By Barbra Onkoba
OKash, the microlending app developed by Opay has introduced a facial recognition security system to protect the identity of any OKash borrower from potential third-party fraud.
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.
On 16 May 2018, President Uhuru Kenyatta assented to the Computer Misuse and Cybercrimes Bill, 2018.
The Act contains some new provisions relating to the blockchain, mobile money, and offenses related to cybersquatting, electronic messages among others.
The introduction of security features by Opay will edge its strong position in the competitive financial sector dominated by strong brands in the market.
The company affiliated with Opera Group becomes the first microlending app to protect the identity and loans of users in the Country with this new and innovative feature.
Speaking, Edward Ndichu, Managing Director of OKash in Kenya said the app will provide users with an extra layer of security when requesting a loan adding that the new face recognition system has been built to protect the identity of any OKash borrower from potential third-party fraud.
“We are very happy to be the first financial technology app in the country to innovate and establish such a security system,” he said.
He adds “Within financial digital services, there is a 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 percent protection of their loans and personal information when using the app.”
Ndichu encouraged Kenyans to be on keen of those money lending institutions whose aims to charge customers with huge interest and still exposing them to scammers.
“We would like to encourage all of our users to test the new feature and start protecting their daily loans and transactions.”