---
title: "OPay EaseMoni Loans Charge 18.9% Monthly, Guardian Says"
description: "A Guardian report says OPay’s EaseMoni charges low risk borrowers 18.9% monthly interest, equal to about 698% annual when compounded."
canonical_url: "https://liners.com/news/opay-easemoni-18-9-monthly-interest-guardian"
markdown_url: "https://liners.com/news/opay-easemoni-18-9-monthly-interest-guardian.md"
type: "article"
language: "en"
published_at: "2026-11-02T18:15:43.069Z"
updated_at: "2026-11-02T18:15:46.586Z"
---

# OPay EaseMoni Loans Charge 18.9% Monthly, Guardian Says

A Guardian report says OPay’s EaseMoni charges low risk borrowers 18.9% monthly interest, equal to about 698% annual when compounded.

## Breadcrumbs

- [News](/news)
- [OPay EaseMoni Loans Charge 18.9% Monthly, Guardian Says](/news/opay-easemoni-18-9-monthly-interest-guardian)

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## Content

## In Short
[OPay](/opay)’s EaseMoni lending platform is charging low risk borrowers 18.9% monthly interest on one month loans, according to a Guardian report. The report says that rate compounds to an effective annual rate of about 698%, excluding fees and other charges.

## What Happened: How Digital Loan Rates Rose In Nigeria
The Guardian says Nigeria’s cost of living crisis is pushing many households into a debt trap, while digital lenders raise prices to cover higher defaults. It reports that digital loan disbursements rose to $1.63 billion last year.

The report says digital lenders now charge nearly 20% interest on one month loans, compared to earlier years when they began operations. It adds that borrowers who default for extended periods may end up paying several times what they borrowed.

The Guardian says [EaseMoni](/easemoni)’s 18.9% monthly interest for low risk borrowers translates to about 698% effective annual interest when compounded monthly, excluding fees and other charges.

The report also describes other pricing examples. A new PalmPay customer told The Guardian he was offered a daily interest rate of 1.5%, which the report says would equal about 56.3% effective monthly if compounded daily. The Guardian also says interest rates for customers with poor credit ratings can be higher, with some approaching 25% monthly.

## Why It Matters: Household Debt Risk And Loan App Growth
The Guardian says short term loans have become a way to meet immediate needs for millions of Nigerians, raising concerns that the trend could deepen financial vulnerability.

It also notes how default penalties can add up, with penalties often applied daily unless debts are formally restructured. The report adds that many digital lenders do not reduce charges for early repayment, meaning borrowers may still pay principal plus full tenor interest even if they repay soon after disbursement.

The Guardian says the number of approved digital lending apps is near 500, pointing to how quickly the market is growing.

## Sources and products

- [Guardian](https://guardian.ng/featured/cost-of-living-crisis-fuels-debt-trap-as-digital-loan-rates-near-50-month)
- [OPay](/opay)
- [EaseMoni](/easemoni)

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