NAIROBI, Kenya, Mar 13 – Opera Group has launched a financial services mobile app that provides Kenyan users with access to short-term loans.
The group through, its Fintech Company OPay, says the OKash app will now be available to Android smartphone users.
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, OPay says users with timely and consistent repayment behavior can apply for a single loan up to Sh500,000 at a total interest of 5 percent.
Users with timely and consistent repayment behaviors can apply for a single loan up to Sh500,000 at a total interest of 5 percent.
“We know that there are more than 20 million people in Kenya who use loans actively every day 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,” Eddie Ndichu, Managing Director, Opera Kenya, said.
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.
The App uses artificial intelligence (AI) technology to analyze the purpose of the loan as well as the repayment behavior of the user.
“People who use OKash can expect high-quality technology just like the Opera Group’s products. We are offering OKash users high privacy standards in each loan that they apply for as their personal information is highly protected,” Ndichu said.
Apart from OPay, Opera Group also owns Opera Mini, Opera News among others.
The move comes as Kenya’s digital lending space is growing rapidly with over 20 firms operating in the market.
Some of the firms include Okolea International Branch, Tala, Saidia, KCB M-PESA, Mshwari, Haraka, Kiva, Kopa Chapa, Pesa Pata and Pesa Na Pesa among others.