Ecobank Kenya, a subsidiary of the Ecobank Group – the leading pan-African banking Group, has introduced the Fingo Africa app, in collaboration with Kenyan Fintech company, Fingo Africa. This innovative app is expected to revolutionize financial inclusion for young individuals in Kenya and other African countries. After its launch in Kenya, the app will be progressively introduced across Ecobank’s pan-African network.
Currently, young people in Africa often encounter significant difficulties when accessing financial services. For instance, opening a bank account can be a time-consuming process, taking several days or even weeks in some countries. Additionally, the process may require multiple in-person interactions and the submission of physical paper documents. Besides, consumers may be charged high fees when sending money to family members, friends, or businesses, along with other charges merely to maintain their account.
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.”
By utilizing the Fingo Africa app, young people in Africa can access financial services in a highly efficient and convenient manner. With just a few clicks on their mobile phone, they can open a bank account in less than four minutes, send money to other Fingo users at no cost, and even transfer funds to M-Pesa users and paybills via Paybills and Till numbers at reduced rates. Consequently, users of the app are instantly rewarded every time they carry out their daily transactions using the platform. The Fingo digital account can be opened for free, with no minimum balance and no monthly fees, making it a safe and easy option for users.
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
