The aforementioned research center published a report in which it accuses Opera Software of distributing applications on the Indian, Kenyan and Nigerian markets, which in they directly violate Google Play Store regulations. It is a ban on usury (very high-interest loans), which CashBean, OPay, OKash and OPesa do nothing at all. Google sets the maximum percentage of the actual annual percentage rate of 33% or less, while the APRC in the case of OPesa reaches … 438 percent.
Theoretically, applications from Opera Software offer quite sensible paper-looking conditions for loans from 91 to 365 days. The real length of loans in the case of OKash, however, was 29 days, and in the case of other apps up to 15 days. Google sets a minimum loan period of 60 days.
There will be people in a tragic situationthat will take advantage of the Opera Software offer and will be late with the payment even by a day. The day of delay pushes the APRC up to 876 percent. To make matters worse, victims report that the app has stolen contact details from their phones (!), And Opera representatives were supposed to contact people on the contact list to intimidate borrowers and force their repayments.
Hindenburg Research reports that Opera Software used loan applications to artificially inflate its capital in various reports, despite much lower real income. The center also reports that the company has pumped "millions of dollars" into applications belonging to the Opera CEO, despite their controversial activities.
If the above accusations prove to be true, Opera Software will be in serious trouble.
Source: Hindenburg Research