OKash loan app ‘exceeding expectations’
Newly launched microlending service OKash is currently the most popular loan app in the local market on Google Play, the official app store for the Android system.
Speaking on the milestone, Opera Managing Director Eddie Ndichu was elated by the response of the service in the market.
“We launched this product just over a month ago and getting such an impressive response demonstrates there is demand for our model of shorter term loans in the market with incentive for earlier repayment,” he said.
OKash beats WhatsApp, Opera News and other micro lending apps on the Top Charts section on Google Play.
“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,” says Mr. Ndichu.
OKash, together with an M-Pesa account, enables users to access small loans for an interest as low as 1 percent per day and a loan term of a maximum of 14 days.
“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 to 500,000 KES at a total interest of 5 percent,” reads a statement from the company.
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