Yesterday, Fingo, a YC-backed Kenyan fintech, launched its neobank, which it developed in collaboration with Pan-African financial institution Ecobank Kenya. The Ecobank subsidiary unveiled the neobank, the first of its kind in the East African country, according to the pair, in an event with the country’s president, William Ruto, in attendance.
It’s taken a while for Fingo to get here since CEO Kiiru Muhoya and his co-founders James da Costa, Ian Njuguna and Gitari Tirima founded the Kenyan outfit in January 2021 to provide financial services that appeal to a fast-growing African youthful population that happens to be the youngest globally but the most financially marginalized.
For young adults in Africa, opening an account can take several hours to days, with multiple in-person interactions and requirements to bring physical paper documents. In addition, they have to deal with expensive fees to send money and maintain their accounts. Yet, they still struggle to access savings, insurance…
