Loans

Is Okash owned by Opay?

Many people haven’t heard about Okash or don’t know much about it. People often ask, “Does Opay own Okash?” This article covers everything you need to know about Okash. Get ready to be amazed—you’ll discover facts you’ve never heard before.

What is Okash?

Okash is a new-age loan company operating through an app that provides fast and easy loans to customers. Their daily mission focuses on making lending money as simple and reliable as possible, while delivering excellent customer service and top-notch security. They dedicate themselves to offering a user-friendly loan experience accessible to everyone.

Okash started with the goal of transforming the traditional lending industry. The company believes that everyone deserves access to the financial resources they need, and it works hard to make that belief a reality. The Okash team of experts designed and developed a secure, user-friendly platform that speeds up and simplifies the lending process. They passionately help people achieve their financial goals and commit to providing outstanding customer support.

Tenspot Pes Limited, a company under Opay, unveiled Okash in March 2018. The platform quickly gained recognition for its accessibility and fast loan processing. By the end of 2018, Okash had generated significant revenue from over 280,000 microloans.

Is Okash owned by opay?

In this present era, online lending platforms have become so popular because they provide quick and comfortable access to loans. One of those platform is Okash. Okash has gained a lot of attention, particularly in Nigeria and in Kenya. Now to answer the question ” Is Okash owned by Opay? Yes, Opay owns Okash.

How Okash Operates

Okash Loan App In Nigeria - Business - Nigeria

Okash gives out short term loans to its users through an app. The process as to which this happens is very simple and straightforward, it requires its users to download the app from google playstore or apple store, install it in their mobile phone, register, and apply for a loan. The platform uses advanced technology to track applicants’ creditworthiness and ensures timely loan disbursement. Blue Ridge Microfinance Bank sends Okash loans directly to users.

Okash, Opay’s automated lending service, focuses on increasing credit access for financially under-served and excluded individuals in Nigeria. The system delivers loan decisions within 15 seconds, and when approved, it transfers funds to the applicant’s account within 5 minutes—available 24/7.

Opay’s Background

Okash is an online lending platform which operates under the authority of Opay digital services. Opay is a fintech company which is owned by a Chinese billionaire Zhou Yahui.  Zhou Yahui acquired a company called opera limited in 2016, which later gave birth to Opay. Opay’s headquater is based in Hong Kong, and it has branches across the world.

Opay’s Expansion and Services

Opay was founded in August 2018 and has since expanded across several countries, including Nigeria, Kenya, Egypt, and Pakistan. The company offers a wide range of services and has become one of the most dominant players in the fintech industry, especially in Nigeria, where it serves over 35 million users and partners with more than 500,000 agents.

What they Offer

Its vision is to become the leading loan app company in Nigeria, providing quick and convenient loans to everyone who needs them. Their goal is to provide a secure, easy-to-use platform that makes borrowing money faster, easier, and more convenient than ever before. They focus on helping people achieve their financial goals and improve their financial well-being.

High Loan Amount: Okash offer loans of up to 50,000 NGN, so you can get the money you need, when you need it.

Fast Approval: Their loans are approved quickly, so you can get the money you need as soon as possible.

How to Borrow Money from Okash in Nigeria | A Step-by-Step Guide - Silicon Africa

Paperless Apply: its loans are paperless, so you can apply and get approved without any paperwork.

Opportunity of Loan Cancellation: They offer the opportunity to cancel a loan within 24 hours of disbursement, so you can get the financial support you need, without any hassle.

Courteous Loan Collection Process: They have a courteous loan collection process that is respectful and ethical, so you can feel confident and secure when you borrow money from us.

Our Core Values

Excellent Customer Service: They view their customers as the foundation of their business and commit to delivering excellent customer service and support.

Cooperative Partner: Okash works closely with customers to help them achieve their financial goals, dedicating themselves to providing a cooperative and user-friendly loan experience.

Ease of Use: Okash believes borrowing money should be simple and painless, so they focus on making their platform as user-friendly and accessible as possible.

Security: Okash believes that the security of their customers’ personal and financial information is of the utmost importance, and it is their duty to maintain the highest standards of security and privacy.

Products

  • Okash offers payday loans designed to provide monthly overdrafts to staff of companies, ministries, parastatals, and other establishments
  • Education – Any salary earner, self-employed, students, government sector employees including Public Sector.
  • Business – The loans help business to cover cash flow payments when due.

Impact on Financial Inclusion

Okash has significantly boosted financial inclusion, especially in Kenya. The Kenyan Private Sector Alliance reports that the country’s financial inclusion rate has jumped from 26.7 percent 15 years ago to 82.9 percent today. This growth largely comes from increased mobile phone usage and the ease of accessing loans through platforms like Okash.

Challenges

Despite its success, Okash has faced many challenges and deceitful rumors. Like other online lending platforms, people often criticize it for high interest rates and aggressive debt collection practices.

Things to Note

Okash is a legit and authorized loan app, so you can trust that your information stays safe. They won’t harm your reputation or spread rumors about you. However, if you miss payments, they will take necessary actions and report the issue to the appropriate authorities.

While their overdue interest rates remain fair, you can skip paying them once you settle the principal and initial interest. Avoid borrowing from other loan apps to clear your Okash debt; instead, repay when you have the funds available. You can even spread your payments over several months—just make sure to keep your commitment.

If you prefer not to engage with their calls, consider installing Truecaller on your phone to identify and block them easily.

Conclusion

Opay, a fintech company founded by Chinese billionaire Zhou Yahui, owns Okash. Since its launch, many people have embraced Okash because it makes getting loans easy and convenient. However, the platform still faces challenges that it must address to keep operating smoothly in the fintech industry. As the fintech sector evolves, loan platforms like Okash and Opay will play a crucial role in shaping the future of digital finance

Frequently Asked Question

Is Okash and Opay the same company?
Okash is opay’s loan service arm. Both of these companies are owned by opera.
Which company owns Okash?
Blue Ridge Micro Finance Bank owns Opay.
Is Okash approved by the CBN?
Yes. Okash provides easy access to personal loans for those interested in borrowing. People actively use it in countries like Kenya and Nigeria. The Central Bank of Nigeria officially licenses Okash.
Who owns Opay? 
Chinese billionaire Zhou Yahui owns Opay through his web browser company, Opera. Opera has become the main backup for money transfer and payment of bills during the cash crunch, the industry observers says so.
What happens if i do not pay back my Okash loan?
You get a one-day grace period after the due date, during which the app won’t charge interest. If you still haven’t paid after this period, the app will apply a rollover fee for the time your payment remains overdue.
What is Opay also called ?
Opay Digital Services Limited, commonly called Opay, used to operate as Paycom Nigeria Limited. Chinese billionaire Zhou Yahui owns the fintech mobile money company.
Has Okash been shutdown?
Nigeria has ordered for the shutdown of Okash and other loan distributing platforms due to violation of customer privacy violation. The Nigerian Federal Government has unleased its powers to cut off some loan apps in the country.
Is Opay in China?
Yes. Opay, incorporated in Hong Kong, has raised over 570 million U.S. dollars so far and now values at more than 2 billion dollars

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