The app (iOS) marks the first stage of the company’s digital expansion of its proven in-store model with the intention of it being applied across the UK and beyond.

The app is unique in its category. Unlike other loan apps, which focus on customer acquisition, Oakam’s app allows current customers to track their payments, balance and how much money they owe. In this way, the app will help borrowers to meet repayments and give them more control over their loans. Additional features of the app allow customers to call a customer advisor direct and view personal loan details.

Future versions of the app to be released over the next 12 months will include the latest engagement and incentivisation techniques to positively influence customer behaviour. Advanced data science techniques will also be utilised to design better underwriting processes for both existing and new customers while rewarding Oakam customers with lower interest rates.

CEO Oakam, Frederick Nze said, “At Oakam we’re committed to addressing the needs of the under-banked ethically and sustainably, with a digitally-led solution that is fit for the 21st century. The launch of our first app is the exciting first step - by giving our customers more control over their loans we’re helping them manage their finances effectively. Continual digital innovation over the next 12 months will mean we can confidently expand the reach of our services across the UK and the rest of the world.”