Is Umba Loan Legit or Scam? [Everything To Know]


Is Umba loan legit

Is Umba loan legit? In this article, you will find out everything you need to know about Umba loans. 

The Umba loan app is an instant financial technology that you can access loans within minutes. Umba Loan is available to users from Nigeria, Kenya, and Uganda.

You will need to register an account by providing specific requirements and following instructions given by Umba loan to avoid difficulty accessing requested money and other features on the app or website. 

The app can also be used for other services besides requesting loans. For example, you can use the app to pay for utilities like airtime and electricity bills. You can also earn cashback whenever you pay your utility bills using the Umba loan app.

For me, these are all exciting features. Let’s go further and learn more about the Umba loan app.

Shall we?

Contents

Who owns the Umba loan app?

The Umba loan app is owned by Tiernen Kennedy, the company’s present CEO, and Barry O’Mahony, serving as the Chief Financial Officer.

The Umba loan app was established in Kenya in 2018 and is now available to users in Nigeria and Uganda with different branch offices.

According to Techcrunch, Tiernen started Umba to solve the problem of liquidity for customers. This year, he raised $15 million in series A funding to expand in Africa.

This indicates that the digital bank is a legitimate institution; investors would avoid it if not.

How does the Umba loan work?

The Umba loan is a feature available for users of the Umba loan app. 

The mobile loan app can be used for digital banking transactions, as you can create a free account and send money to other Umba accounts and bank accounts. 

On the app, you can do virtually everything that could be done with a bank account. 

You can borrow loans from the Umba website or app to carry out any function. Whether it is to buy something new or to dust down something urgent, Umba loan has got your back. 

However, you must be up to 18 years of age before you can access any loan. Additionally, you must have a BVN (Bank Verification Number) that will help prove that you are an actual person and reliable. 

The payment grace for your loans can go from one month to one year, depending on the amount you are eligible for or have requested. 

For new accounts, the minimum and the maximum number of days you have as the deadline for loan repayment are 62 days or two months. 

You will not be asked to repay your loan earlier than two months; you can take up to 2 months maximum before repaying your loan. 

Other Umba loan features

Besides using the app for loans, you can fund your account, pay your bills, withdraw money, and earn cashback on all your transactions. 

With funds in your account, you can earn up to 1% interest on the total amount of money in the account. 

Another exciting feature of the Umba bank loan is that you can refer up to five people to use the Umba loan app and earn 50 Naira for each person you refer.

Awesome right?

Whenever you face any problems, you can access Umba loan’s customer support via email or live chat. Their assistants are also very responsive and will solve your problems as soon as possible.

Is Umba loan registered with CBN?

The registration information for the Umba loan with the Central Bank of Nigeria is unavailable presently. I haven’t been able to find any information on it yet. But as soon as I get it, I will update this post.

However, the Umba loan app has received funding from up to 17 individual investors and investment companies to prove its legitimacy. 

Some of the investment companies that have participated in its funding are; Banana capital, Turner Novak, AdVenture Capital, and Chanderia capital. Total series funding is 17 million dollars from the companies and individuals who invested.

These are all proof that the Umba loan is legit. As an investor, you won’t pour millions of dollars into a financial institution if they aren’t registered with the necessary authorities.

Does Umba loan have an office?

The Umba website states that they have offices in Nigeria and Kenya. Umba loan’s office in Nigeria is located in Lagos state. However, the exact address location has not been determined at this time.

Umba’s highest loan amount

If you create a new account on the Umba loan app or website (the process will be shown to you shortly), the highest amount you can access is N89,182 (Eighty-nine thousand, one hundred and eighty-two Naira), while the least amount is N1,000. 

The loan amount you are eligible for increases as you fulfil payment requirements like repaying on or before the stipulated due date. 

You can repay your loans with money from your Umba wallet or pay using a linked debit card. The Umba loan app and website provide safe and secure access to loans; all your payment information, login information, and bank verification details are protected by the app and cannot be accessed by anyone else.

Umba loan Reviews

Below are reviews from users of the app from the Google Play store. The app is unavailable on the App Store for iPhone users. It has an average user rating of 3.8/5.

Umba loan reviews

Most users of the app are satisfied, with minor complaints.

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How to get started on the Umba loan app

Here’s a step-by-step guide on how to get started on the Umba loan app.

1. Search the Google Play store for the Umba loan app. (The Umba loan app is unavailable for iPhone/iOS users.

Download the Umba loan app
  1. Install the app.
Install the mobile app
  1. Open the app and click on get started.
Click get started
  1. Click on create an account.
Create an Umba account
  1. You will be asked to provide your phone number. Fill in the blank space.
Enter your phone number
  1. A verification code will be sent to you. It will be filled in automatically, and If it doesn’t, fill it in yourself.
Input verification code
  1. Connect your email account to the app. It helps in your identity verification.
Connect your email
  1. After connecting your email, you will be asked to set a new pin.
Enter 4-digit code
  1. If someone referred you, provide their Umba tag, or skip it.
  1. Provide your legal surname and First name registered with your Bank Verification Number.
Fill in your details
  1. Add your birthday and gender. (Details should match with those of your BVN).
  1. Accept the terms and conditions.
Accept terms and conditions

And your Umba account is ready for loans, bill payments, and money transfers!

Final words

With the Umba mobile app, you can perform all your regular banking transactions without needing an actual bank account. You can request and receive your loan within minutes and pay it back within a generous deadline. If you need a loan to buy a new house or car or pay for something urgent, the Umba loan covers you.

Additionally, loans are charged a low-interest fee, so you just pay a little additional amount on the borrowed money. No high-interest charges that make loan repayment difficult.

Want a platform that offers you loans, cashback for paying your bills, and digital banking services? Then sign up for the Umba loan app to enjoy outstanding loan offers with so many benefits!

So, back to the question; is Umba loan legit or a scam? Let me know your thoughts in the comments section.

Oghenemaga Emmanuel

Oghenemaga Emmanuel is a certified content marketing specialist, SEO strategist, social media expert, and digital marketing manager for B2B and B2C businesses.

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