Neobanking has been a growing trend in the fintech space and Ecobank in partnership with Fingo have joined the bandwagon.
The two have been working on this collaboration and have gone live after they got approved by CBK. Fingo has raised $4 million in funding from various capital firms and enters a space that’s currently led by NCBA’s Loop App and ABSA’s Timiza app.
It’s worth noting that Jeremy Awori, the current CEO of Ecobank Kenya was the Managing Director and CEO for ABSA Kenya.
The app is available on the Google Play Store and the Apple App Store with over 60,000 users on its waitlist which has frustrated new sign ups.
The app lets you deposit funds into your Fingo account using MPESA STK push or paybill or till numbers, Bank Transfers, and receive your salary into your Fingo account. Fingo says that the digital account is free and attracts no minimum balance and no monthly fees.
Fingo is enticing users with benefits such as free peer to peer transfers, the ability to receive rewards and cashbacks, savings that earn an interest and the ability to send and receive money through mobile money at subsidized rates.
The app also allows you to create and send payment links, receive funds through QR Code, make utility payments and buy airtime.
Fingo is planning to start offering loan services soon.
Fingo is looking to expand across East Africa and the rest of the 33 countries where EcoBank operates by the end of the year.
“The youth are a key pillar for any business and are an invaluable segment for Ecobank as the average age in Africa is 19 and it is forecast that by 2030 young Africans will be 42% of global youth. As a Bank, it is crucial that we provide products that have appeal and are user friendly to the young population who have an immense appetite for digital engagement. The Fingo Africa App seeks to do exactly that, as we seek to deepen financial inclusivity among the youth in Kenya and beyond,” said Josephine Anan-Ankomah, Managing Director, Ecobank Kenya and Regional Executive, Central, Eastern and Southern Africa.
“We are delighted that our Fingo Africa app will accelerate financial inclusion for Kenya’s youth and empower them just by using their mobile phones. We are looking forward to rolling-out the app’s availability throughout Ecobank’s 33-country footprint, which will deliver on our vision of empowering Africa’s youth to create wealth in a way that is simple, fun and educative,” said Kiiru Muhoya, CEO and Co-Founder, Fingo Africa.