Umba
NG + KE digital bank (acquired MFB license).
- Who holds it
- A sponsor bank behind the brand — not the app you signed up with — Microfinance bank license in Kenya (majority stake in Daraja MFB, CBK-approved 2022); Nigeria via partner bank.
- The ledger
- Split between a program manager and the sponsor bank — the modular setup that broke in Synapse.
- If it fails
- Any claim runs through the sponsor bank, and only works if the two ledgers reconcile.
Derived from Umba’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| HQ | Lagos/Nairobi |
| Founded | 2018 |
| Custody | Custodial |
| Regulation type | Partner-bank model |
| License detail | Microfinance bank license in Kenya (majority stake in Daraja MFB, CBK-approved 2022); Nigeria via partner bank |
| Card | No card |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Africa |
| Founders | Tiernan Kennedy, Barry O'Mahony |
| Funding | ~$20M raised |
Verified links: official site ↗
Common questions about Umba
What is Umba?
Umba is a fiat neobank, headquartered in Lagos/Nairobi and founded in 2018. Your money is held custodially, so Umba or its partner bank holds the balance and you hold a claim on it. It operates on a partner-bank model (Microfinance bank license in Kenya (majority stake in Daraja MFB, CBK-approved 2022); Nigeria via partner bank).
Does Umba have a card, and where can you use it?
It issues no card of its own. It is available in Africa.
Does Umba require KYC?
Yes. Umba requires identity verification (KYC) to open an account, as a partner-bank model.
Peers
Wise · TymeBank · OPay · PalmPay · Bank Zero · Discovery Bank
Umba appears in
Neobanks running on someone else’s banking license (81) · Neobanks available in Africa (92) · Neobanks with no card of their own (67)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.