Opera – a freeware web browser, available for both mobile and desktop – is allegedly offering predatory loans through Android apps running four Android apps aimed at Nigeria, Kenya and India (OPay, OPesa and CashBean) that appear to be in direct violation of Google Play Store policies, forbidding predatory loans and deceptive descriptions.
OPay is an instant personal loan platform for Nigerian mobile users. The application process takes three steps with minimal documentation and in around 10 minutes, the approved loan amount is transferred to the applicantâ€™s bank account.
According to aÂ reportÂ by Hindenburg Research, it was due to the companyâ€™s losses in browser revenue that apparently led to creating multiple loan apps with short payment windows and interest rates of 365-876 per cent, which are in violation of new Play Store rules Google enacted last year, Android Police reported on Monday.
It is worth noting that Opera is not doing well in the era of Google Chrome dominance.
Opera became a public company in mid-2017, following its acquisition by a China-based investor group.
The listing for â€˜OKashâ€™ stated its loans range from 91-365 days (the page now says 61-365 days), but an email response from the company stated it only offered loans from 15-29 days â€” significantly lower than the 60-day minimum enforced by Google.
All of Operaâ€™s other apps were also found to be in violation to varying extents, the report added.
Opera has since issued aÂ statementÂ saying that itÂ â€œbelieves that the [Hinderburg] report contains numerous errors, unsubstantiated statements, and misleading conclusions and interpretations regarding the business of and events relating to the Company.â€
Kindly share your thought about your experience if you have ever been loaned by Okash before, and about its interest rate.