#40Days40FinTechs: JUMO is offering social impact financial products to the unbanked.

510
1277

Our Reporter.

Reimagining finance in emerging markets by extending financial services to the underserved and the excluded has been JUMO’s goal since inception.

This explains why it chose to specialize in social impact financial products where small businesses that are financially excluded can access loans and savings products.

Launched in 2014, the company so far reached 16 million people, with 60% of them working under small and medium size enterprises (SMEs).

During the same period, they have disbursed over $1 billion and record over 51 million interactions with customers monthly.  Over 120 million people have been connected to financial choices while the cost of transaction has been reduced significantly.

JUMO has operations in over 10 countries including South Africa, Uganda, Ghana, Kenya, Pakistan, Tanzania and Zambia with plans to open shop in Benin, Ivory Coast and Nigeria by 2021.

They use advanced data science and machine learning to create the fastest and leanest financial services infrastructure, according to Joel Muhumuza, the country manager JUMO Uganda.

The stack, according to Muhumuza, has three main components including the Advanced Data Engine, the End-to-end banking technology and the Flexible-operating platform.

 

Under the Advanced Data Engine, the company uses rich individuals’ data obtained through mobile phones to create information that creates insights while the End-to-end banking technology is used to analyse and understand one’s behaviours to assess one’s creditworthiness.

Products

Using the stack, the Financial Technology Company (FinTech) partnered with stakeholders including mobile money service providers, to offer various financial inclusion products including credit, savings, insurance and Points.

Under credit, the FinTech offers entrepreneurs quick access to funds or asset finance while under the savings product, it builds and operates short-term, structured and long-term savings products that bear interest for savers.

Under its insurance product, it works with underwriters and insurance firms to create standalone or wrapped insurance products to safeguard people’s incomes, families, assets and businesses while under Points, it innovated a white label points programme that is used as a tool to drive and incentivise mobile transactions and empower people to build a personal digital financial profile.

It should be noted that JUMO, which is among those participating in the 40-days-40-FinTech initiative, also partnered with Airtel Uganda and launched Wewole, a micro-credit solution that provides a convenient way for Airtel Money customers and agents to access loan facilities via the Airtel Money platform.

“Our goal is to be a financial, digital bank that utilizes digital information to provide financial services,” Muhumuza said.

He alluded to the billions of people who still lack access to financial services, due to, among others, lack of the needed infrastructure.

“We thought there was need to connect entrepreneurs to the finance they need to grow and prosper,” he said, noting that the potential lies in people having mobile phones and mobile wallet that can transact and develop a financial identity.

40-days-40-FinTechs

The 40-days-40-FinTechs initiative organised by HiPipo, in partnership with Crosslake Tech, ModusBox and Mojaloop Foundation seeks to enable FinTechs to innovate solutions that facilitate cross-network financial transactions at minimal risks to enhance access to financial services.

Running for 40 days, the project will see the participating companies acquire interoperable development skills to improve access to financial services, using the Mojaloop open source software

The HiPipo chief executive officer Innocent Kawooya expressed his excitement about JUMO’s financial inclusion efforts, saying that its products are taking a lead in democratising lending and borrowing.

“We are excited to interact with JUMO, a company that is enhancing financial inclusion in over 10 countries and serving more than 16 million customers.”

 

“While many have not heard about the word JUMO, I am sure they have interacted with Wewole by Airtel Uganda because thousands of Ugandans are using Wewole to get micro credit anywhere, anytime,” Kawooya said.

He noted that JUMO is implementing the core Financial Inclusion principles of Equality to Access, Affordability, Reliability and Availability.

JUMO’s background

JUMO was founded in 2014 in London by Andrew Watkins-Ball. The founding team started working to prove that data can be used to predict the financial behaviour of millions of people without access to finance.

Credit risk, engineering and other capabilities were then developed with industry-leading talent.

The first ecosystem partnerships were established with Tigo, Airtel and MTN to bring short-term loan products to people and small businesses in Kenya, Zambia and Uganda.

In 2016, the company had its first funding partner – Letshego Bank, Ghana – introduced to the operating platform, enabling payment and capital providers to work together to build products.

The following year, it won the Mastercard Foundation Clients at the Centre Prize, recognizing its outstanding value for customers. Additionally, Google selected it, alongside five other African startups, for its Launchpad Accelerator programme, winning The AppsAfrica Changing Africa Award, in recognition of the game changing initiatives across Africa.

510 COMMENTS

  1. Nice weblog here! Also your website quite a bit up fast! What host are you the use of? Can I get your affiliate link to your host? I want my website loaded up as quickly as yours lol

  2. Taxi moto line
    128 Rue la Boétie
    75008 Paris
    +33 6 51 612 712  

    Taxi moto paris

    Pretty! This has been a really wonderful article. Thanks for supplying these details.

  3. Zune and iPod: Most people compare the Zune to the Touch, but after seeing how slim and surprisingly small and light it is, I consider it to be a rather unique hybrid that combines qualities of both the Touch and the Nano. It’s very colorful and lovely OLED screen is slightly smaller than the touch screen, but the player itself feels quite a bit smaller and lighter. It weighs about 2/3 as much, and is noticeably smaller in width and height, while being just a hair thicker.

  4. Hi there, i read your blog from time to time and i own a similar one and i was just curious if you get a lot of spam feedback? If so how do you stop it, any plugin or anything you can recommend? I get so much lately it’s driving me mad so any help is very much appreciated.

  5. When I originally commented I appear to have clicked the -Notify me when new comments are added- checkbox and from now on each time a comment is added I get 4 emails with the same comment. There has to be an easy method you can remove me from that service? Many thanks!

  6. Thanks for your ideas. One thing I have noticed is that banks and financial institutions know the spending habits of consumers and understand that most people max out their credit cards around the holidays. They wisely take advantage of this fact and start flooding your inbox and snail-mail box with hundreds of 0 APR credit card offers soon after the holiday season ends. Knowing that if you are like 98% of the American public, you’ll jump at the chance to consolidate credit card debt and transfer balances to 0 APR credit cards. aaaaaaa https://headachemedi.com – Headache pain drugs

  7. Thanks for your tips. One thing we have noticed is always that banks and also financial institutions have in mind the spending behavior of consumers and also understand that a lot of people max out there their own credit cards around the holiday seasons. They prudently take advantage of this kind of fact and begin flooding the inbox and also snail-mail box together with hundreds of Zero APR card offers immediately after the holiday season comes to an end. Knowing that in case you are like 98% of all American open public, you’ll hop at the possiblity to consolidate personal credit card debt and move balances for 0 interest rates credit cards. gggffhk https://thyroidmedi.com – thyroid medications for sale

  8. Thanks for your strategies. One thing really noticed is that often banks plus financial institutions know the dimensions and spending patterns of consumers plus understand that plenty of people max outside their cards around the trips. They correctly take advantage of this real fact and then start flooding a person’s inbox plus snail-mail box by using hundreds of no interest APR credit cards offers shortly when the holiday season closes. Knowing that when you are like 98% in the American general public, you’ll get at the one opportunity to consolidate financial debt and switch balances towards 0 rate credit cards. nmmlkno https://stomachmedi.com – best over the counter stomach medicines

  9. Hi! I really could have sworn I’ve gone to this website before but
    after browsing through some of the post I realized it’s unfamiliar with me.
    Anyhow, I’m definitely delighted I came across it and I’ll be bookmarking and checking back frequently!

    Here is my homepage – AsleyTQuiros

LEAVE A REPLY

Please enter your comment!
Please enter your name here