In Kenya’s rapidly evolving financial landscape, Umba Microfinance Bank stands out as a key player, offering innovative and accessible financial solutions for individuals and businesses. Formerly known as Daraja Microfinance Bank, Umba acquired the majority shareholding in July 2022. With a focus on providing transparent, low-cost services to underserved markets, Umba has carved a niche in the country’s microfinance sector.
Headquartered at Timshack House on Ngong Road, Nairobi, Umba Microfinance Bank provides a range of digital banking services aimed at enhancing financial inclusion. Below is a comprehensive look at the bank’s products and branches across Kenya.
Umba Microfinance Bank Products
1. Accounts
a) UmbaPay Account
The UmbaPay account is designed for business owners looking for an all-in-one financial solution. With this account, users can receive payments, access loans, and save with ease.
Advantages:
- Low-cost transactions on your till account.
- Ability to receive and transfer money at no additional cost.
- High-interest savings options to boost your business’ financial growth.
b) Savings Account
Umba offers two types of savings plans for individuals:
- Savings Stash: Start saving with as little as Ksh 50, making it accessible for anyone looking to build a savings habit.
- Fixed Deposits: With a minimum deposit of Ksh 5,000, this plan offers attractive interest rates of up to 20% per annum, allowing customers to maximize their returns on long-term savings.
2. Loans
a) Logbook Loans
Umba Microfinance Bank provides logbook loans, where customers can borrow up to 70% of their vehicle’s value. You can get up to Ksh 1,000,000 within six hours, with interest rates as low as 3% per month.
Eligibility Requirements:
- For Employed Individuals:
- Proof of employment (e.g., pay slips and contract letter).
- Copy of the vehicle’s logbook.
- National ID, KRA PIN, and six months’ worth of Mpesa or bank statements.
- For Business Owners:
- Proof of business registration (permit, license, etc.).
- Copy of the vehicle’s logbook.
- National ID, KRA PIN, and six months’ worth of Mpesa or bank statements.
b) Car Finance
Umba also offers car financing to both individuals and businesses looking to purchase new or used vehicles.
Eligibility Requirements:
- For Employed Individuals:
- Proforma Invoice from the car dealer.
- Proof of employment (e.g., pay slips and contract letter).
- National ID, KRA PIN, and six months’ worth of Mpesa or bank statements.
- For Business Owners:
- Proof of business registration.
- Proforma Invoice from the car dealer.
- National ID, KRA PIN, and six months’ worth of Mpesa or bank statements.
3. Business Products
Umba Microfinance Bank has tailored its business solutions to enhance the productivity of its clients. These include automated payroll services, employee management tools, and instant bulk payment systems. These solutions are designed to streamline operations for SMEs and large enterprises alike, allowing them to focus more on growth and less on administrative tasks.
Umba Microfinance Bank Branches
Currently, Umba Microfinance Bank operates from a central branch in Nairobi.
- Umba Microfinance Bank Head Office:
- Location: Timshack House, 2nd Floor, Dagoretti Corner along Ngong Road, Nairobi.
- Phone: 0746555222
- Email: accounts@umba.com or info@umba.com
Why Choose Umba Microfinance Bank?
As the financial ecosystem in Kenya continues to modernize, microfinance institutions like Umba are at the forefront of promoting financial inclusion. Their focus on leveraging digital technology ensures that banking is accessible, convenient, and cost-effective for those who might otherwise struggle to access traditional banking services. Umba’s products—ranging from flexible savings accounts to quick access loans—are designed to meet the needs of Kenya’s growing entrepreneurial and small business community.
Moreover, with its emphasis on transparency and competitive rates, Umba Microfinance Bank is poised to be a leader in the market, helping individuals and businesses alike achieve financial success.
Whether you’re a business owner looking for financial solutions or an individual seeking affordable banking services, Umba Microfinance Bank offers a variety of products to meet your needs. With their commitment to financial inclusivity and innovation, Umba is quickly becoming a trusted name in Kenya’s microfinance sector.
For more information on their services or to open an account, visit their head office or contact them through the details provided above.
