Umba

Umba is a pan-African digital bank founded in 2018 that delivers banking products to consumers and small businesses through mobile phones, with operations in Nigeria and Kenya. Its stated aim is to widen access to financial services by removing brick-and-mortar overhead and passing on lower-cost products. Credit decisions are automated using proprietary data models built on machine learning and AI.

The product suite covers consumer and small business loans, digital savings accounts, payment solutions, vehicle financing and fixed deposits, the latter earning up to 16.5% interest. Umba also runs cross-border payments over stablecoin rails, a service it describes as Africa's first stablecoin bank. In 2023 the company acquired a deposit-taking microfinance bank in Kenya.

Umba reports serving over 144,000 customers and recorded six-fold revenue growth in 2024. The company operates with a lean, efficient team and is explicit about a mission of ethical, accessible banking and economic empowerment.

Technical work spans machine learning, AI, mobile technology, proprietary credit data modelling and stablecoin/blockchain payments infrastructure.