The move by OKash will henceforth see borrowers who repay their loans after the due date only charged 0.009% late fees.
It is all good news for all customers of the leading mobile loan App, OKash, following an announcement on Thursday that it will be scrapping off the 2% late fees charged on delayed repayment of loans.
The bold move that is expected to take effect beginning May 2021, will henceforth see borrowers who repay their loans after the due date only charged 0.009% late fees.
A senior OKash official privy to the move and who asked not to be named as he is not authorized to speak to the press, said that the move has mainly been informed by the prevailing economic situation across the country.
"OKash business model has always had our customer at the apex because they are the reason we are there in the first place. Over months we have been tracking why some borrowers are unable to repay their loans in time and we came to the conclusion that many have been experiencing financial setbacks leading to delayed servicing of loans," the official said.
He added: "That is why we have taken this move that we hope will help reduce the financial burden of our customers in such situations."
OKash is among the top digital lenders in the country and despite its short stay in the market, has come to gain unprecedented traction among mobile loan borrowers due to among other things, its flexible payment plans, low interest rates and dedicated customer care desk at the disposal of borrowers as and when required for help.