Ecobank Kenya and fintech Fingo Africa have collaborated to launch an app aimed at giving young people greater access to financial services.
The new Fingo Africa app, powered by Ecobank, is currently available in Kenya before a wider rollout across Africa. it is seeking to address common financial challenges faced by young people such as opening a bank account which can be a lengthy process taking anywhere from two days to two weeks in some countries.
Among other barriers is the requirement of multiple face-to-face interactions and the submission of physical paper documents, while consumers also often face a steep fee when sending money to friends or businesses. There can also be additional charges so an account can remain active.
Speaking on the announcement 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.”
What are the benefits?
Users of the Fingo Africa app can open a bank account via their mobile phone in less than four minutes as long as they have relevant documents such as a Kenyan ID or passport. They can send money to other Fingo users for free and to M-Pesa users at subsidised rate while the app can also be used to pay bills and buy airtime. Other features include creating and sending payment links, receiving funds using QR Code and the ability to earn a cash reward after self-oboarding.
“We are looking forward to rolling-out the app’s availability throughout Ecobank’s 33-country footprint, which will deliver on our vision of empowering Africa’s youth to create wealth in a way that is simple, fun and educative,” Kiiru Muhoya, CEO and Co-Founder of Fingo Africa, said.
Josephine Anan-Ankomah, Managing Director of Ecobank Kenya and Regional Executive, Central, Eastern and Southern Africa, added: “The youth are a key pillar for any business and are an invaluable segment for Ecobank as the average age in Africa is 19 and it is forecast that by 2030 young Africans will be 42% of global youth. As a Bank, it is crucial that we provide products that have appeal and are user friendly to the young population who have an immense appetite for digital engagement.’
