Umba, a Nigerian fintech company, has launched its digital banking services in Kenya following the acquisition of a controlling stake in Daraja Microfinance Bank. Umba is now the second licensed digital bank in Kenya and is offering complete banking solutions including opening and operating current, interest-bearing savings, and fixed deposit accounts, as well as lending and payments services. The company sees Kenya as a significant untapped market due to the more rigorous licensing regulations in place, and has raised $18m in funding to date.
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Kenya: Nigerian digital bank Umba launches services
Nigeria-based digital bank Umba has launched its services in Kenya, following its acquisition of a majority shareholding in Daraja Microfinance Bank. The bank offers a range of services including current accounts, savings accounts, fixed deposit accounts, lending, and payments, with a focus on serving Africa’s underserved market. Umba aims to offer a transparent, low-fee service, and has strong backing from leading fintech investors including Costanoa Ventures and Monzo founder Tom Blomfield.