Umba Bank, a leading digital bank in Nigeria and Kenya, has revolutionized the banking experience, offering a range of services through its mobile app. Established on September 1, 2018, by Tiernan Kennedy (CEO) and Barry O'Mahony (CFO), Umba has garnered significant attention for its user-friendly interface and unique features.
What Sets Umba Apart?
Umba Bank distinguishes itself by providing a seamless and efficient banking experience, surpassing traditional banking norms. The Umba mobile app, available on Android through the Google PlayStore, offers features such as free checking accounts and instant peer-to-peer money transfers, loans, deposits, BillPay, and cashback rewards.
Getting Started with Umba Bank
Opening an Umba bank account is a straightforward process that can be completed in a few minutes. Here's a step-by-step guide:
- Download the Umba App: Available on Google PlayStore for Android users.
- Register Account: If you're a new user, click "Register Account" and provide your phone number and email address.
- Personal Information: Fill in your first and last name (as per your BVN), date of birth, BVN, and gender.
- Registration Completion: Click "Register," and your Umba account on the mobile app will be successfully created.
Exploring Umba's Features
Umba Loans: Legit and Beneficial
Umba offers legitimate loans that have been utilized by thousands of Nigerians. The loans are just one aspect of Umba's services, as users can also pay bills and enjoy various other features. The loan amounts range from N1,115 to N89,182 Naira, with an interest rate of 10% for a loan duration of 62 days.
How to Borrow from Umba
- Login: After registering, login with your 4-digit password.
- Access Loans: Tap the "Loan" icon, then click "Umba Money Loan."
- Verification Process: Connect to your bank by accepting necessary permissions and complete ID verification by taking a selfie.
- Loan Application: Click "Get Started" and follow the prompts, including adding your debit card if required.
- Confirmation: Confirm the loan offer and wait for processing.
- Loan Disbursement: Check your Umba wallet for the disbursed loan amount.
Repaying Umba Loans
Repaying Umba loans is a simple process:
- Access Loans Tab: Go to the Umba Loans tab in the app.
- Manual Repayment: Click on "Make Manual Repayment."
- Input Amount: Enter the amount you want to repay.
- Choose Payment Method: Select an Umba wallet, a linked debit card, or a new debit card.
- Finalize Payment: Tap "Pay" and wait for the transaction to complete.
- Confirmation: Your repayment should be successful.
Umba Loan Interest Rate and Limits
Interest Rate: Umba loans carry an estimated interest rate of 10%.
Loan Limits: Borrow as low as N1,115 and up to N89,182 Naira from Umba. Repaying loans on schedule can increase your borrowing limit.
Umba Rewards Program
Umba rewards its users through cashback and referrals, consolidated into the Umba Rewards program. However, there's a limit on referral bonuses – after referring five people, users can no longer receive referral bonuses.
Frequently Asked Questions (FAQs)
Is Umba a legitimate banking app?
Yes, Umba is a legitimate digital bank operating in Nigeria and Kenya.
What services does Umba offer besides loans?
Umba provides free checking accounts, instant peer-to-peer money transfers, deposits, BillPay, and cashback rewards.
How can I increase my loan limit with Umba?
Repaying loans on schedule with Umba can lead to an increase in your borrowing limit. Check the app for the detailed loan ladder.
What is the Umba Rewards program?
The Umba Rewards program offers bonuses to its users through cashback and referrals. However, there's a limit on referral bonuses after referring five people.
Conclusion
Umba Bank emerges as a versatile digital banking solution, offering loans and various financial services. Its user-friendly mobile app, coupled with competitive interest rates and rewards programs, positions Umba as a prominent player in the digital banking landscape of Nigeria and Kenya. Explore the Umba app to unlock a new, convenient, rewarding banking era.