Launched six months ago and developed for almost the past three years in Kenya, Fingo Africa, a banking application that acts as a fully digital bank, has been growing successfully with almost 100,000 subscribers to date at a rate of around 1,000 new subscribers a day.
Speaking to Gulf Times, CEO of Fingo Africa Kiiru Muhoya and Ian Njuguna, chief technology officer at Fingo, pointed out that all the app's transactions are fully digital, as it has partnered with Pan-African financial institution Ecobank Kenya. They noted that around $4mn has been invested and as the business grows, there are plans to list it on the stock market to further expand the scope of services.
Muhoya explained that the app is aimed to empower young Africans and give easy access to various financial services that initially covers payments on the internet, loans, saving accounts and money transfer at very low charges compared with other financial institutes and banks. Besides, it facilitates the process of opening business accounts for small and midsize enterprises, saving young entrepreneurs in Africa the involved costs and complications.
He said that while the app offers its banking services to customers in Kenya, it is set to be available to subscribers in all the countries of the African continent. He pointed out that to open an account to enjoy the services, subscribers have to submit an authenticated government identification document and register at the app and deposits can be as small as $5 to $10. He stressed that all the transactions made through the app are perfectly secured and guaranteed by Ecobank. Accordingly, subscribers would be provided with a digital virtual debit card that would facilitate their online financial transaction.
Njuguna explained that this facility would be highly beneficial , especially in the villages and remote areas, where access to a bank would not be easy or hassle-free.
Muhoya noted that chairman of Fingo, Ali bin Mohamed, used to work in a senior position in the banking sector in Qatar and gained extensive experience working in this country and that would be a great asset for the company.
He said "Fingo is revolutionising the way people in Africa access financial services. With our innovative platform, we're bringing financial inclusion to millions of unbanked individuals. Our technology enables faster, more efficient, and more secure financial transactions, making it easier for people to save, invest and manage their money."
Both Muhoya and Njuguna took part in the Doha Forum, which was also their second visit to Qatar. They stressed that the Gulf country has witnessed great development in all fields over the past few years, with excellent public services, facilities as well as a well-built network of roads. They see Qatar as an excellent place to do business, a very good place to live in, besides being an attractive tourist destination.
During their recent stay in Doha, they gave a presentation on Fingo at Doha Tech Angels, which they believe to have drawn a positive response. Fingo is an abbreviated form of 'finance on the go'.
Muhoya (left) with Njuguna
