The Central Bank of Kenya has issued a regulatory approval to Fingo Africa, the first ever digital-
only bank, to roll out its services in Kenya. Fingo Africa (“Fingo”) is a Neobank that has partnered
with Ecobank. Both institutions are planning a Pan-African roll out which shall commence in
Kenya. According to Fingo, it has raised seed capital of Kenya Shillings 1 billion (which under
Kenyan Law is the minimum capital required to establish a bank) and its services are to be
accessed through the ‘Fingo Africa App’, now available on Google Play Store and Apple Store.
The services include account opening, withdrawals, deposits, savings, checking of bank balances,
request for bank statements, monitoring of financial statements and general financial education.
Fingo has no monthly charges, overdraft fees, credit checks or minimum balance required. It also
has a guaranteed access period of five minutes.