Banking -Fingo Africa digital bank is launching in Kenya following recent approval of operations from the regulator- Central Bank of Kenya.
The digital only bank partnering with Pan-African banking conglomerate Eco Bank aims at introducing digital banking services such as account opening, deposit and withdrawal transactions, balance inquiries, bank statement requests, and financial record tracking among many others.
Fingo’s partnership with Ecobank, the largest footprint bank in Africa, provides it with access to Ecobank’s 33+ markets in the world.
The two – Fingo and Ecobank – are planning a pan-African rollout beginning in Kenya, where they are the first digital-only bank in the country.
Fingo, an African startup, joined Y-Combinator (YC) and raised a significant seed capital that valued its business at more than $10 million (sh1 billion) in valuation.
This event coincided with the rapid growth of digital banking services, which traditional banks in Kenya have struggled to keep speed with.
“Youth in Africa struggle to access financial services, taking between 48 hours and two weeks to open an account, with multiple in-person interactions and requirements to bring physical paper documents,” Fingo Africa said.
Fingo maintains that its exclusive digital services will make simpler traditional banking by eliminating the need for paper, thus making it more convenient and attractive to the huge young generation of clients that make the business economy today.
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