Opera launches OKash loan app in Kenya
Opera Group the FinTech Company has announced the launch of OKash, the new stand-alone mobile app that will provide users access to short-term loans at their fingertips.
The group through, its Fintech Company OPay, says the OKash app will now be available to Android smartphone users.
It says users with timely and consistent repayment behavior can apply for a single loan of up to Sh500,000 at a total interest of 5 percent.
OKash will give users access to microloans for an interest rate of one percent per day and a loan term of a maximum of 14 days.
In a statement, Managing Director for Opera in Kenya Eddie Ndichu, said, “We know that there are more than 20 million people in Kenya who use loans actively everyday and we want to give them a high-end product with an exceptional user experience to make their life more comfortable when applying for and making payments with loans.”
Users can download OKash from Google Play and set up their account in seconds by using their M-Pesa account.
By filling out a set of questions, users will get a decision on their loan application in minutes.
Repayment will replicate what we have seen on Branch and Tala as OKash will push the M-Pesa sim toolkit menu.
OKash is a unique product as it uses artificial intelligence (AI) technology. This technology has been built to analyse the purpose of the loan as well as the repayment behaviour of the user.
Their entry into the market will be among the more than 20 firms operating in Kenya with the market leaders being, International Branch, Tala, Saidia, KCB M-Pesa, Mshwari, among others.
Some of the firms include Okolea Haraka, Kiva, Kopa Chapa, Pesa Pata and Pesa Na Pesa among others.