Okash has provided approximately 5 million loans in Kenya, India and Nigeria in the last three months from July to September 2019, valued at $250 million. The quick loan network has tripled revenue to $39.9 million dollars during the same period.
Backed by Opera, the software maker based in Norway, it uses credit scores and other ideas to provide short-term loans. In conformity with the new Google loan policy, the company offers a reimbursement period of 60 to 90 days.
When the service emerged, OPay’s lending arm was incubated by Opera. Opera invested $9.5 million in OPay’s OKash in December 2018 and the platform was introduced into Nigeria and India in 2019.
In Nigeria, OKash is still operating through the OPay app, which often leads to confusion because of the duplicity. “The service leverages OPay’s wallet in Nigeria to transfer money to and from its users,” says Opera, “but outside Nigeria, OKash is an independent software.
According to a Q3 report by Opera, OKash has provided $250m worth of loans in 3 months.