Frequently Asked Questions (FAQs) - Lidya Direct Debit Setup

How do I start the loan application process?

To begin, log in to your Money in Minutes app, and follow these steps: - Click the 'Apply now' button on the specific loan product you want - Proceed after reading the 'Notice' message pop-up - Provide your Employment Information and click 'Continue' - Enter your loan details (amount, purpose, and duration) - Set up your Debit Card - Add your Bank details (where the money you have applied for will be disbursed into) - Set up your Lidya Direct Debit - Complete your loan application

What if I am interested in the Credit Builder product?

If you are opting for the Credit Builder, you will be expected to complete the credit score builder cycle before accessing other loan products.

How do I verify my cards with Money in Minutes?

The system validates your cards with a ₦100 charge. Ensure cards are issued against your primary bank account.

Why do I need to set up a Debit Debit?

Direct debit is a repayment channel of your loan, your direct debit charges an administrative fee of ₦1000

What is the fee for Debit Debit?

The Direct Debit fee is ₦1000, payable from your bank account.

Why do I need to set up a Debit Card?

For quick loan approval, we need the bank card you will use for repayment. Ensure the card matches your primary bank account.

What is the fee for card verification?

The card verification fee is ₦100, payable from your bank account.

What cards can I add for verification?

Only add cards issued against your primary bank account. They should not expire in the next 2 weeks.

Why must I have at least ₦1100 in my bank account?

You will be charged ₦100 for card verification and ₦1000 for direct debit, and this amount must be available.

How do I add my bank account for disbursement?

Add your own bank account connected to the card provided.

How does the system calculate my loan offer?

The system calculates your offer by analyzing your bank statement.

How do I set up a 'Direct Debit'?

- Add a bank account for automated direct debit repayments - Choose 'Manual Authorization' in the 'Add Account' pop-up - Click 'Complete Mandate' and then 'Continue

What is the email subject for Direct Debit consent?

Check your email for "Webapp Collect Consent Request from Lidya Nigeria"

How do I grant consent for Direct Debit?

Click "Consent Request" in the email and follow instructions.

How do I sign the collection documents?

Find the email subject "Lidya Collect - Please Sign Collection Documents" and click the 'Direct Debit Authorisation' button.

What is the purpose of selecting a main account before signing a Direct Debit Mandate?

You are expected to choose a main account from the list of bank accounts that share your BVN (Bank Verification Number) because this is the account that will automatically be debited when your loan is due for repayment. This choice is mandatory and irreversible.

How do I sign the Direct Debit Mandate?

After selecting your main account, view the mandate, draw/upload your signature, and click 'Sign all Documents.'

What happens after signing the ‘Direct Debit Mandate’ documents?

You will receive a congratulatory message for successfully signing.

How do I complete my Direct Debit Setup?

Click 'Continue' after signing, and you will receive an email confirming your 'Collect.'

What is the email subject for the 'Consent to the Mandate’ email?

Look for "Webapp Collect Consent Request" email indicating your repayment amount.

How do I complete my Direct Debit Mandate?

First, you need to confirm that your bank has activated your mandate before you proceed to complete the mandate on the Money in Minutes platform. Once you get confirmation from the bank, login, on your Dashboard, click 'Continue' under Repayment Details. Then, click "Complete Mandate" and "Verify Mandate."

What if I receive a call from my bank concerning the Direct Debit Mandate?

Consent if your bank calls you in concerning your Direct Debit Mandate. Your consent is needed to activate your mandate.

What happens when my mandate is active?

You will get an email to continue your application.

Can I complete the setup on a different device?

Yes, you can log in from any device and continue the setup where you left off.

What if I accidentally close the setup process?

There is nothing to worry about. Your progress is saved. Just log in again to continue.

How long does the Direct Debit Mandate verification take?

Verification usually takes between 6 – 48 hours, and you might receive a call from your bank. If you do, kindly give consent.

What if I do not receive the verification call?

If you do not receive a call from your bank, kindly check your email to see if you have received an activation email from your bank. Please note that without the call (where you give consent) or an activation email from your bank, you will be unable to proceed with your application.

Can I use my secondary bank account for Direct Debit?

No, you can only use the bank account connected to the card provided.

Can I change my main account after signing the documents?

Unfortunately, the main account selection is irreversible once documents are signed.

What if I encounter an error during the signature process?

If you face technical issues, please reach out to our support team for assistance. Call us on 012298304, 09132965208 or 09123652310 between 9am and 6pm or send an email to

How long does it take for the signed mandate to be verified?

The verification process usually takes between 6 – 48 hours.

Why do I need to grant consent for BVN retrieval?

Granting consent allows us to retrieve your linked bank accounts for your application.

How do I confirm my BVN?

Dial *565*0# from your linked phone number to check your BVN.

How do I know if my BVN retrieval consent is successful?

You will receive an email titled " Lidya Collect - Please Sign Collection Documents " with instructions.

Is there a fee for checking my BVN?

Yes, your provider may charge N20 for each BVN check.

Why do I need to sign the collection documents digitally?

Digital signatures ensure maximum security and authenticity.

What if I choose not to grant consent for BVN retrieval?

Unfortunately, without this consent, we cannot proceed with the application.

What if I have multiple accounts linked to my BVN?

You will need to select a main account from the list provided in the Direct Debit Mandate document.

What should I do if my linked account is not displayed?

Reach out to our support team for assistance in such cases. Call us on 012298304, 09132965208 or 09123652310 between 9am and 6pm or send an email to

How do I know if my mandate is successfully activated?

You will receive an email notifying you when your mandate is active.

What if I still have doubts about the process?

Feel free to contact our support team, who will be glad to guide you through. Call us on 012298304, 09132965208 or 09123652310 between 9am and 6pm or send an email to

What happens if I forget my Money in Minutes app password?

You can use the "Forgot Password" option on the app to reset it.

Can I change my bank account after setting up the mandate?

No, once your account is set up, it is linked for automated repayments.

Can I have multiple loans with different repayment schedules?

Yes, you can have multiple loans with their respective schedules.

Is there a limit to the loan amount I can apply for?

The loan amount available depends on a range of factors, including your eligibility and affordability.

What if I need an extension on my loan repayment?

Apply for an extension loan on your dashboard.

Can I prepay my loan if I have the funds earlier?

Yes, you can prepay your loan. Contact our support for guidance on the process. Call us on 012298304, 09132965208 or 09123652310 between 9am and 6pm or send an email to

What if my loan application is rejected?

If your application is rejected, our team will provide details on the reasons.

Can I reapply if my loan application is rejected?

Yes, you can reapply. Make sure to address any issues from the previous application.

Can I edit my loan details after submitting the application?

Loan details cannot be edited once submitted. Ensure accuracy before proceeding.

How long does it take to receive the loan funds?

Once approved, the funds are disbursed usually within 24 hours.

What if my loan disbursement takes longer than expected?

Contact our support team if there are delays in your disbursement. Call us on 012298304, 09132965208 or 09123652310 between 9am and 6pm or send an email to

General Frequently Asked Questions

Our customers frequently ask these questions about loans.

Am I eligible for a loan?

Eligibility for a Money in Minutes product(s) is based on a number of factors. You must be between 19 and 55 years old. You should have a verifiable source of income from either full-employment or self-employment. You should live and/or work in states where we operate, as well as have a bank account in Nigeria. These are some of the criteria to be considered for any of our products

Can I really get Money in Minutes?

Yes, you can. We have a range of product offerings suited for specific needs and are easily accessible to all eligible customer

How much can I borrow?

Grow as high as you need from ₦5,000 upwards

I have completed my Money in Minutes registration, what next?

You are set to begin your journey to financial well-being with us! Submit your application, get access to cash and build your credit profile at the same time, and learn more about ways we empower you to succeed.

What documents do I need to apply for a loan?

You need your BVN number, NIN number, and your bank account details. No physical document is required.

How can I apply for a loan?

Kindly go to our website or download our mobile app to register and apply for a loan, quick and easy.

How long does loan approval take?

Every loan application undergoes an assessment process and a decision is made accordingly. Upon successful review and due diligence done, disbursement is done within minutes of all checks done and completed successfully.

I am having trouble completing my registration, what may be the issue?

Kindly check that you are entering the correct information where required and that no required (*) fields are left blank or filled improperly. If you still experience any difficulties, please contact

Can I reapply immediately after liquidating my existing Loan

Once your existing loan is repaid completely, you are eligible to apply for a new loan immediately. Early repayments are encouraged and help to put you in good standing and could qualify you for higher amounts and lower interest rates. However, kindly note that each loan will be assessed and a decision will be made on the merit of each loan application. Kindly go to your mobile app or website and find the repayment options under "Repayment Schedule" under "Loan Management" in your account.

I am having issues with my account registration or loan application, what do I do?

If you experience any difficulties with your account registration or loan application, please contact It helps to contact us with your registered email address and if you include a screenshot of the error message you are getting it helps us trace issues faster.

BVN Error Message (BVN does not match disbursement account)

You can only (and should) only register and make a loan application using your true and verified data/information. Always ensure that you use the(your) BVN tied to your bank account and reattempt your application.

I have issues linking my card to my account

Please note that a security feature with one of our Partners Paystack, will require you to wait at least 24 hours before attempting to link your card to your account. This is required after a few unsuccessful attempts have been made, and is necessary to prevent any unauthorized use of your card. Kindly try again after at least 24 hours have elapsed.

Issues with Mono and Bank Statement Upload

This would likely mean that your bank might currently be experiencing some service downtime and therefore unable to provide the information required for you to progress to the next stage. You simply need to try again with an alternative bank account.

Why was my loan disapproved?

We might be unable to make you a loan offer at this time, based on an evaluation of income and affordability derived from the account you provided. As a responsible lender and a CBN-regulated company, we are obliged to only make offers to customers who meet certain lending criteria. While we might not be able to make you an offer now, we earnestly look forward to being able to serve you in the future.

I Encountered an “Invalid Key” Error

To fix this kindly update the mobile app by uninstalling and then reinstalling it. If you are attempting the application on the web/desktop, kindly log out and refresh your browser on your desktop by clearing history and cache, and then try again. If you encounter the same problem or any other problem again, please share a screenshot and we will be happy to assist you.

My account is Inactive and I am unable to access my profile

Upon your loan disapproval, our customer care agent would have communicated the reason for the rejection in the email received. There are several reasons why a loan application may be rejected and an account deactivated. This may include, but is not limited to, income and loan affordability, verification of information provided, general qualification for a loan by age and other factors, and much more. While we may not be able to serve you now, we might be able to serve you in the future, and we will be glad to welcome you at such a time.

Can I trust that my details and data are safe with you?

We are a Central Bank of Nigeria (CBN) regulated company, and we have taken all measures and abide by the stipulations of all relevant agencies to ensure your data is safe with us.

What are your Business Operation hours?

Our business working hours are 9:00AM - 6:00PM from Monday to Friday, our agents are available to respond to you promptly during business hours. However, if you leave us a message via outside our regular business hours, we will be sure to get back to you as soon as possible.