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New mobile loans app launched in Kenya

By James Wanzala | Published Tue, March 13th 2018 at 00:00, Updated March 12th 2018 at 21:47 GMT +3
OPay, the FinTech company part of the Opera Group, announced (Monday) the launch of OKash, the new stand-alone mobile app that provides users access to short-term loans at their fingertips. [Photo: Courtesy]

A new mobile app that gives users access to short-term loans is now available in Kenya.

Okash, an invention of OPay, the financial technology company that is part of the Opera Group, enables users to access small loans for an interest as low as 1 per cent per day for a maximum of 14 days.

Edward Ndichu, FinTech manager for Opera in Kenya, said users with timely and consistent repayment behaviour can apply for a single loan up to Sh500,000 at an interest rate of five per cent.