Opera have Okash, which is a Mobile Lending Service. Here is what a user thinks

I picked this from LinkedIn regarding Opera’s Okash. Interesting feeback

  1. Loads of personal details required at application.
  2. Approval is not instantaneous like other similar apps, took over 9 hours
  3. 14% interest for a two week period is extremely exorbitant.
  4. 1500 for a first loan, is a good starting amount.

Holy sh*t. That is a lot of personal information required. Kenyan’s do not have time for this.

Here are some of the details you should fill in:

  • Your Legal name
  • National ID number (applicants should be 20-55 years)
  • DOB (Date of birth)
  • Your Education level
  • Details of outstanding loans
  • Marital status
  • Monthly income
  • Employment details
  • Residential area
  • Referee’s Legal name (WHAT???)
  • Referee’s Mobile Number (WHY???)

I hated the referee bit and my initial loan application was declined.

Haiya… Never heard of a micro loan being denied… This is new

Just to digress a bit -Has anyone tried(either as a lender or a borrower) this peer to peer lending app-Ubapesa?

This will probably require its own thread.

1 Like
  1. Opera’s MD justified the need for additional user data as a channel to curate a better limit for customers but we all know what that means; get as much data from consumers as possible and use it to build a ‘superior’ product because information is power.
  2. True. Mine took about 5 mins to process. Similar products like Branch send you money immediately upon approval.
  3. Two weeks sucks, though a large limit stretches past the 14-day mark.
  4. Yup, all start at KES 1500 because anything less than that isn’t as lucrative according to OKash’s research.

So i finally got to try out OKash again,the starter loan of Ksh 1,500 is okay but 14 days is too short of a repayment period,their loan disbursment time needs some work but its within a day so not bad,i believe they need more data points from users but i would appreciate if they asked users for more financial information and consent to proceed to verify.