OKash, a micro lending app developed by OPay, an affiliated company of the Opera Group, has launched an innovative built-in face recognition system.
This system has been built to protect the identity of any OKash borrower from potential third-party fraud thus providing users with an extra layer of security when requesting a loan.
“We are very happy to be the first financial technology app in the country to innovate and establish such a security system. Within financial digital services, there is need to ensure that the customer is actually who they say they are. By implementing this new feature, we ensure the integrity of our customers and guarantee them 100 per cent protection of their loans and personal information when using the app,” said Edward Ndichu, Managing Director of OKash in Kenya.
With one of the fastest growing digital economies in the world, Kenyan mobile financial technology providers face multiple challenges by scammers who use personal information such as a phone or ID number to get a loan using someone else identity.
According to the 2017 annual report presented by the Financial Sector Deepening (FSD) in Kenya, more than 73 per cent of citizens have a mobile money account. This represents a major part of Kenya’s population that is vulnerable to digital fraud.
“This new face recognition system has been designed to protect the identity of all our users and provide them with the best experience.We would like to encourage all of our users to test the new feature and start protecting their daily loans and transactions.”