TechCrunch Summary (2023-05-04 11PM)

Source: Kenya’s Fingo partners with Ecobank, launches neobank on the back of $4M investment

Summary
Fingo, a Kenyan fintech, has collaborated with Ecobank Kenya to launch the first of its kind neobank in the country. Fingo promises affordable banking services to African youth and has acquired a waitlist of 50,000 customers in 24 hours since launch.

Facts

💳 The neobank offers free peer-to-peer transactions and immediate access to savings, financial education, and smart spending analytics.

💰 Fingo’s promise to its users includes cheaper transfer fees, subsidized rates at pay bills, cash-back rewards, payment links, and tailored savings plans.

📈 Fingo started as a Kenyan outfit and after getting approval from the country’s Central Bank, developed the neobank in collaboration with Ecobank Kenya.

👥 Fingo raised $4 million in seed funding, which it mostly still has, and has a waitlist of 50,000 customers in 24 hours of launch.

🌍 However, it still has a challenging task of onboarding customers in a market where mobile money, especially M-Pesa, dominating the market.

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