Digital-only bank, Fingo Africa approved by Central Bank of Kenya

The Central Bank of Kenya (CBK) has given a go –ahead to Fingo Africa to roll out services in Kenya.

FIngo Africa is a digital-only bank that has partnered with Pan-African banking conglomerate Eco Bank.

The neobank aims to introduce digital banking services such as account opening, deposit and withdrawal transactions, balance inquiries, bank statement requests, and financial record tracking.

Fingo’s partnership with Ecobank, the largest footprint bank in Africa, provides it with access to Ecobank’s 33+ markets. Fingo and Ecobank are planning a pan-African roll out beginning in Kenya, where they are the first digital-only bank in the country.

Fingo, an African startup, joined Y-Combinator (YC) and raised a significant seed capital that valued its business at more than $10 million (KES 1 billion during the valuation). This event coincided with the rapid growth of digital banking services, which traditional banks in Kenya have struggled to keep up with.

Fingo maintains that its exclusive digital services will simplify traditional 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.