Nigeria’s DANBA Group has acquired 100% of KMC Micro-Finance Bank, with plans to launch “Africa’s biggest and most effective digital banking operation” in just eight weeks. The move reflects DANBA’s commitment to financial inclusion and access in Africa, according to Saadina Dantata Jnr, the group’s Head of ICT. Dantata said the digital bank will deploy cutting-edge technology to offer unprecedented incentives and make banking accessible to everyone in Africa.
With only 39% of Nigerians using the formal banking system, DANBA sees the country as Africa’s leading fintech frontier. The indigenous firm, established in 1995, started as a telecom, chemical, and ICT hardware trading company.
