Earlier today, Ecobank Kenya announced the launch of the Fingo Africa app.According to the company, this app is meant to revolutionize financial inclusion for the youth in Kenya and around Africa.
The Fingo Africa App was developed in collaboration between Fingo Africa, a Kenyan Fintech company and Ecobank. According to Ecobank, the app is here to make it easier and affordable for individuals to be part of the financial system. Think of this as a direct competitor to the LOOP App that is part of NCBA. LOOP has been around for a number of years and when launched, it was a unique product that makes it possible to open and operate a bank account without the friction we have come to associate the financial sector with.
Open Bank Account in 4 Minutes
Fingo Africa and Ecobank claim that with the app, you can open a fully-fledged bank account in four minutes using your phone. There is no need of visiting a bank branch and submitting physical papers as has always been the case.
It is free to open an account and the account has no minimum balance or monthly fees. This is good for a country like Kenya with a significant portion of the population still having no bank accounts.
Free Transfer between Fingo Users
If you happen to have a Fingo account, you can send money to other Fingo users for free. This can be advantageous for those who send money to the same or different users multiple times a day and find the current transaction fees a bit expensive.
Sending money to M-Pesa users attracts a fee that Fingo says is subsidized. This technically means that you can send money to almost anyone in Kenya.
Users can also receive funds using QR codes and earn a cash reward by completing a few simple actions after self-onboarding.
Pay bills
The Fingo app can be used to make utility payments and bills directly to business M-Pesa till numbers. This is not new and is an option that has been available through most fintech apps including LOOP and even Tingg app. Besides payment, the app can be used to buy airtime.
Savings Options
The Fingo app can also be used to save money just like with most bank accounts. Customers can set goals and create frictionless saving habits through recurring transfers.
Commenting on this launch, Josephine Anan-Ankomah, Managing Director of Ecobank Kenya and Regional Executive for Central, Eastern and Southern Africa, commented that the youth are a crucial segment for any business, with an average age of 19 in Africa. She stated that it is crucial to provide products that are appealing and user-friendly to this segment, and the Fingo Africa app seeks to achieve exactly that by deepening financial inclusivity among the youth in Kenya and beyond.
Kiiru Muhoya, CEO and Co-Founder of Fingo Africa, expressed his delight in accelerating financial inclusion for Kenya’s youth and empowering them through the use of mobile phones. He is looking forward to rolling out the app’s availability throughout Ecobank’s 33-country footprint, delivering their vision of empowering Africa’s youth to create wealth in a simple, fun, and educative way.
Read: HELB Beneficiaries to Receive Loans Directly to M-PESA Accounts