Tech

Nigerian digital fintech, Umba, acquires Kenya’s microfinance bank

Published

2 years ago

February 11, 2023

Nigeria’s pan-African digital bank, Umba, has launched its operations into the Kenyan market following its acquisition of the eastern African country’s Daraja Microfinance Bank.

Though the acquisition of Kenyan microfinance bank was concluded last year, Umba officially announced its latest operations in the country on Friday after years of success in Nigeria, with an eye on spreading to several African markets.

While making the announcement, Umba CEO, Tiernan Kennedy, said the move will enable the fintech startup to offer full banking services in Kenya, including current accounts insured by the Kenya Deposit Insurance Corporation (KDIC), interest-bearing savings accounts, fixed deposit accounts, lending, and payments.

Founded in 2018 by Irish entrepreneur Kennedy and Barry O’Mahony, Umba offers its customers including individuals ans SMEs the opportunity to interact with banks and mobile money networks, providing a transparent, low-fee service that allows users to take control of their financial lives, Kennedy said.

“Umba users get a no-fee current account, low-cost payments, billpay and loans. The lender leverages the proprietary data generated by customers to offer credit products and generate revenue where customers can receive and repay credit products through their mobile phones,” he said.

“It’s a fantastic opportunity we have been given to bring Umba to the Kenyan market.”

“It’s been an extremely challenging and lengthy process to make this acquisition but the ability to stand on our own two feet and grow the bank into a serious player in the market is absolutely worth it.”

“It is gratifying that Umba has the backing of leading VC investors including Lachy Groom, Lux Capital, Palm Drive Capital, and strategic angels such as Monzo founder Tom Blomfield and executives from NuBank,” he added.

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Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

3 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

4 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation