The new application was developed and designed as a result of the partnership between the Kenya-based fintech company Fingo Africa and Ecobank Kenya, part of the Ecobank Group. The app launched in Kenya and it is set to be rolled out across Ecobank’s pan-African footprint (which incorporates 33 countries) and to expand to the rest of East Africa by the end of the year.
The new product will offer African young customers the possibility to open a bank account with their personal mobile phone, in a fast and secure manner. Furthermore, clients will be enabled to send money to other Fingo users for free and to M-Pesa clients, as well as to pay their bills and invoices while leveraging Paybills.
Customers will benefit from several rewards whenever they use the application for their daily transactions and payments. They have the capability to open a digital account for free, fast, and safely, as it also attracts no minimum balance and no monthly fees. Furthermore, the application will allow peer-to-peer transactions as well as immediate access to several services that are incorporated within the tool, such as savings, smart spending analytics, and financial education.
The aim of the launch was set on financial inclusion, focusing on making the process of introducing young customers into the financial sector with an app that was designed to meet their needs, preferences, and expectations.
Pan-African banking conglomerate, Ecobank offers its wholesale and retail customers several services and products.
Clients can benefit from payments and transfers solutions, as well as rapid transfers (local and international), foreign exchange, Ecobank Mobile, and Ecobank Pay.
Ecobank Mobile was built to incorporate a wide range of solutions for users’ mobile and digital devices. The services are safe and easy to use, and they are continually developed with new technologies so that the customer experience can be improved.
Included in the set of services are: the Ecobank Mobile Money (which makes the process of paying by using the mobile device personalised and seamless), Ecobank Mobile Banking (built to enable users to transfer their money, make payments, and request statements directly from their bank accounts after they checked if their country is on the list of available places), as well as the Ecobank Mobile application (offers clients the possibility to make their banking and money transfers whenever they need or want on their phone).
Ecobank also offers the capability of opening savings accounts, current accounts, e-accounts, debit and credit cards, loans, and bancassurance, as well as investment solutions.
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