Fingo App, a new neobank service, has been introduced by Ecobank Kenya. Ecobank and Fingo Africa, a Kenyan fintech company founded in 2020, worked together to build the Fingo App.
The Central Bank of Kenya (CBK) granted Fingo Africa a license to provide online banking services in the beginning of 2023. Fingo Africa reportedly has a valuation of over $10 million and has received considerable investment support.
The Ecobank Group-affiliated lender seeks to fill the void created by the renaming of NCBA Loop, a digital bank operated by NCBA. This digital bank formerly permitted users to transfer money to mobile wallets without additional fee.
Young Kenyans who see it as an appealing digital banking service may now be left without any other option. Additionally, Loop may be the only digital bank that successfully attracted a sizable number of youthful users.
The introduction of Fingo App will offer young Kenyans the ease of performing seamless digital transactions.
With Fingo, users can be onboarded quickly on the platform, which gives potential consumers another advantage by removing the need for them to physically enter a banking hall to open an account.
Customers may create their Fingo App accounts in under five minutes on Android and iOS devices. Once they have an account, they can use a variety of services including pay bills using paybill and till numbers, send money to mobile money wallets (in this case, M-PESA), and more.
The strongest selling point of the Fingo App may be the ability for users to send money to other users for free. Jeremy Awori, CEO of Ecobank Group, applauded Fingo for generating such innovation that is aligned with one of the aims of Ecobank, which is to create financial inclusion across the African continent.
Fingo App makes saving even easier by automating recurring transfers to designated targets, streamlining payment collection using payment links, enabling fund receipt via QR code, and providing a monetary incentive for downloading the app.
Since Fingo Africa focuses on African youth, it has plans to launch in 32 other nations in Africa.