Umba

Umba is a licensed digital banking platform for individuals and businesses that want to spend, save, and access credit through a mobile-first account.

Key capabilities include:

• Savings and fixed deposits with rates advertised as up to 20% interest per annum, including flexible saving and locked savings options.
• Loans and asset finance, including logbook car loans (up to 70% of a car’s value, with cash in as little as 6 hours), car finance for new or used vehicles, and employee credit options such as salary advances (up to 50% of net salary) and installment loans (up to 3x net pay, typically repayable in 3–9 months, with 5% pricing referenced for salary advance and monthly installment interest).
• Payments for personal and business use, including fast transfers to banks and M-Pesa, bulk payments to suppliers and vendors, and an International VAN for receiving funds from abroad.
• Business payroll and team account management, with payroll features such as auto-generated payslips, salary allocation settings, and employee financing through Umba Business.

Available on Web, Android, and iOS.

Target users include individuals in Kenya seeking savings and credit, plus SMEs and employers managing payroll, bulk disbursements, and employee lending.

Notable in the African market context, the service operates in Kenya and Nigeria, states it is fully licensed by the Central Bank of Kenya (CBK) with deposits insured, and was formerly known as Mkopo Kaka.