Android users in Kenya now have a safe, easy and flexible way to apply and access credit loans after OPay, the FinTech company part of the Opera Group launched OKash, the new stand-alone mobile app that provides users access to short-term loans.
From education and health expenses to travel and purchase of goods and services, Okash is said to make loan management and access easier for smartphone users.
OKash, together with an M-Pesa account, enables users to access small loans for an interest as low as 1 percent per day and a loan term of a maximum of 14 days.
The faster a user pays off an active loan, the sooner they can request a new loan. Users with timely and consistent repayment behaviors can apply for a single loan up to 500,000 KES at a total interest of 5 percent.
Edward Ndichu, FinTech manager for Opera in Kenya, disclosed that there are more than 20 million people in Kenya who use loans actively every day
“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,” said Edward Ndichu.
Okash is said to be a unique product as it uses artificial intelligence (AI) technology. This technology has been built to analyze the purpose of the loan as well as the repayment behavior of the user.
Regarding the AI technology behind OKash, Ndichu noted that everyone using OKash should expect high-quality technology just like the Opera Group’s products.