@CapitalFMNews

Opera enters the mobile micro loan market in Kenya through its Okash App

3 months ago, 13 Mar 16:42

By: Kennedy Kangethe

he 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, FinTech Manager for Opera in 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.
Read More


Category: business

Suggested

14 hours ago, 00:05
@StandardMedia - By: Patrick Alushula
Once profitable firms battle to survive under crushing debts

Once profitable firms in Kenya fighting to survive under crushing debts. ...

Category: business news
14 hours ago, 00:05
@StandardMedia - By: Emily Kamunde-osor ...
Why the HR function remains key to business success

As renowned scholar and thought leader Dave Ulrich says the human resources (HR) function begins with business and ends with business. ...

Category: business news
14 hours ago, 00:05
@StandardMedia - By: Boniface Gikandi
Tea farmers in Murang’a County narrate tribulations to senators

Tea farmers in Murang’a want the government to write off their loans, even as they recounted their suffering to senators. ...

Category: business news
14 hours ago, 00:05
@StandardMedia - By: Wangui Mwaniki And ...
Why we need more than tax incentives to spur economic growth

The four priority areas are manufacturing, universal health coverage, affordable housing and food and nutrition security. ...

Category: business news
14 hours ago, 00:05
@StandardMedia - By: Macharia Kamau
Bill proposes radical changes in tea sector, restore KTDA as industry regulator

KTDA could revert to its old status as the industry regulator while a raft of levies charged on players along the value chain dropped. ...

Category: business news
1 hour ago
@BusinessDaily - By: Barack Oduor
Leaders oppose former MP’s Sony Sugar appointment

Leaders have opposed the appointment of former MP Owino Likowa to head the South Nyanza Sugar Company Board. ...

Category: business lifestyle news

@CapitalFMNews

Opera enters the mobile micro loan market in Kenya through its Okash App

3 months ago, 13 Mar 16:42

By: Kennedy Kangethe
he 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, FinTech Manager for Opera in 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.
Read More

Category: business

Suggested

14 hours ago, 00:05
@StandardMedia - By: Patrick Alushula
Once profitable firms battle to survive under crushing debts

Once profitable firms in Kenya fighting to survive under crushing debts. ...

Category: business news
14 hours ago, 00:05
@StandardMedia - By: Emily Kamunde-osor ...
Why the HR function remains key to business success

As renowned scholar and thought leader Dave Ulrich says the human resources (HR) function begins with business and ends with business. ...

Category: business news
14 hours ago, 00:05
@StandardMedia - By: Boniface Gikandi
Tea farmers in Murang’a County narrate tribulations to senators

Tea farmers in Murang’a want the government to write off their loans, even as they recounted their suffering to senators. ...

Category: business news
14 hours ago, 00:05
@StandardMedia - By: Wangui Mwaniki And ...
Why we need more than tax incentives to spur economic growth

The four priority areas are manufacturing, universal health coverage, affordable housing and food and nutrition security. ...

Category: business news
14 hours ago, 00:05
@StandardMedia - By: Macharia Kamau
Bill proposes radical changes in tea sector, restore KTDA as industry regulator

KTDA could revert to its old status as the industry regulator while a raft of levies charged on players along the value chain dropped. ...

Category: business news
1 hour ago
@BusinessDaily - By: Barack Oduor
Leaders oppose former MP’s Sony Sugar appointment

Leaders have opposed the appointment of former MP Owino Likowa to head the South Nyanza Sugar Company Board. ...

Category: business lifestyle news
Our App