Opera became a public company in mid-2017, soon after being acquired by a Chinese investment group. Since then, Opera’s market share has continued to decline due to Chrome’s dominance. So, Opera decided to revolve its capital by making short-term loans in African and Asian markets with four applications: OKash and OPesa in Kenya, CashBean in India and OPay in Nigeria.
These applications are still available on the Play Store (except OPesa has “flown”) and their descriptions all cover different levels of lending to users. OKash, for example, lists their loan period as between 61 – 365 days, but, in the email response, the company stated that it only offered a loan period of 15 – 29 days – significantly lower. compared to the minimum 60 days in Google law. All other Opera applications also violate to varying degrees.
Originally reply to email from Opera
Worse, according to Play Store reviews, the OKash and OPesa apps sent messages or phone calls to relatives in the user’s contacts when they paid late, threatening to take legal action. reason or put the borrower’s name on the blacklist. A former employee told Hindenburg Research that the behavior ended last year “because it was illegal”.
Unfortunately for Opera, cheating low-income people doesn’t help the company’s finances. With all apps that violate Play Store policies (and one of them has been removed from store stores), Opera’s main revenue stream may soon disappear. Hindenburg Research has found evidence that investor money may be redirecting to companies and others:
“1. $ 9.5 million in cash has been transferred to an entity that appears to be the owner / CEO of Opera, although the company says it is not. Obviously, the reason for this payment is to “buy” a business run and funded by Opera. For us, this transaction is as simple as cashing out.
2. 30 million USD in cash is transferred into a karaoke application business owned by President / CEO of Opera a few days before stopping to shake hands with an important business partner.
3. More than $ 31 million in cash has been made in the form of “marketing and upfront costs” for an antivirus software company run by an Opera director and influenced by the President / CEO of Opera. It’s not known any of the antivirus company’s marketing customers, but they are paid to help Opera promote it on Google, Facebook and other marketing platforms. (Note: most companies use a marketing partner to help with marketing needs.)”
Since the release of this information, Opera’s share price has dropped from $ 9 to $ 7.06.
If you’re using any of the Opera apps, uninstall them now as they can send messages to your friends about your browsing habits.