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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Acquisitions»Digital bank, Umba buys majority stake in Daraja, a Kenyan deposit-taking microfinance bank
    Umba

    Digital bank, Umba buys majority stake in Daraja, a Kenyan deposit-taking microfinance bank

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    By Staff Writer on July 29, 2022 Acquisitions

    The Central Bank of Kenya (CBK) announced that Umba has bought 66.6% stake in Daraja, a Kenyan deposit-taking microfinance bank effective July 1, 2022. The acquisition follows requisite approvals by CBK and the National Treasury in May and June respectively.

    This acquisition comes after it raised $15 million in a Series A funding round in April 2022.

    Digital bank, Umba, raises $15 million to expand across Africa

    Currently operational in Kenya and Nigeria, Umba offers free bank accounts and financial services to its customers. It was founded in Barry O’Mahony, Lauren Thorp, and CEO Tiernan Kennedy in 2018.

    “In Kenya, UMBA operates a non-deposit taking credit business through its subsidiary UMBA Technology Limited. In Nigeria, it operates in partnership with a licensed bank to offer digital banking services,” said CBK.

    Daraja MFB, with a market share of less than one percent, is licensed to carry out community microfinance business within Dagoretti Division in Nairobi and has its head office and a single branch in Dagoretti Corner.

    “CBK welcomes this transaction that is a critical component of Daraja MFB’s transformation plan. It will strengthen Daraja MFB and support the stability of Kenya’s microfinance banking sector,” the CBK said in a statement on Friday.

    The digital bank intends to scale its operations into new markets including Egypt, Ghana and Kenya. Umba also intends roll out debit cards, savings accounts, and stock trading in the next 18 months.

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