Based on research and not influenced
This is based on rigorous research, testing and not influenced by our earning potentials.

Umba Review: your right money app?

Umba is a digital banking solution that makes it easier to save and get money.

Everybody wants money and nobody will say no to it. The problem is how stressful it is to actually get it.

Umba is a digital financial platform that eliminates the stress associated with accessing funds and other financial services. It allows these services to come to you in your homes.

The stress of having to get so much paperwork done, join long queues, or walk or drive long distances to get access to financial services are all removed. With a single click, you can apply for loans, get loans, cash backs, send funds, pay bills,  transfer, deposit, as well as get access to lots of other financial services. 

Umba

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Umba is an online banking platform that provides all your financial needs to you via your mobile. You can get loans, credit facilities, spend, pay bills, and a lot more on Umba.

It allows you to make unlimited free bank transfers and charges zero fees for them.

With Umba, you can get up to 5% cash back on every bill you pay.

PROS

  • Umba is your one-stop shop for financial groceries – spend, earn, get loans, save and enjoy low-interest rates on the loans you borrow.
  • The spend and earn feature allows you to earn money while spending it. You can get up to 5% of what you spent when paying bills.
  • It is easy to get access to loans and credit facilities on Umba. The platform also makes it easier to pay back so it does not feel like you are wallowing in debts.
  • Security is also a top priority on Umba. Your funds and account are properly secured and protected
    from cyber attacks and crimes.

CONS

  • Access to a loan requires a credit check on your account which might not be suitable if you have a poor record

How to get Umba app

Download the app from your mobile Appstore or Playstore depending on whether you use an Apple device or an Android phone.

Install the app on your mobile and upload other necessary requirements to create your account. It is important to note that you must register the account with an active phone number and email address.

 

Features of Umba

It allows users to conveniently apply for and repay loans from their phones or computer.

The neobank currently operates in Kenya and Nigeria, they are doing an excellent job in ensuring you have access to lending, deposits, instant free transfers, cash backs, bill payments solutions, etc.

Umba aids in driving down costs of banking for you as a customer as well as democratizes access to all services in their app.

The interest rate on its savings is between 1-15% per even as a first-time user, you are given a one per cent interest.

The platform offers a loan-repayment duration ranging from one month. 

The loan amount usually ranges between ₦1,115 to ₦89,000. However, your loan limit (credit worth) increases and you can borrow more as you repay loans regularly as scheduled. You can apply for a loan and get it as swiftly as possible as long as you meet all the loan requirements.

It is important to note that paying back your loans when due regularly increases your chances of getting access to larger amounts. You have a repayment period of up to 62 days and can pay back in four instalments. This makes it easier to spread the loan and pay it back conveniently.

Some products on Umba

Instant Personal Loans: Nigerians on Umba can access loans on the app. All you have to do is ensure you have the following requirements;

A valid and active phone number where a verification code will be sent to you.

A National Identity card issued by the government (NIN) will serve as proof of your age and name.

Your BVN details to ascertain your banking details and to make sure you do not have a bad history with other loan apps.

Payment of bills: You can also add your utility accounts to your account and pay them directly. You can pay for electricity, Dstv, data, airtime, etc. on your Umba app.

Fund transfers: with your app, you can send funds to your friends and family via this mobile app once they open an account with Umba.

Umba FAQs

IS UMBA A SAFE LOAN APP?

Yes, it is safe and legit. It uses high-grade security to ensure your account is well protected. 

WHAT IS UMBA?

It is a digital/online bank and loan platform. It is a seamless loan app that allows users get access to loans and other financial services. 

HOW CAN I SEND MONEY FROM THE UMBA APP?

Log in to the app, click ‘send’ on your dashboard, click ‘add beneficiary’, and proceed to click the second option that says ‘add new beneficiary’, enter the bank name and account details of whom you want to send funds to then follow the prompts to complete the transactions.

HOW CAN I APPLY FOR LOAN ON THE APP?

Click on ‘loans’ on your dashboard, tap the ‘Umba money loan’, link your bank account, and take a photo(selfie), this might take a short time to process so you should wait for verification. Proceed to click on get started, link your ATM card if requested then follow the instructions to complete the transactions.

Note that all loans have an automatic repayment period of 62 days. 

HOW CAN I REPAY MY LOANS?

Repaying your loans regularly and when due gives you a chance to have access to more or larger amounts of funds (loans).

To repay your loans, all you have to do is; on your dashboard click on the loan tab, select the active loan option, click ”make payments”, enter the value and fill in the amount you want to repay, and select your preferred payment method, tap the ”make payment” button. Follow the instructions to complete the transaction.

IS UMBA LOAN APP RELIABLE?

Yes, the app is reliable and you can get loans up to a certain amount depending on your credit score.

HOW DO I FUND MY UMBA ACCOUNT?

Log into your account, click on deposit on your dashboard, enter the amount you wish to deposit, click the “add card” button, and enter your card details, and an OTP will be sent to you which you will use to complete the process. 

HOW CAN I WITHDRAW FROM MY UMBA ACCOUNT?

Once you log into your account, click on “withdraw” on the dashboard, enter the amount you wish to withdraw, select the added bank account to make a withdrawal, click on “proceed” and then wait for the transaction to be processed. 

IS IT POSSIBLE TO GET A LOAN WITHOUT SALARY SLIP ON UMBA?

Yes. It is possible.

WILL I FIND IT DIFFICULT TO NAVIGATE THE UMBA APP?

No, you will not. The Umba app has a simple and user-friendly interface that is easy to use and navigate. 

HOW DOES UMBA WORK?

Umba is an African digital bank that provides traditional banking features as well as provides customers with free checking accounts, instant fund transfers, bill payments, loans, and other financial services from their phones or computers. 

DO I PAY FEES ON TRANSACTIONS?

No, zero fees are paid for transactions made on the app.  Umba believes that banks should help to save customers from incurring unnecessary expenses 

WHAT IS SPEND AND EARN?

This is a feature on the Umba loan app that allows you to pay bills, spend funds and still get cash back for the funds spent. You can earn up to 5% cash back for every bill you pay on the app. 

CAN I REFER OTHERS?

Absolutely! You can refer others to use the Umba app by sending them your referral code/link. You can also earn up to ₦500 for every person you refer to the app. 

IS UMBA LOAN APP A SCAM?

NO. It is not.

CAN I GET A DEBIT CARD?

Not yet. The debit card feature is not available yet.

WHERE CAN I SEE BONUSES AND MONEY EARNED FROM REFERRALS?

Go to your dashboard and click on “rewards” at the bottom of the page.

HOW CAN I CONTACT UMBA?

You can reach out to the customer care service via the app. Click on the “home” tab, select the “menu” button, and click on the “support and help” tab to contact the customer care team. 

WHAT IS A SUPPORT TICKET?

After you make an initial request, the support ticket is where you see responses from the customer care team to your ticket.

WHAT DOES CONTACT SUPPORT DO?

You can select “contact support” to talk to a member of Umba staff quickly and easily.

HOW ELSE CAN I REACH UMBA?

For any inquiries, you can reach Umba on the phone via 08062349986, or send a mail at [email protected] 

 

 

Umba is a digital bank aiming to break the barriers to accessing loans and other financial services. Ensuring that it provides excellent support for all your financial needs right in your homes.

It provides customers with lots of services in a simple and easy-to-navigate app.

 

Halimah Idris
You are the first in our research hence, we rallies around doing rigorous checks, testing and analysis to help you make a good decision on products and services. Meanwhile, items providers' final views are superior to ours.
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