Digital-only bank Fingo Africa is set shop in Kenya after getting approval from the Central Bank of Kenya (CBK).
Fingo has partnered with Pan-African lender Eco Bank.
Fingo will offer digital banking services such as account opening, deposit and withdrawal transactions, balance inquiries, bank statement requests, and financial record tracking.
Fingo will ride on Ecobank’s presence in more than 33 African markets to grow its customer base.
Fingo, an African startup, joined Y-Combinator (YC) and raised a significant seed capital that valued its business at more than $10 million (Ksh1 billion during the valuation).
Fingo says its digital services will revolutionise banking by eliminating the need for paper, thus making it more convenient and attracting a larger number of young people into the banking system.
“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.