OKash: Safe and reliable loan is a free finance app for mobile by Blue Ridge Microfinance Bank Limited. It is a credit loan platform made specifically for users residing in Nigeria. Through it, they can get up to 500,000 nairas, with interest rates of less than one percent.
Just like OxLoan-Instant Loan in Nigeria and KashKash: Personal loan in NG, OKashL Safe and reliable loan is a service that was made specifically for Nigerian users. Aside from its generous allowance and low-interest rate, it also offers flexible payment terms that let them pay back the amount at any time.
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Finance and budgeting are some of the hardest things to do, especially with so many expenses and saving goals to consider. However, there will be times when you need quick funds for an expense. That is why taking a loan is one of the quickest solutions available. OKash: Safe and reliable loans make the whole process much easier and accessible with its app.
After a quick registration process, pick and fill out a form with the app. It will be sent in for approval, and a call will be made regarding its status, as well as appearing in the app itself. You will then be sent a loan agreement document that you will electronically sign, and the amount you are requesting for will be transferred to your account.
As mentioned earlier, payment terms are flexible depending on the agreement, and interest is calculated on a daily basis, and can range from 0.1-1%, with an annual percentage rate ranging from 36.5-360% calculations. Note that successive loans are not possible with this service, as you need to wait for a period of time after paying your dues before you can make another request again.
OKash: Safe and reliable loan is a great alternative to traditional credit loan practices that makes the whole process much easier and faster through a single app. Registration is simple, interest rates are low, and you can pay your dues based on your capacity. Just be aware that you can take loans in succession, but aside from that, this is well worth checking out.
It was the third loan that upended his life. He needed it to top up his rent, because by then a vicious cycle had begun, wherein he would pay off his loan then borrow again to fill the hole that the last payment had left in his finances.
The Nigerian Federal Government has unleashed its powers to police some loan apps that have violated customer privacy. The apps are; Okash, GoCash, EasyCredit, KashKash, Easy Moni, Speedy Choice, and Sokoloan.
However, the apps are slowly being unfavored as they have been accused of many vices, including blatant personal information violation, harassment and sky high interest loans. The Nigerian government is the first to take action on the apps that violate private customer information.
In Kenya, for instance, the apps have come under scrutiny following mass reports that they were using illegal means to recover loans such as harassing customers and using their personal information to shame them in a bid to compel them to pay.
In 2021, the CBK Amendment bill was signed into law. The bill required the CBK to publish regulations about loan apps by March 23, 2022. The regulations cover aspects of licensing, governance, and credit operation of online lenders.
Once the law will be enforceable. It will imply that companies that dispense online loans will be required to put in place appropriate policies, procedures and systems to ensure the confidentiality of customer information and transactions.
There are other regulations about loan recoveries, including a case where the law cites that agents must not use threats or obscene language when talking to their customers.
Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. The loans are delivered via an Android mobile app, with lending decisions provided almost instantly. The usual amount for new borrowers is N10k.
Their loans are provided in partnership with Blue Ridge Microfinance bank. If you are unable to repay your loan via direct debit, you can pay or transfer to the Blue Ridge Microfinance Bank Ltd. Bank Name :Zenith Bank Plc. Account No:1130085518. Fill your BVN or your registered phone number and your full legal name in the remarks section, then send the transfer details to repayment.proof.ng@o-kash.com after transfer succeed to verify the information and change your loan status.
It has come to light that several Kenyans, who have taken small loans from either of the two platforms recently, have not only been roped into predatory lending but have also been humiliated, embarrassed, and in some cases, threatened.
As the economic fallout of the pandemic shrinks finances and cripples livelihoods, both OPesa and OKash appear to be employing unwholesome practices to forcefully recover loans from Kenyan users who have been forced to take quick loans to get through the downturn.
With digital lenders barred from blacklisting loan defaulters with Credit Reference Bureaus (CRBs) in Kenya since April, the two lending platforms backed by Chinese-owned, Opera, have resorted to below-the-belt tactics.
Several users of the two mobile lending apps, OKash and OPesa, who delayed or defaulted on their loan repayments are now reporting that both platforms are taking the liberty to invade their privacy and reach out to people in their contacts list in a bid to recover the funds. This is after they must have sent countless subtly-threatening messages to the users demanding repayment.
One user who spoke to WeeTracker on condition of anonymity revealed that OKash had, indeed, recently called up his girlfriend, asking her to tell him to make a repayment of KES 16 K on a loan of KES 8 K that he had taken two months before, even though OKash actually disbursed less than KES 8 K to him originally.
In April, the Central Bank of Kenya (CBK) barred unregulated digital mobile lenders from forwarding the names of loan defaulters to CRBs and stopped the blacklisting of borrowers owing less than KES 1 K.
In Kenya where there are up to 49 digital lenders, more than 3.2 million Kenyans have been negatively listed as loan defaulters in an economy where job cuts and shrinking wages have left thousands of people in a debt trap.
As mobile money and digital apps have become an important part of the financial system in Kenya, households and owners of small-and-medium-sized businesses (SMEs) have taken advantage of their mobile phones to access quick loans, mostly without adequate information on the cost of the facilities.
In any case, the uptake of instant credit has continued to soar in Kenya. Informal credit adoption increased to 59 percent in 2019 from a low of 19.2 percent in 2013 largely due to the spread of digital loan apps.
Formal credit also rose to 22.7 percent from 13.2 percent in the same period and this uptick can be attributed to the emergence of mobile banking loan platforms like M-Shwari (NCBA), KCB M-Pesa (KCB) and Eazzy loan (Equity Bank).
The Association was birthed at a time when digital lending was attracting so much vitriol in Kenya due to predatory practices, shady terms, and crude loan recovery methods attributed to many lending platforms. And evidently, these problems still linger.
In the three months between July and September 2019, the service provided approximately 5 million loans valued at $250 million in Kenya, India and Nigeria. During the same period, the quick loans platform tripled its revenue to $39.9 million.
The lending service has recorded phenomenal growth since it exited beta in 2018. Within two months of its launch, the company reportedly processed $99,000 worth of loans daily. In the last quarter of 2018, OKash issued 280,000 loans and made $1.7 million in revenue.
Although OKash made its first expansion a few months ago, Kenya is no longer its biggest market. Its loans in Kenya averaged $40. But the story is different in India, its fastest-growing market. Indian loans averaged $50.
IN SHORT: Some Facebook posts are asking users to send an email to get a loan from OKash. But the company says loan applications can only be done via its mobile app. The posts should be ignored.
Africa Check reached out to OKash to enquire about the application process. In a response, the company said the only way to get a loan was to download the app, register and choose the type of loan we wanted. All signs point to the offers posted by the suspicious account being bogus.
Update: We reached out to OKash help team and they were not updated with the new updates regarding compliance. When we reached out they still said they offered loans with repayment window of 15 to 61 days.
OKash is an innovative mobile microlending application that enables easy, fast and secure access to short term loans. The app-based service utilizes artificial intelligence (AI) technology to analyze the purpose of the loan as well as the repayment behavior of the user.
To survive the current economic realities, many Nigerians now depend on loans. And readily available to meet these rising needs for emergency cash are the loan apps, which against all odds, have continued to serve the growing army of Nigerians in need of loans.
The app offers loans ranging from N3,000 to N500,000 and repayment plan ranges from 91 days to 365 days. The app claims that its interest rate is within the range of 0.1% to 1%, even though some customers have been allegedly been charged rates higher than that. The company also recently updated the app, noting that the new version offers a better user experience with optimized page design and smooth application operation.
For the majority of OKash loan app customers who reviewed the app on the Google Play Store, one constant complaint is the poor customer service of the app. Here is what the users have to say about their experience: 17dc91bb1f