Through the app, youth will be able to open a bank account via their mobile phone in less than four minutes, send money to other Fingo users for free and to M-Pesa users and paybills via Paybills and Till numbers at subsidised rates.
The President said financial technology will promote transactional efficiency, enhance security and protect private data in the finance sector.
“It is highly encouraging to observe the emergence of a disruptive new entrant into Kenya’s busy fintech space.ICTs, especially fintech, have become embedded in Kenyan transactional culture,” he said.
Fingo Africa CEO and Co-Founder Kiiru Muhoya expressed his delight in the rolling out of the app which he says will empower Africa’s youth to create wealth in a way that is simple, fun, and educative.
On his part, Ecobank CEO Jeremy Awori said “We are proud to support the deployment of the Fingo 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.By simplifying access to finance, it overcomes the entrenched issues that have often acted as barriers to entry for young Africans.”
Research by consulting firm Oliver Wyman reveals that up to 30 per cent of young people think they will not need a bank at all in future – a vital insight into attitudes towards traditional banking.
The study recommends that banks prioritise digital products, communication and customer service to attract millennials.