Ecobank Kenya, part of Ecobank Group – the leading pan-African banking group, has announced the launch of the Fingo Africa app, which is set to revolutionise financial inclusion for young people in Kenya and across Africa.
The app was developed in close collaboration between Fingo Africa, a Kenyan Fintech company and Ecobank. The launch of the app in Kenya would be followed by a roll-out across Ecobank’s pan-African footprint.
Accessing financial services can be a major challenge for young people in Africa today. Opening a bank account can be a lengthy process, taking about two days to two weeks in some countries. Moreover, it may require multiple face-to-face interactions and the submission of physical paper documents.
Often, consumers also face a steep fee when sending money to friends, loved ones or businesses, in addition to other charges just to keep their account active.
CEO of Ecobank Group Jeremy Awori, in a brief comment, said Ecobank as a company was proud to support the deployment of the Fingo app, which he sees as a game-changer in digital finance in Africa that would bring many young people into the mainstream financial sector and cater for their needs and preferences.
He added that 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,” he stressed.
The Fingo Africa app empowers Africa’s youths by enabling them to open a bank account via their mobile phone in less than four minutes, send money to other Fingo users for free and to M-Pesa users and paybills via Paybills and Till numbers at subsidised rates.
Users, therefore, get instantly rewarded whenever they use the app for their day-to-day transactions. Opening the Fingo digital account is free, safe and easy. It attracts no minimum balance and no monthly fees.
The CEO and Co-Founder of Fingo Africa, Kiiru Muhoya, on his part, said he was delighted that their Fingo Africa app would accelerate financial inclusion for Kenya’s youths and empower them just by using their mobile phones.
According to him Fingo Africa is looking forward to rolling out the app’s availability throughout Ecobank’s 33-country footprint, which would deliver on their vision of empowering Africa’s youths to create wealth in a way that is simple, fun and educative.
Josephine Anan-Ankomah, Managing Director, Ecobank Kenya and Regional Executive – Central, Eastern and Southern Africa, commented: “The youths 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 percent 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.
“The Fingo Africa app seeks to do exactly that as we seek to deepen financial inclusivity among the youths in Kenya and beyond.”
The Fingo Africa app is currently available in Kenya, prior to a wider roll-out across Ecobank’s entire 33-country sub-Saharan African footprint.
