In the face of fierce competition from fintechs, many African mobile money providers are contemplating offering savings products and loans, becoming branchless "neobanks" and filling the gap left by traditional retail banks.
Ecobank Kenya, in collaboration with Fingo, a Kenyan fintech, has unveiled the Fingo Africa banking app, aimed at young people. Launched last week in Nairobi, the app will roll out across Ecobank’s pan-African footprint of 33 countries as well as France, the UK, the UAE and China.