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This financing application publicly shames you whenever you’re late on loan re re payment

Okash, a popular fintech app in Kenya and Nigeria, threatens users to inform everyone else on the contact list whenever you fall behind on your own loan payments.

This financing application publicly shames you whenever you’re late on loan payment

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T he only individual David Kiragu lied to in regards to the texts had been their mother. To those close to him, like their partner, friends, former schoolmates, and work colleagues, he explained that which was happening. To more distant connections, including annoying family members, he stated absolutely absolutely nothing.

Their mom probably knew he had been lying mothers that are do — but she allow it slip.

December“I couldn’t tell her the truth,” Kiragu said to me last. “So I informed her it absolutely was one particular jail frauds and she should ignore it.”

He owed cash. Few people like going it, but that didn’t matter. His fintech creditor ended up being nevertheless telling everyone in Kiragu’s inner circle which he had been a deadbeat.

It just happened similar to this: Toward the final end of March 2018, Kiragu discovered himself in a bind. At 32, he obtained a solid income as a manager at an iNGO in Nairobi. But also for the time that is first his life, he couldn’t make lease.

Their alternatives were restricted. He could always borrow the remaining from friends, family members, or someone else in their community. The situation ended up being that if he did, individuals would understand he was residing beyond their means.

Then again one Kiragu logged into his Facebook account and saw an ad for a fintech app called OKash that promised to be the discreet friend who would spot him some cash and never mention it again morning. Providing the capability to “process loans in moments,” OKash is regarded as numerous fintech apps that have actually sprung up in Kenya since 2012. Continua a leggere