JUMO World Ltd.
Region and country of operations: Africa and Asia
Jurisdiction of registration: Mauritius
Business sector: Fintech
Date of agreement (month/year): 3/2022
Finnfund’s financing: USD 8,000,000
Share of Finnfund’s financing: approx. 31%
Size of project/financing: USD 23,600,000
Environmental and social category: FI-C
JUMO World Limited is the large-scale, low-cost financial services platform for Emerging Markets. JUMO is a transaction and predictive technology platform for mobile network operators and banks operating in Sub-Saharan Africa and South Asia.
JUMO offers a diversified product base driving customer utility including mass-market credit and savings products. JUMO’s primary products, mobile loans, lending to airtime credit agents, and business cash advances, use proprietary technology and partnerships with mobile network operators to tap markets that enjoy high usage of mobile money but which suffer from low penetration of traditional banking. Credit extended to new customers is initially relatively small and short-term, with limits increasing as their track record and behavioral dataset develop.
JUMO boasts an experienced board and management team, that includes founders of successful fintech businesses and of other businesses in Africa.
Main development impact
- Providing financial services to the population that has no access to these services: JUMO focuses on providing financial services to the population
- Anonymous access to finance via mobile platform provides opportunities and improves women’s position.
- JUMO provides a reliable and low-cost alternative to local non-regulated lenders.
- Indirect employment: JUMO is reaching especially micro-entrepreneurs.
- Increase in tax revenues.
- Meets gender criteria.
Last modified: September 2022