Introduction
In a transformative stride towards financial inclusion, Fingo Africa, a fully digital banking application, has been making waves in Kenya since its launch six months ago. Developed over the past three years, the app has already garnered nearly 100,000 subscribers, adding approximately 1,000 new users daily. The brainchild of CEO Kiiru Muhoya and CTO Ian Njuguna, Fingo Africa is changing the dynamics of digital banking in Africa.
Strategic Partnership with Ecobank Kenya
Fingo Africa's success can be attributed to its strategic partnership with Pan-African financial institution Ecobank Kenya. All transactions conducted through the app are fully digital, offering subscribers seamless access to financial services. With an investment of around $4 million, Fingo Africa is eyeing future growth avenues, including a potential listing on the stock market to expand its service offerings.
Empowering Young Africans
The app aims to empower young Africans by providing easy access to various financial services. Initially focusing on internet payments, loans, savings accounts, and money transfers, Fingo Africa distinguishes itself by offering these services at significantly lower charges compared to traditional financial institutions. Additionally, the app streamlines the process of opening business accounts for small and midsize enterprises, mitigating costs and complications for young entrepreneurs.
Digital Inclusion Beyond Borders
While currently serving customers in Kenya, Fingo Africa has ambitious plans to extend its services to subscribers across the entire African continent. To open an account, subscribers need to submit an authenticated government identification document, with deposits as small as $5 to $10. Fingo Africa assures the security of all transactions, guaranteed by its partnership with Ecobank. Subscribers receive a digital virtual debit card for secure online financial transactions.
Addressing Rural Challenges
Fingo Africa's innovative approach proves highly beneficial, especially in villages and remote areas where access to traditional banks is challenging. The app aims to bridge the gap, ensuring that even in remote locations, individuals can enjoy the convenience of digital financial services.
Fingo's Vision
Chairman of Fingo, Ali bin Mohamed, brings valuable experience from his senior position in the banking sector in Qatar. Muhoya emphasizes that Fingo is revolutionizing how Africans access financial services, bringing financial inclusion to millions. The platform ensures faster, more efficient, and secure financial transactions, simplifying saving, investing, and money management for users.
Positive Reception in Qatar
Muhoya and Njuguna recently presented Fingo at Doha Tech Angels during their second visit to Qatar. They expressed admiration for Qatar's development, citing excellent public services, infrastructure, and a well-connected network of roads. They view Qatar as an ideal place for business, residence, and tourism.
Fingo, an abbreviation for 'finance on the go,' stands at the forefront of the digital banking revolution, poised to empower millions of unbanked individuals and reshape the financial landscape across Africa.
