OPay, the FinTech company part of the Opera Group has officially announced the launch of OKash, a new stand-alone mobile app that provides users access to short-term loans to android smartphone M-Pesa users in Kenya.
In a statement, the company says O-Kash users will access small loans at an interest of 1 percent per day and a loan term of a maximum of 14 days. The maximum amount to be offered for a single loan is Sh 500,000 at a total interest of 5 percent applicable to users who repay on time and consistently.
Eddie Ndichu, FinTech Manager for Opera in Kenya, stated: “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.”
