Companies

Opera puts micro-loan tool on 3-month test run

ndichu

Mr Eddie Ndichu. FILE PHOTO | DIANA NGILA | NMG

Opera Software has launched a micro-loan service in the Kenyan market as part of efforts to diversify its business into financial technology.

Okash, the loans app that is operated by Opera’s subsidiary Opay, has gone live on Google’s play store in a trial version that will run for two to three months during which the company will target a limited pool of 100,000 borrowers.

“Through the beta version we want to learn about customer behaviour, to get feedback on the kind of pricing and experiences they want,” said Opera’s managing director for fintech in Africa Eddie Ndichu.

During the trial phase, customers will access a minimum Sh500 and a maximum Sh100,000. Once the application is fully launched, this upper limit will rise to Sh500,000.

The service relies on artificial intelligence (AI) to learn borrower behaviour and to develop customised loan repayment periods, limits and rates for each customer, Mr Ndichu said.

Okash will also be available to iPhone users and via USSD.