Users can download OKash app and set up accounts using their M-Pesa accounts. FILE PHOTO | NMG
OKash loan app by Opera Group subsidiary Opay has hit over Sh10 million transactions daily, barely two months after its launch.
The
mobile phone-based loan app available on Google Play, the official app
store for the Android system, was launched in March and currently has
over 100,000 daily active users with total downloads of about 300,000.
Opera
managing director Eddie Ndichu said this demonstrates demand for
shorter-term loans in the market with incentive for earlier repayment.
“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,” said Mr Ndichu.
Users download OKash app and set up accounts using their M-Pesa
accounts. By filling out a set of questions, users get a reply on their
loan application.
A user can access a loan of as low as
Sh1,500 up to Sh500,000 at an interest rate of one per cent daily,
repayable within 14 days. The faster a user pays off an active loan, the
sooner they can request a new loan.
Consumers with timely and consistent repayment behaviour can apply for a single loan up to Sh500,000 at five per cent.
To
repay the loan, users just need to click the payment button and process
it through the M-Pesa STK push service. The amount is debited directly
from the user’s M-Pesa wallet.
Last year Standard
Investment Bank (SIB) showed the number of households or persons with
loan accounts increased to 7.2 million between 2010 and 2016 as banks
and telcos leveraged on wide mobile phone usage.
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