Umba is a digital bank founded in 2018 and operating in Kenya and Nigeria, with ambitions to expand across Africa. The company delivers banking products through mobile technology, targeting consumers and small businesses who are underserved by traditional brick-and-mortar banks. In 2023, Umba acquired a deposit-taking microfinance bank in Kenya, giving it a regulated banking presence in the country. It reports serving over 144,000 customers and claims 6x revenue growth in 2024.
Umba's core product suite includes mobile loans, savings accounts, fixed deposits (offered at up to 16.5% interest), payment solutions, vehicle financing, and stablecoin-based cross-border payment rails. Credit decisions for loans are automated using proprietary data models and machine learning. Umba has also positioned itself as a pioneer in stablecoin infrastructure for moving money across African borders.
On the technology side, Umba works across mobile infrastructure, machine learning, artificial intelligence, proprietary data modelling, and blockchain/stablecoin rails. The company describes itself as maintaining a lean team and competing with traditional banks on cost efficiency by operating without a physical branch network.