Maroc - LOANS.INFO.KE - A La Une - 18/Jun 11:13

Neobanks in Kenya: List, Features of The Available Four

You can now do your banking activities from anywhere in Kenya without visiting a banking hall and this is due to the introduction of Neobanks. Read: Ussd code loans in Kenya What is a Neobank?This is a branchless bank, with no physical branch hall. All it's banking services are delivered entirely online - over internet enabled devices. Due to the convenience,cost effectiveness and being fast, Neobanking will soon takeover the banking market like a storm.In Kenya,this is not a very much popular thing but it's happening.4 Neobanks in Kenya Currently we have only four licensed Neobanks with three actively in operation.In this article we will explore the features of each of the Neobanks in Kenya.1. Branch Loan App No doubt,Branch is the most popular of all the four Neobanks in the country.In it's initial stages, branch used to only provide affordable loans via Mpesa.After getting licensed as a microfinance bank,branch became a fully-fledged Neobank, providing a majority of financial services available in a commercial bank.With branch app, a customer can access the following services; Loans: A customer can apply for quick personal loans ranging from ksh500 to ksh300,000Save money: You can deposit your money in your branch account and earn interest on your savings Money Transfers: Branch customers can send or receive money from other Branch customers and even from other banks.Pay bills: If you bills to settle, you can use branch app to pay. Such bills mya include; water bills,kplc ,DStv,Got etcBuy Airtime: a customer can top up his or her mobile phone airtime from within the branch app.Branch Loan App Download You can download branch loan app from Google play store and start using the Neobank today.2. Umba Umba is the latest to join Neobanks in Kenya.Initial, just like Branch, Umba used to be a loan app.Today,Umba App is a fully operational Neobank in Kenya licensed by the Central Bank and operating as Umba Microfinance Bank.With Umba a customer can do the following; Open an account: a customer can open an account with Umba, save and earn interest. The Neobank has fixed deposit options ranging from 30 days to more than 360 days.Loans: customers can apply for quick loans from Umba Microfinance Bank app.Umba Loan App Download Interested? You can download Umba app from Google play store today.3. Fingo This is another Neobank operating in Kenya.Fingo started as a neobank right away when launched. This is not very popular compared to Branch and Umba.Also known as Fingo Africa,this Neobank targets youth across the continent.With Fingo App, a customer can do the following; Open an account instantly Save money in their account and earn interest Send money to people Receive money from people Download Fingo Africa AppTo try this Neobank,you can download Fingo Africa app from Google play store.4. MyntNot very active now, but Mynt used to provide Neobanking services in Kenya.With Mynt app customers used to open banking accounts,save,send and receive money and get loans.Mynt Loan App Download The app is not available on Google play store anymore. The website mynt.co.ke is not operational too.Conclusion Though a small number at the moment, the Neobanks - Branch, Fingo,Umba and Mynt- are best known for convenience compared to traditional banking.It is therefore advisable to hope on the Neobanks wagon and test if not enjoy the smooth ride to financial convenience.