The Central Bank of Kenya (CBK) has approved Fingo Africa to roll out its banking services in the Kenyan market.
The move by the regulator sets Fingo, an African startup on track in becoming the first only bank in Kenya which targets to introduce digital banking services such as account opening, deposit and withdrawal transactions, balance inquiries, bank statement requests and financial record track.
“Fingo has partnered with Ecobank, the largest footprint bank in Africa, providing Fingo market 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 stated.
Fingo joined Y-Combinator (YC) and raised a significant seed capital that valued its business at more than $10 million (Sh1billion) during the valuation.
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.