In this article, we will have a look at the products offered by Umba Microfinance Bank and its branches in Kenya. Umba Microfinance Bank Limited, formerly Daraja Microfinance Bank Limited, is one of the 14 licensed microfinance banks in Kenya by CBK.
Umba acquired the majority shareholding of Daraja Microfinance Bank in July 2022. The digital bank’s mission is to make banking services accessible to the underserved market by providing transparent and low-fee financial solutions. Its head office is located at Timshack House, 2nd floor, along Ngong Road, Nairobi.
Umba Microfinance Bank Products
a) Accounts
1. UmbaPay Account
With an UmbaPay account, business owners can receive payments, access loans and save with one account.
Advantages
- Affordable transactions on your till account
- Receive and transfer money with your UmbaPay account at no additional cost.
- High-interest savings for your business.
2. Savings Account
You can save and invest your money under two plans: Savings Stash or Fixed Deposits. With the Savings Stash plan, you can start saving with as little as Ksh 50. With Fixed Deposits, you can start with a minimum of Ksh 5,000 and enjoy interest rates of up to 20% per annum.
b) Loans
1. Logbook Loans
Umba Microfinance Bank offers logbook loans of up to 70% of your car’s value which allows you to get instant cash within 6 hours. The loan can be up to Ksh 1,000,000 at as low as 3% interest per month.
-Employed People Requirements
- Proof of employment i.e. last 3 months pay slips & contract letter
- Copy of Logbook
- National ID
- KRA Pin
- Mpesa and Bank statements for the last 6 months
- Proof of business i.e Permit, registration or license
- Copy of Logbook
- National ID
- KRA Pin
- Mpesa and Bank statement for the last 6 months
- Proof of employment i.e. last 3 months pay slips & contract letter
- Proforma Invoice
- National ID
- KRA Pin
- Mpesa and Bank statement for the last 6 months
Business Owner Requirements
- Proof of business i.e Permit, registration or license
- Proforma Invoice
- National ID
- KRA Pin
- Mpesa and Bank statement for the last 6 months
c) Business Products
Umba Microfinance Bank offers solutions aimed at improving your business productivity such as automated payroll services, employee management and instant bulk payments.
Umba Microfinance Bank Branches
1. 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
