Umba, a digital banking outfit working in Nigeria, has acquired a 66.6% stake in Kenyan microfinance financial institution Daraja because it seeks to increase throughout the continent.
Based by Irishmen Kiernan Kennedy and Barry O’Mahony and headquartered in San Francisco, Umba affords free accounts, interbank transfers, P2P transfers, invoice funds and loans.
The agency first started working in Nigeria however in April raised $15 million from, amongst others, Monzo co-founder Tom Blomfield to increase to Ghana, Kenya and Egypt.
Already working a non-deposit taking credit score enterprise in Kenya, the outfit has now taken a controlling curiosity in Daraja, which lends to micro and small enterprises.
In a press release, the Central Financial institution of Kenya welcomed the deal, saying it is going to strengthen Daraja’s enterprise mannequin and assist with its digitisation.