In the three months between July and September 2019, OKash 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.
To curb predatory lending Google has updated its Google Play developer policies and warns that loans requiring payment in full in 60 days or less will soon be banned. But are short-term digital lenders in Nigeria predatory?
Digital micro-lending in Africa still faces challenges despite the amount of capital available and exit opportunities in the financial sector.