Umba Mobile: Loans, payments & how it works

Umba Mobile is one of the most trusted financial services providers in Nigeria and Kenya. In this post, you will learn how to get a loan from Umba Mobile in Nigeria.

We will also take a look at the financial services available on the Umba Mobile app.

What is Umba and How does it work?

Umba is a digital bank and loan platform in the Fintech market. It currently operates in Nigeria and Kenya. The mobile app has a clean and simple user interface, making it very easy to do mobile transactions.

The Umba Mobile app is also very responsive, adding to its performance. You can add your utility accounts in the app and finance your utility bills! Pay for water, electricity, internet, and lots more.

Mobile finance services available on the Umba Mobile app

1. Money Transfer

Yes. You can send money to your family, relatives, and friends through the Umba Mobile app. They also have to open an account with Umba, and once that is done, you are good to go.

To send money on the app, follow the steps below.

Sign up or log in to the app
Click on the “Send” button at the top area of the app
Press “Add Beneficiary”
Choose the second option that says “No, Add New Beneficiary”
Input the bank name and bank account number of the person you want to send money to
Press on the “Next” button to continue

2. Payment of utility bills

As a Nigerian, you can add your utility accounts to the Umba App and directly pay your utility bills. You can pay for water, electricity, mobile data subscription, and many other things.

To pay your bills on the Umba Mobile app, follow the guide below.

Launch the Umba Mobile app and log in
Press “Bills” at the topmost part of the app
You will need to add a billing account since it’s your first time
Click on the “New Bill” button
Press “select account”
On the next page, press “add new” and choose the type of bill you want to pay
Proceed with the payment process

3. Instant personal loans

You can obtain a loan amount between ₦2,000 to ₦30,000 on the Umba Mobile App.

Currently, loans are not available for Kenyan users. On the other hand, Nigerians are free to obtain loans on the app as long as they meet up the requirements.

Umba Mobile loan requirements

If you are a Nigerian and you want to get a loan from Umba, you need to have the requirements listed below.

A valid mobile phone number, with which you will relieve your verification code.
Your National Identification (NIN). This will serve as proof of name and age
Bank Verification Number BVN to confirm your banking details and be sure that you are not blacklisted by other loan services

How to download the Umba Mobile app

You can download and install the Umba Mobile app directly from the Google Play Store. It has a small size of 25 MB and over 500,000 downloads. It currently has a review rating of 3.7 from over 18,000 users.

How to get a loan from Umba Mobile

If you met all the requirements and also installed the app, follow the steps below to obtain your loan from Umba Mobile.

Log in or sign up on the Umba app
Register if you are a new user
On your dashboard, locate the button labelled “Loan” and click on it
Press “Umba Money Loan”
Link your bank account
Take a selfie photo on the app
Wait for the verification to complete
Press the “Get Started” button.
In case the app requests for your ATM card, you should add it
You will be directed to the Umba money loan page
Select the amount of loan you want to obtain (between ₦2,000 to ₦30,000)
State the reason why you want to get the loan
Confirm your loan amount and submit

Your loan application will be reviewed by the Umba Mobile staff. Kindly note that you can’t set the terms of your repayment on Umba Mobile. All loans automatically have a repayment term of 62 days.

How much loan can you get?

You can get a minimum loan amount of ₦2,000, and a maximum of ₦30,000 on the Umba Mobile App.

Loan repayment tenor

Unlike other instant loan services in Nigeria, Umba Mobile is not flexible when it comes to the repayment of loans.

Whether you like it or not, you have to repay your loan before/on the 62nd day. That means Umba loan service offers its users a repayment term of 2 months.