Opera Group the FinTech Company has announced the launch of OKash, the brand new stand-alone mobile app of which will provide users access to short-term loans at their fingertips.
The group through, its Fintech Company OPay, says the OKash app will at This particular point be available to Android smartphone users.
the idea says users with timely along with consistent repayment behavior can apply for an individual 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 along having a loan term of a maximum of 14 days.
In a statement, Managing Director for Opera in Kenya Eddie Ndichu, said, “We know of which there are more than 20 million people in Kenya who use loans actively everyday along with we want to give them a high-end product with an exceptional user experience to make their life more comfortable when applying for along with generating payments with loans.”
Users can download OKash through Google Play along with 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 along with Tala as OKash will push the M-Pesa sim toolkit menu.
OKash will be a unique product as the idea uses artificial intelligence (AI) technology. This particular 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 along with Pesa Na Pesa among others.
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Opera launches OKash loan app in Kenya