3 Remarkable Ways in Which OKash Stood out From Equals Throughout the Economically Choking Year 2020

 

OKash loan app throughout year 2020, stood out as a reliable app unlike many of its equals in the market.

When the year 2020 began, there is no doubt that just like with any other new year, optimism had filled the air as individuals, groups, corporates, to name but a few, sought to execute their new year's plans to the last letter.

But unknown to many was the 'Devil' that was awaiting ahead in the name of the coronavirus pandemic that would alter many ambitious plans, if not render them null and void.

Shorty after the pandemic was reported for the first time locally in March, in came frustrations, heartbreaks, visions-turn-pipedreams and all manner of COVID-19 nightmares that have characterized year 2020. 

This was attributed to the economic breakdown that saw businesses close down, companies fire millions of employees leaving them without any means of livelihood among other things.

In other words, the virus that no one had thought much about as an existential threat, came, saw and conquered. So bad!

OKash as Light Through the Tunnel

But as an old adage goes, every cloud has a silver lining. Yes, amid doom and gloom, someone or something will still be there to provide light at the end of the tunnel. However, the same cannot be said of OKash mobile loan app because instead of providing light at the end of the tunnel, it was and is still there providing the much-needed light through the dark tunnel.

Below we focus on three remarkable ways in which OKash stood out from its equals in the market proving to be a reliable and efficient shoulder to lean on during the hard times that many Kenyans have been undergoing.

1. When the Pandemic Arrived

The economic uncertainties that set in after the viral pandemic was reported locally saw many corporates withdraw or curtail most of their services that they deemed risky during the pandemic. In the digital lending sector, it was no different as many lenders suspended their lending services for a while as they figured on the next move.

However, it was a whole different new story with OKash which kept its lending facility open and which proved a last saviour for many. In fact, it went a step further to waive penalties imposed on borrowers who had delayed in repaying their pre-pandemic loans as a way of lightening their financial burden.

2. CRB Ban Fiasco

In the wake of the poorly-thought move by the Central Bank of Kenya to block digital lenders from presenting defaulters names to the country's three CRBs, some lenders opted to fold up than risk their investments in a market where the regulator seemed to have turned into that mother who goes against her own children and begin eating them one after the other.

Others introduced drastic lending regimes to protect their investments which in turn left many borrowers including good ones locked out in the cold. With OKash, however, things were different as all the app did was to come up with a innovative technology that ensures that only the bad borrowers or perpetual loan defaulters are kept out.

3. Loan Interests Hike Ahead of Festivities and School Reopening

While to some lenders the December festive season and the scheduled January school reopening means time to make hay as the sun shines by raising their interest rates due to high demand for quick loans, OKash is among few lenders who have discounted CBK's recent concerns over the same by maintaining that its loans interest rate will remain unchanged during and after the two occasions.