FinTech news in digital lenders category

Umba, a US-based digital bank with a focus on emerging markets, has acquired a majority shareholding of Daraja, a Kenyan deposit-taking microfinance bank, for an undisclosed amount.

The new regulations published Monday by the country financial regulator, the Central Bank of Kenya (CBK), also require digital lenders to get a license from the country’s monetary authority or wind down their operations by September 2022.

Fintechs in Africa continue to overshadow all other startups in funding gained Hennessy-Barrett launched 4G Capital in 2013 after a short stint as a loans manager based in Kenya for a lending corporation, an opportunity that saw him travel across Africa and gain insights on the continent lending space. Hennessy-Barrett said that 4G Capital has extended credit valued at $230 million since launch and loaned to over 1.75 million micro-businesses over the same period, recording a 90% year-on-year growth.

Today, the startup has also partnered with Standard Bank, headquartered in Johannesburg, South Africa and with a presence in 20 countries across the continent, to offer financial services to millions of workers (like motorcycle taxi operators) in the informal sector through the startup’s proprietary digital loan origination system.

Bfree was founded by Chukwudi Enyi (COO), Moses Nmor (CPO) and Flosbach (CEO), who were looking to develop better, ethical and tech-inspired debt-collection tools and processes following their firsthand experience working for digital lenders in Nigeria. Ethical debt collection standards ensure the privacy of customer information during the process.