NAIROBI, Kenya,-/African Media Agency (AMA)/- Ecobank Kenya, part of Ecobank Group, the leading pan-African banking Group, today announced the launch of the Fingo Africa app, which is set to revolutionize financial inclusion for young people in Kenya and across Africa. The app was developed in close collaboration between Fingo Africa, a Kenyan Fintech company and Ecobank. The launch of the App in Kenya will be followed by a roll out across Ecobank’s pan-African footprint.
Accessing financial services can be a major challenge for young people in Africa today. Opening a bank account can be a lengthy process taking anywhere from two days to two weeks in some countries. Moreover, it may require multiple face-to-face interactions and the submission of physical paper documents. Often, consumers also face a steep fee when sending money to friends, loved ones, or businesses, in addition to other charges just to keep their account active.
Commenting at today’s app launch, Jeremy Awori, CEO, Ecobank Group, said: “We are proud to support the deployment of the Fingo App, a game-changer in digital finance in Africa that brings many young people into the mainstream financial sector and caters to their needs and preferences. By simplifying access to finance, it overcomes the entrenched issues that have often acted as barriers to entry for young Africans. I want to thank our partner, Fingo, for driving such innovation that is aligned with one of our core missions to drive financial inclusion across the continent.”
The Fingo Africa app empowers Africa’s youth by enabling them to open a bank account via their mobile phone in less than four minutes, send money to other Fingo users for free and to M-Pesa users and paybills via Paybills and Till numbers at subsidised rates. Users therefore get instantly rewarded whenever they use the App for their day-to-day transactions. Opening the Fingo digital account is free, safe and easy. It attracts no minimum balance and no monthly fees.
Kiiru Muhoya, CEO and Co-Founder, Fingo Africa, stated: “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.”
Users of the Fingo Africa app can:
- Open a fully-fledged current account within 4 minutes as long as they have the relevant documents (i.e. a Kenyan ID or passport for now)
- Send money to fellow Fingo users for free and to M-Pesa at a subsidised rates
- Pay their bills from the App, make utility payments and buy airtime
- Save money easily for set goals and set recurring transfers to the set goals to create a frictionless savings habit
- Easily create and send payment links with full payment details to ease receiving payments from those who owe you
- Receive funds using QR Code
- Earn a cash reward by completing a few simple actions after self-onboarding
Josephine Anan-Ankomah, Managing Director, Ecobank Kenya and Regional Executive, Central, Eastern and Southern Africa, commented: “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 Appseeks to do exactly that, as we seek to deepen financial inclusivity among the youth in Kenya and beyond.”
The Fingo Africa app is currently available in Kenya, prior to a wider roll-out across Ecobank’s entire 33-country sub-Saharan African footprint.
To download the Fingo Africa app or learn more about visit https://fingo.africa. It is available on the play store and App Store for both Android and iOS users.
About Ecobank Kenya
Ecobank Kenya is an affiliate of the Ecobank Group, the leading private pan-African banking group. At Ecobank Kenya, we offer a comprehensive suite of financial services and solutions to our Consumer, Commercial, Corporate and Investment Banking clients at over 16 branches, 28 ATMs and 100 Xpress Point agencies. The Ecobank Group was established in 1985 to drive financial integration and socio-economic development in Africa. With a presence in 35 sub-Saharan African countries as well as in France, the UK, UAE and China, the Group has unrivalled expertise and experience across Africa. Our unique pan-African platform provides a single gateway for payments, cash management, trade and investment across Africa and beyond.
About Fingo Africa
Fingo Africa is a youth led Fintech startup that competitively won the support of Y-Combinator, the largest startup financier incubator in the world based in Silicon Valley in the US. From over 25,000 applicants from across the globe, Fingo Africa is the first in East Africa to claim this accolade in 2021 showcasing the potential of youth to create opportunities through innovations that economically transform Africa. Among the 15 African companies in the cohort, Fingo was the sole representative from East Africa and was named one of TechCrunch's favorite companies from the batch. Fingo has been covered in the news by a number of leading international outlets including Forbes, Business Insider, African Development Bank and Disrupt Africa.