Umba

Umba is a digital banking platform designed to provide accessible and affordable financial services to underserved populations, primarily across African markets such as Nigeria and Kenya. Founded in 2018 by Tyrone Lyons and Barry O'Mahony, Umba aims to redefine banking by offering a fully mobile, branchless experience that places power directly into the hands of its users. Through its smartphone app, Umba offers microloans, bill payments, bank transfers, and savings tools, leveraging data science and artificial intelligence to build dynamic credit models that assess risk and personalize financial products for each user. Unlike traditional banks that rely on rigid structures and paperwork, Umba’s platform uses mobile data, transaction behavior, and alternative credit indicators to provide instant lending decisions. This makes it possible to serve unbanked and underbanked individuals who lack access to formal credit histories or traditional banking services. The startup positions itself at the intersection of financial inclusion and fintech innovation, working to bridge the financial gap and democratize access to credit. In 2022, Umba acquired Kenya’s Daraja Microfinance Bank, signaling its deeper commitment to the East African market and enabling it to offer regulated banking products. The company continues to expand its service offerings with an emphasis on customer-first digital banking, building toward a full-stack financial ecosystem for Africa’s mobile-first population.