Ecobank Kenya today announced the launch of the Fingo Africa app. The app is set to revolutionize financial inclusion for young people in Kenya and across Africa. It was developed in close collaboration between Fingo Africa, a Kenyan Fintech company and Ecobank. The launch of Fingo App in Kenya will be followed by a roll out across Ecobank’s pan-African footprint.
Instant Banking for Africa’s Youth
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. This includes other charges just to keep their account active.
Jeremy Awori, CEO of Ecobank Group, said, “We proudly support the deployment of the Fingo App, which will bring many young people into the mainstream financial sector by addressing their needs and preferences. By simplifying access to finance, the app overcomes longstanding barriers that have often hindered young Africans. I thank our partner, Fingo, for driving this innovation, which aligns with our core mission to promote 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. They can send money to other Fingo users for free and to M-Pesa and paybills 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.
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 App 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 of Ecobank Kenya and Regional Executive for Central, Eastern, and Southern Africa, commented, “Young people form a key pillar for any business and represent an invaluable segment for Ecobank, given Africa’s average age of 19 and the forecast that by 2030 young Africans will make up 42% of the global youth population. As a bank, we must provide products that appeal to and are user-friendly for this digitally engaged demographic. The Fingo Africa App aims to achieve this by deepening financial inclusivity among 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 the website. It is available on the play store and App Store for both Android and iOS users.
