In Africa, there is new hope for the financial inclusion of young people, with the launch of the brand-new Fingo Africa app.
The youth-focused digital banking app is a product of Ecobank Kenya, and part of the Ecobank group which has a distinctly pan-African footprint.
The app empowers Africa’s youth by enabling them to open a bank account for free by means of their mobile phones in less than four minutes. There are no monthly fees or minimum balance requirements for the account.
This is a huge contrast when compared to the entry barriers young people face when opening a traditional bank account in Africa.
Young people have gotten used to the fact that it is a lengthy process, taking between two days and two weeks in some countries.
Additionally, multiple face-to-face interviews and submission of physical paper documents are required.
When consumers send money to friends, family, or businesses, they often have to pay hefty fees, in addition to other fees, just to keep their accounts active.
Catering To The Needs Of African Youth
Jeremy Awori, Chief Executive Officer of Ecobank group, said, “We are proud to support the deployment of the Fingo Africa 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.”
Users of the Fingo Africa app can send money to fellow Fingo users for free and to M-Pesa, Vodafone’s mobile money service, at a subsidised rate. The user can pay their bills from the app, make utility payments and buy airtime. They can save money in line with goals, and can set recurring transfers to create a frictionless savings habit. The user can create and send payment links with full payment details and can receive funds using a QR code. By completing a few actions in the app, the user can also earn a cash reward.
Photo Credits: Fingo