Umba is a digital banking app which provides simple banking services to its customers including Umba loans, bill payments, peer-to-peer payments amongst other services.
The company, which began its operations in Kenya in 2018 says it intends to bring formal banking services to the unbanked population of an estimated 200 million people in sub-Saharan Africa.
Umba currently has operations in Kenya since 2018 and recently in Nigeria after it secured a $2 million seed investment from American investors.
Umba loans in Nigeria
Having successfully navigated the Kenyan market, Umba through its mobile loan app has joined the Nigerian quick loans Fintech market looking to take advantage of the country’s fast growing e-commerce industry.
You can qualify for a Umba quick loan ranging from N1,000 to N90,000 attracting an interest rate of between 1% and 15% per month.
The loan offered is a short-term loan to deal with emergencies such as buying a new phone, paying medical bills or school fees and repayment period is just 28 days. see how loan apps make lending decisions and how to increase your loan amount.
How to get an Umba loan
Umba is a digital bank, meaning all its operations is done via its mobile app.
Download the app via the Google Play store to begin the process
All required documents for registration include
A valid mobile phone number that will relieve your verification code.
valid National I.D to prove identity and age, your NIN number
Bank Verification Number BVN to verify your information and make sure it corresponds with the details entered on the app.
How do I apply for a Umba Money Loan?
- Log in to your Umba account, type in your 4 digit password that you initially registered with.
- Tap on the icon labeled “Loan”, then click on “Umba Money Loan”
- Accept permissions, connect your bank and take a selfie check.
- Accept all permissions, SMS, Phone, Location and the status will change to green
- Connect your bank and the status will change to green
- Click on the Verify Identity. Take your selfie photo, wait for the processing to be completed and the ID verification status will change to green.
- Click on the “Get Started” button. If prompted then add your ATM card. This will allow you to proceed to the Umba Money Loan screen.
a. Select the loan offer amount
b. Select the reason why you need the loan
c. Tap on the Confirm Loan offer button
d. Wait for the loan to be processed
e. Check your Umba wallet for your loan offer!
How long before I receive my loan from Umba?
Loan time is instant, typically most customers will receive their loans within a day. To check your loan status click on “Loan” a progress report will be displayed.
Where is Umba office in Nigeria?
Umba currently has its headquarters in Kilimani Nairobi, Kenya. There Lagos office will be opened soon.
How do I Repay a Loan in the Umba App?
There are two methods to repay any Umba loans. Click on “Account” select Umba wallet, you will then choose a payment method and click pay.
To repay Umba loan, go to Loan tab (click on Loan icon) and you’ll see your active loan section. Click on Make Payment button. Enter the amount, choose payment method and click Make payment button to proceed with the repayment.