Ecobank Kenya Introduces a New Digital Banking Platform Aimed at Africa’s Youth
Ecobank Kenya has announced the launch of the Fingo Africa digital banking app, which is aimed at young people in Kenya and throughout Africa. Fingo Africa, a Kenyan Fintech firm, and Ecobank collaborated to create the app.
Access to financial services can be difficult for young people in Africa today. In some countries, opening a bank account can take anywhere between two days and two weeks. Furthermore, it may necessitate multiple face-to-face interactions as well as the submission of physical paper documents. Customers are frequently charged a high fee when sending money to friends, loved ones, or businesses, in addition to other fees just to keep their account active.
Ecobank Group CEO Jeremy Awori stated: “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 enables Africa’s youth by allowing them to open a bank account with their mobile phone in less than four minutes, send money for free to other Fingo users and M-Pesa users, and pay bills at subsidized rates using Paybills and till numbers. As a result, whenever users use the App for their daily transactions, they are instantly rewarded. Opening a Fingo digital account is free, secure, and simple. It has no minimum balance requirement and no monthly fees.
Fingo Africa’s CEO and Co-Founder, Kiiru Muhoya, 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.”
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.