OKash loan app by Opera Group subsidiary Opay has hit over Sh10 Million transactions daily, only just two months after its launch.
The mobile phone-based loan app available on Google Play, 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 shows 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 loan app and set up accounts using their MPesa accounts. By filling out a set of questions, users get an answer on their loan application through their mobile phones.
OKash loans start as low as Sh1,500 and go 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 OKash loan, the sooner they can request for a new loan.
Customers paying their loans on time and consistently can apply for a single loan of up to Sh500,000 at five per cent.
To repay the OKash loan, the customer needs clicks on the payment button on the app and it’s processed through the MPesa STK push service. The amount is debited directly from the user’s MPesa wallet.