Nairobi — Ecobank Kenya has unveiled the Fingo Africa app which seeks to increase the financial inclusion of youth in Kenya and across Africa.
The app which was developed through a collaboration between the lender and Kenyan fintech Fingo Africa seeks to tap the unbanked youth across 33 countries in Africa where Ecobank operates.
Through the app, youth will be able 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.
The app will also have a savings feature a user can set savings goals and set recurring transfers to the goals to create a frictionless savings habit.
In the near future, users will be able to generate a virtual card to use for online transactions.
Speaking during the launch, President William Ruto lauded Ecobank Kenya and Fingo Africa on the rollout of the app saying it marks a big step in Kenya's digital transformation journey.
The President said financial technology will promote transactional efficiency, enhance security and protect private data in the finance sector.
"It is highly encouraging to observe the emergence of a disruptive new entrant into Kenya's busy fintech space. ICTs, especially fintech, have become embedded in Kenyan transactional culture," he said.
Fingo Africa CEO and Co-Founder Kiiru Muhoya expressed his delight in the rolling out of the app which he says will empower Africa's youth to create wealth in a way that is simple, fun, and educative.
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On his part, Ecobank CEO Jeremy Awori 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."
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.
Research by consulting firm Oliver Wyman reveals that up to 30 per cent of young people think they will not need a bank at all in future - a vital insight into attitudes towards traditional banking.
The study recommends that banks prioritise digital products, communication and customer service to attract millennials.
