What is Umba Bank?
Umba Bank is one of the prominent digital banks in Nigeria and Kenya that provides a better banking experience than traditional banking. The Umba loan app or more precisely the Umba mobile app has become popular because of its loans as well as the rewards and bonuses its users get.
With an Umba bank account, you can easily spend, pay bills, get loans, and even cash back all from your phone using the Umb mobile app. Umba also offers zero -fees and unlimited transfers to its users as well.
Who is the Owner of Umba and When was Umba Founded?
Umba was founded on September 1 2018, by Tiernan Kennedy (CEO) and Barry O’Mahony (CFO).
Umba has raised $17m to date from 17 investors including my mobiles price and Tom Blomfield, Banana Capital, Turner Novak, Act Venture Capital, Chandaria Capital, Costanoa Ventures, Streamlined Ventures, Ullas Naik, Palm Drive Capital, Lux Capital, and Lev Ekster.
How Does Umba App Work?
The Umba mobile app gives customers a free checking account, free instant peer-to-peer money transfers, loans, deposits, BillPay and 5% cash back and referral rewards of up to N500. However, the Umba app is only currently available for Android on the Google PlayStore.
Opening an Umba bank account is free, easy and will only take a few minutes. You just have to Download Umba on Google Play (for Android).
Here’s how to open an account on the Umba app using the steps below:
1. Download the Umba app
2. Click on “Register Account” if you’re a new user
3. Next, Fill in your phone number
4. And then Fill in your email address
5. Next enter your first and last name (the one used for your BVN)
6. Next, Select your Date Of Birth
7.Then enter your BVN
8. Choose your gender
9. Click on register and you’d have successfully created an Umba account on the mobile app.
Is Umba a Loan App & Is Umba Loan legit?
Yes, Umba loans are legit and is already been used by thousands of Nigerians.
On the other hand, Umba is more than a loan app, it is a full bank app. Other than getting an Umba loan, you can pay bills and do so much more with this app.
Umba is becoming one of the more popular new loan apps in Nigeria, so you try the app.
Umba offers loans starting at N1115 up to N89182 Naira at a 10% interest rate for a loan duration of 62 days.
How to Borrow From Umba
To borrow money from Umba and get an Umba Loan here are the steps to take:
- After registering for an Umba account via the app, Login with your 4-digit password
- Next, Tap on the icon labelled “Loan”, then click on “Umba Money Loan”
- Then connect to your bank by Accepting all permissions, SMS, Phone, and Location and take a selfie for completing the ID verification status.
- Next, Click on the “Get Started” button.
- If you’re asked to add your debit card, Then do it.
- You’ll be taken to the Umba Money Loan screen where you’ll Select the loan offer amount
- Next, you’ll need to add a reason why you need the loan
- Then, Confirm the Loan offer by Tapping the Confirm Loan offer button
- Next, wait for the loan to be processed
- Finally, Check your Umba wallet for your loan offer!
Umba Loan Interest Rate
Umba loans have an estimated interest rate of 10%.
So if get an Umba loan of ₦30,000 on the Umba app, you will be charged with an interest rate of 10%, ₦3,000 exactly. That means you will repay a total amount of ₦33,000 within 2 months (62 days).
How Much Can I Borrow from Umba? – Umba Loan Limits
You can borrow as low as N1115 and as much as N89182 Naira from Umba.
If you repay loans as scheduled, the amount that you borrow increases, to view the loan ladder follow these steps; go to the Umba app and click on “loan” icon and select “Apply For Loan” to choose the loan type which is “Mobile Money Loan.”Click on the field with our first loan level which is 1115 Naira, this will give you a drop-down list indicating the amount you qualify for
How to Repay your Umba Loan?
To repay your Umba loan, follow these steps:
– Go to the Umba Loans tab.
– Click on the “make manual repayment” button.
– Input the amount you want to repay
– Select a payment method; you have three options: Umba wallet, Linked debit card, Link a new debit card.
– Tap on “Pay” and wait for the transaction to finish processing.
– Your Repayment should be successful.
Umba Referral & Rewards Program
Umba offers its users bonuses in the form of cashback & referrals, and we’ve tied them together into Umba Rewards.
However, there is a limit on how many people you can refer. After you refer five people, you will no longer be able to receive referral bonuses.