Originally integrated into the OPay mobile app, OKash personal loan app is a stand-alone mobile app that provides users access to short-term loans at their fingertips.
OKash first launched in Kenya but expanded to Nigeria and India. So, OKash Loan app in Nigeria enables Nigerians apply for personal loans in seconds without collateral. The app makes it easy for Android smartphone users to apply and access credit loans for their everyday life expenses. From education and health expenses to travel and purchase of goods and services, OKash has a clear goal of making loan management and access easier for everyone who owns a smartphone.
NB : oKash was formerly integrated into OPay mobile app. So, if you are interested in how to get opay loan, opay loan application, how to apply for opay loan, how to re pay opay loan etc, then you should understand that okash opay loan feature can now be accessed via the okash stand alone app. Notify me of follow-up comments by email.
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After operating for seven years, Opera indicated interest in acquiring PayCom in They put pen to paper in and OPay was birthed in August of the same year. So, the company that has been blitzing every startup and sector in Nigeria is barely a year old. To properly understand OPay, it is necessary to examine the vision of Opera Group, especially in Africa. The Consortium included Beijing Kunlun Tech and Qihoo —a leading Chinese internet company that owns a web browser, antivirus, mobile app store and search engine.
Opera ventured into Africa with the launch of its Opera Mini mobile browser in And as of Augustit has the largest market share of mobile browser in Nigeria with Out of theinternet users in AfricaOpera says up to million people use its browsers and mobile applications. This has led to the launch of some value-added services, including web and mobile payment OPay in Kenya and Nigeria, Opera News standalone appand Opera Ads. Opera, in simple terms, is positioning itself to be the internet for the next generation of Africans that will be online, just as Facebook and Google are pivotal platforms to the present generation of digital natives.
It is good to note that Opera is managed by Chinese because its interplay fits into the love affair between Africa and China. The mission of OPay is financial inclusion, all other business verticals are additions. The company focused on the first part of its operations—agent business—for 11 months before launching ORide in June To appreciate the phenomenal growth of ORide, you must recognize the fact that Opera had succeeded in building a brand with OPay in the agent market, Iniabasi Akpan, Country Manager for OPay in Nigeria, told benjamindada.
It is good to have a payment system, but people need to have things they can pay for. Hence, the goal of other OPay services is to provide solutions the financially excluded and people in the informal sector can pay for.
So, there is ORide providing fast transportation via motorbike, OTrike providing three-wheel transportation in Aba and KanoOBus is another transportation service via bus, and OFood offering food delivery service.
There is also OKash and OWealth, which offer quick loans and investment options for users. All these services can be accessed and paid for with the OPay app. Akpan explains that OPay provides people who are interested in doing bike-riding business with government-approved bikes, trains them, and provides insurance for both the drivers and riders.
Side note: SinceLagos state government has banned motorcycles with engines below CC Cubic Centimeter of combustion Cylinder from operating within the state metropolis. And because our aim is to drive financial inclusion, we need to expand to other parts of the country.
Moreover, our agent business is already across the country. A survey carried out by benjamindada. Once the bike becomes theirs, they are to remit only a small percentage of their earnings. I think the market will decide where we go [next].
But one thing you can count on is that wherever we see opportunity, we will play. We are constantly taking feedback from our customers and innovating. In view of this, OPay's mission of driving financial inclusion and supporting the informal sector provides ample opportunity for growth. Share this.Access to credit in Africa is difficult because banks consider retail loans risky.
But payday lenders are filling this gap, promising instant loans with no collateral. While they provide credit, they have high interest rates and repayment periods can force customers into a debt cycle. In response to these concerns, Google updated its policies. See: In search of quick loans, Nigerians give up privacy.
This policy applies to apps which offer loans directly, lead generators, and those who connect consumers with third-party lenders. Besides this, Google also asks these companies to include details of loans in their meta-data on the Play store.
Maximum Annual Percentage Rate APRwhich generally includes interest rate plus fees and other costs for a year, or similar other rate calculated consistently with local law. One Payday lender, Fairmoney, states that its repayment periods range between days. If Google is the hunter that is learning to shoot without missing, Payday lenders are the birds learning to fly without perching.
One company which started as a PayDay lender but is adding other offerings to its service is Carbon. We were required to make certain disclosures in order to get ads approved on their platform. Same applies to the current policy to list on the Play Store. Four out of the top ten free apps in Kenya are fintech apps offering free loans. Utunzi, another popular loan app claims in its loan description that its minimum loan period is days but several review comments on Playstore say that repayment periods are under 60 days.
One of the biggest concerns for payday lenders will be if Google decides to take their apps down. This poses significant risks for their future if Google takes action against these violations. These African startups could go out of business.
One company that is already feeling the heat is Opera, which owns OKash. Within a couple of hours, in Nigeria, access to OKash loans under the OPay app was no longer available. The company has lost significant browser market share over the last few years. That decline has tanked its browser revenue, forcing the company to diversify into financial services. In spite of these assurances, one thing is clear, Opera and other payday lenders will need to alter their current lending practices if they intend to keep their distribution intact.
With operations across eight African countries and the UK, Flutterwave is positioning itself as a strategic partner for companies looking to break into Africa. The company says it will invest its latest funding in improving its technology and expanding its business development team. The future of connectivity is getting a lot of undeserved hate. While factories in China are reopening, other countries are going into lockdowns. In between training to become a medical doctor, Dr.No doubtpart of the fund must have been invested in their operations including infrastructure development.
But some of the financial technology fintech startup firms have used their funds to disrupt the lending industry as they are determined to ease the burden of lack of access to fund experienced by several millions of Nigerians.
The good news is that a lot of them offer cheap, affordable loans, which come quite fast as they are disbursed a few minutes after application, without collateral. Some of them offer loans on USSD platforms.
Kwikmoney is a product offered by Mines, a global technology company which has developed a digital platform that enables institutions in emerging markets to offer credit products to their customers with ease and minimal risk. Kwikmoney is one of the most effective and convenient ways of getting quick and instant loans in Nigeria.
Here, it requires six steps to request a loan and the first one is inputting your BVN details. For its loan, Page Financials at a competitive interest rate.
The initiative is a financial product that bridges unexpected expenses and short-term financial needs. Interested patron can access funds via our mobile app as the virtual wallet is convenient and solves all quick financial needs. Aella credit is an app-only easy and quick loan platform. Aella credit is available in Ghana, Nigeria and the Philippines. This is very useful information.
More information on Fintech such as volume of transactions processed, customer base, loans issued etc is required to have a full grasp of the impact these innovative startups are have on the financial space.
Please I need a loan of to pay back in 20 days. Save my name, email, and website in this browser for the next time I comment. This site uses Akismet to reduce spam. Learn how your comment data is processed. Bulls dominate Nigerian bourse, investors gain N billion. MTN Nigeria: Accelerated growth in data revenue to buoy earnings despite…. SMEs: How to attract fund from banks, investors, donors.
How to invest in uncertain times. Smart money vs dumb money. Top 10 CEOs and how they spent 10 days in lockdown. Very informative and useful for consumers, regulators and operators alike. They should partner with verified car dealers and offer financing for car loans…. What of Creditville Limited They are also doing great in the micro lending space.Android smartphone users in Kenya now have a safe, easy and flexible way to apply and access credit loans for their everyday life expenses.
From education and health expenses to travel and purchase of goods and services, OKash lands in Kenya with the clear goal of making loan management and access easier for everyone who owns a smartphone. 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 toKES at a total interest of 5 percent. By filling out a set of questions, users will get a decision on their loan application in minutes. To repay the loan, users just need to click the repayment button and process it through the M-Pesa STK push service.
OKash is a unique product as it uses artificial intelligence AI technology. This technology has been built to analyse the purpose of the loan as well as the repayment behaviour of the user.
We are offering OKash users high privacy standards in each loan that they apply for as their personal information is highly protected.
How To Get OPay OKash Loan in Nigeria (Collateral-Free!)
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You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience. Necessary Always Enabled.After I exposed the fraudulent Okash Loan AppMany Kenyans have come out with their testimonies and experience with the mobile loan app.
This is clear evidence that the CBK must move in speed and crack down on this fraudulent company looting from Kenyans. So you can imagine how the Chinese owned company is stealing from Kenyans. They are basically stealing from Kenyans yet CBK governor Patrick Njoroge is busy applying make-up instead of doing something.
Stealing from struggling Kenyans is a big NO! Those people are thieves yaani. Warn Kenyans against Okash because they will call your relatives, your colleagues and even your boss. I was afraid watapigia boss wangu that thank God niliwalipa and uninstalled the app Mara hiyo.
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Primary Menu. Search for: Search. Facebook WhatsApp Twitter Messenger. Cyprian, Is Nyakundi Cyprian Nyakundi is a Kenyan-based blogger who has an interest in politics, governance, corporate-fraud and human-interest stories.
Kindly drop me a note if you feel aggrieved on any matter that you would want to be highlighted. Related posts. Facebook, Instagram, and WhatsApp are down for users around the world Karecha April 14, - Cyprian, Is Nyakundi August 14, - June 3, - You need an Okash loan or want to repay via Mpesa?
Read on, and you will get to know how to apply and then likewise repay OKash mobile loan via Mpesa in Kenya at the end of this article. Clients can also set up accounts using their M-Pesa accounts. Make sure to provide genuine information about yourself when signing up to increase your chances of loan approval.
Enter your phone number as the Account Number the mobile number which you received your OKash loan with. It is therefore advised that one does not exceed the repayment period.
Moreover, this could reduce your future borrowing score. Save my name, email, and website in this browser for the next time I comment. Exposeke News. Home General News All Tuko news. Guardian Angel Customer care phone number contacts. Top 10 richest African rappers King Kaka Wajinga Nyinyi song download mp3, mp 4, video-Wajinga nyinyi…. Best adults telegram channels to join in Kenya-team mafisi.
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Micro-lending app OKash lands in Kenya
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