Dovekash Loan App Review: Is It a Reliable Loan Option in Nigeria?
As Nigeria’s fintech space continues to grow, loan apps are becoming increasingly accessible to individuals seeking instant funds without the bureaucracy of traditional banks. One of the names in this space is Dovekash, a digital lending platform powered by Step By Step Microfinance Bank Limited. Dovekash markets itself as a fast, secure, and transparent financial solution designed for everyday Nigerians.
But how does Dovekash actually perform? Is it trustworthy, or just another app with flashy promises and underwhelming results? This review dives deep into the features, fees, user feedback, and overall credibility of Dovekash.
Dovekash Loan App: Key Highlights
- Loan Range: ₦5,000 – ₦60,000
- Interest Rate: Daily interest rate of 0.08%, maximum APR of 36% per annum
- Loan Tenure: 91 to 360 days
- No Collateral Required
- Regulated: Licensed by FCCPC and backed by a licensed microfinance bank
- Disbursement Time: Same day upon approval
Features and Benefits
1. Fast Application and Disbursement
Dovekash promises a seamless application process with loans disbursed the same day, allowing users to receive financial support in emergencies. You simply register, input personal details, verify your identity, and apply for a loan.
2. Smart Credit Scoring
The app evaluates borrowers using their financial history, income profile, and repayment behavior. This not only determines eligibility but also provides users with a personalized credit score to help them better understand their creditworthiness.
3. Flexible Repayment Options
Dovekash offers customizable repayment schedules up to 360 days. Borrowers can repay through internet banking, mobile transfers, or ATMs.
4. Transparent Fees
According to Dovekash, there are no hidden fees. For example:
- Loan Amount: ₦10,000
- Interest: ₦112 (1.12%)
- Service Fee: ₦2,388 (23.88%)
- Amount Disbursed: ₦7,500
- Total Repayment: ₦10,000
5. Data Security
Dovekash emphasizes privacy with encryption protocols and a promise not to share personal data without consent.
Who Can Apply?
To be eligible:
- You must be a Nigerian citizen
- Aged 18 or older
- Hold a valid BVN
- Own a functional Nigerian bank account
How to Use the App
- Download: Available on Google Play
- Register: Provide personal and financial information
- Apply for Loan: Choose amount and tenure
- Receive Funds: Approved loans are credited to your bank account
- Repay: Use internet banking, mobile transfer, or ATM
Company Background
- Company: Step By Step Microfinance Bank Ltd
- Address: No. 1 Harbour Industrial Road, Bridge Head, Onitsha, Anambra
- Support Email: [email protected]
- Service Hours: 9:00 AM – 5:30 PM (Mon – Sun)
- Website: www.dovekash.ng
- FCCPC License: View Here
Dovekash Reviews: What Users Are Saying
Positive Feedback
Rechard Williams (Jan 31, 2025):
“This is absolutely amazing! Wow, it’s easy to apply, fast disbursement & extremely reliable.”
This echoes the app’s core promise—speed and simplicity. However, very few users echo this sentiment.
Negative Feedback
Unfortunately, the bulk of reviews paints a more troubling picture.
Alaba Abiola (Jan 29, 2025):
“Very unreliable, time wasting, and dubious app. My loan was declined after linking 2 cards. I can’t delete my data unless I email them and wait two weeks.”
Aderonke Jolugbo (Jan 29, 2025):
“After agreeing to the loan terms, the money never got to my account.”
Chooka Izuegbuna (March 25, 2025):
“Unreliable app. Dubious. Just collecting personal data.”
Ojo Bukunmi (Feb 11, 2025):
“You said successful, but I didn’t see any money in my account.”
Common Complaints
- Non-Disbursement of Approved Loans: Multiple users report being approved but never receiving funds.
- Poor Customer Support: No response to emails or support messages.
- Data Deletion Barriers: Users must email and wait two weeks to request deletion of their data.
- Inability to Choose Loan Amount: Some users claim the loan amount is fixed or manipulated.
- OTP and Verification Errors: Common login issues and OTP failures.
Customer Support: Mixed Signals
While Dovekash provides a support email and claims to offer daily service, user reports indicate poor responsiveness and unresolved complaints. This gap between policy and execution is a major red flag for users needing urgent support.
Data Privacy Concerns
Though Dovekash claims strong encryption and consent-based data sharing, multiple users raise flags about how their personal data was collected and retained. Some feel the app may prioritize data harvesting over actual lending.
Is Dovekash Legit?
Technically, yes. It is licensed by the FCCPC and linked to a registered microfinance institution. However, based on the volume and consistency of negative feedback, Dovekash struggles with execution, support, and reliability.
Pros and Cons
Pros:
- Regulated by Nigerian authorities
- Low-interest rates (relative to market average)
- Flexible loan terms
- Transparent example calculations
Cons:
- Poor customer service
- Delays in fund disbursement
- Issues deleting personal data
- Fixed or restricted loan amounts
- Unreliable app performance
Tips Before Using Dovekash
- Start Small: Don’t apply for the maximum loan on your first try
- Document Everything: Screenshot application status, approval, and repayment
- Use a Secondary Device: If concerned about privacy, consider applying on a separate device with minimal personal data
- Follow Up Persistently: If funds are delayed or repayment isn’t acknowledged, escalate immediately via email and social channels
Should You Use Dovekash?
Use it only if:
- You’re comfortable with some technical glitches
- You understand your data may be difficult to delete
- You have time to follow up persistently for disbursement or support
Avoid it if:
- You need a loan urgently and can’t tolerate delays
- You prioritize customer service
- You have concerns about how your personal data is handled
Better Alternatives to Consider
- Carbon: Known for transparency and fast support
- Branch: Trusted globally, with better user feedback
- FairMoney: Strong tech reliability and real-time support
Conclusion
Dovekash is a licensed, digitally accessible loan app in Nigeria with a lot of potential—but it fails to deliver consistently on that promise. While its APR is lower than many competitors and its terms are well-explained, the actual user experience is riddled with issues ranging from failed disbursements to unresponsive support.
Final Score: 2.5/5 — Proceed with caution. Use only if you have backup plans and are willing to deal with potential delays and frustrations.
