Fingo Africa

Happy New Year Fingo Fam. Here's to an amazing year ahead.

The role of banks in Africa’s financial systems was a recurring point of discussion throughout The Trajectory Africa’s fintech series—they were viewed as competition, a source of bottlenecks (due to analog platforms and processes), or potential partners. My conversation with Kiiru Muhoya and Judith Bogonko of Fingo Africa, which offers “banking for Africa’s ambitious”, provides some insight into what a mutually beneficial partnership with a bank looks like. The core idea is that banks and fintechs have complementary strengths. Here are a few outtakes from our chat, along those lines: ✅ Fintechs often excel at centering and managing customers while banks deliver on security, safety, trust, and distribution (of course). ✅ Banks do transactions well, but payments? Arguably, mobile money developed because banks did payments poorly. Meanwhile, in the US and Europe, Venmo and Cash App are filling the gap left by banks. ✅ On distribution, bank subsidiaries can lead distribution and market expansion for partner fintechs. For Fingo, the process of entering new markets with Ecobank was anchored by local subsidiaries that understood the regulatory environment, market, and how customers behaved, e.g. whether distribution could be purely digital, or physical branches were needed. ✅ Fintechs and banks that focus on different regions complement one another. For example, Fingo can help Ecobank (which is more prevalent in West Africa) gain market share in a new geography (East Africa) and a growing customer segment (young Africans), using fewer resources. ✅ Costs typically scale proportionally to growth, so in high growth businesses, the cost curve will rise above the revenue curve. Through a bank partnership, a fintech could potentially grow its cost curve proportionately to its revenue curve instead. For example, a fintech that leverages its partner bank’s infrastructure isn’t scaling its compliance and core banking ledger costs. 💡 So, if you’re a neobank, there are some clear benefits of working with banks. But is that the way to win? Is a partnership-enabled neobank more competitive than a stand-alone neobank with a license? Or is a license necessary to win?

Do you believe that budgeting will help you unlock the gift of financial freedom? Think of your answer then read on and let us know what your thoughts are. #Budgeting #FinancialFreedom

Loving these Pol Mas. There's a lot of value we get from listening to our customers feedback and using that to improve their experience on the App. Read through the below for more details 🙂

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Kabuu’s got the scoop on Fingo! From smooth banking to leveling up his finances, he’s loving the Fingo experience. Want to know why? Check out his story and see how Fingo is changing the game! #FingoAfrica #BankingRevolution #AfricasAmbitious

Customer Experience is at the heart of what we do. Thank you for all your wonderful feedback. Call or chat us 24/7 and we’ll be happy to assist #CustomerLove #FingoAfrica #SeamlessBanking

We can tell from the look on his eyes that Marek is really enjoying his parenting journey. In our most recent Aficas Ambitious episode, Marek of AfricaCentric Entertainment (ACE) opens up about the joy, love, and lessons that come with raising his boys. From playful moments to heartfelt bonds, it’s all about family. Catch the full episode on our YouTube channel Fingo Africa #TheAfricasAmbitiousSeries #DadGoals #FamilyFirst

You don’t need to be rich to invest! 💡 Start small and stay consistent. Even a little can go a long way thanks to the power of compound interest. 💸 Let your money grow over time, your future self will thank you! #InvestSmart #StartSmall #CompoundInterest #FingoAfrica

You are thinking budgeting means saying goodbye to fun? 💸 Not true! A good budget helps you enjoy life while staying on track with your financial goals. Let’s bust some common budgeting myths and show you how easy it can be! #MythsVsFacts #BudgetSmart #FinancialFreedom