access a loan to purchase electricity units in advance. The service was launched in 2015 and has since been widely used by Kenyans as a solution to the frequent power outages and the high cost of electricity.

Here’s everything you need to know about OKOA Stima:

1. How OKOA Stima Works: To access the OKOA Stima loan, you need to dial *885# on your mobile phone and follow the prompts. You will be required to enter your Kenya Power meter number, the amount of credit you want, and your M-PESA PIN. If you are eligible for the loan, the amount will be credited to your Kenya Power account, and you can then purchase electricity units as usual.
2. Eligibility: To be eligible for an OKOA Stima loan, you must be a Kenya Power prepaid customer for at least three months and have a good credit score. You also need to have cleared any outstanding loan balances before applying for a new loan.
3. Loan Limits: The loan limit for OKOA Stima is dependent on your usage history and your repayment behavior. However, the maximum loan limit is Ksh. 2,500 ($23) for a single transaction.
4. Interest Rate and Repayment: The loan attracts an interest rate of 10%, which is deducted from the loan amount. The loan must be repaid within seven days, failure to which a late payment fee of 1% per day is charged.
5. Benefits: The service allows customers to access electricity units even when they have no money at the moment. It also helps customers to manage their electricity usage by avoiding power outages and controlling their consumption.
6. Risks: Failing to repay the loan on time may lead to the disconnection of your electricity supply, and your credit score may be affected. It’s, therefore, essential to repay the loan on time to avoid these risks.

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How To Okoa Stima Using Safaricom

To OKOA Stima using Safaricom, follow these steps:

1. Dial *885# on your Safaricom line.
2. Select “OKOA STIMA” from the menu options.
3. Enter your Kenya Power prepaid meter number and press “Send.”
4. Enter the amount of credit you want to borrow and press “Send.” The amount should be within your approved loan limit.
5. Enter your M-PESA PIN to confirm the transaction.
6. You will receive a confirmation message from Kenya Power and your electricity account will be credited with the borrowed amount.
7. Proceed to purchase electricity units as usual.

It’s important to note that the OKOA Stima service attracts an interest rate of 10%, which is deducted from the loan amount. The loan must be repaid within seven days, failure to which a late payment fee of 1% per day is charged. Make sure to repay the loan on time to avoid any penalties and risks associated with defaulting on the loan.

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