JUMO World Ltd.
Region and country of operations: Africa and Asia
Jurisdiction of registration: Mauritius
Business sector: Fintech, Digital Infrastructure and Solutions
Date of agreement (month/year): 9/2020
Instrument: Loan
Finnfund’s financing: USD 6,000,000
Share of Finnfund’s financing: approx. 24%
Size of project/financing:
Environmental and social category: FI-C
Project description
JUMO World Limited is a 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 (BCA), 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 develops.
JUMO is driving financial inclusion and also creating value for mobile network operators and financial services providers. JUMO is also building a content-rich database on its millions of customers; JUMO expects this figure to grow significantly, allowing it to build a pan-African credit bureau.
JUMO has an experienced board and management team, that includes founders of successful fintech businesses and of other businesses in Africa.
Main development impact
- Provides financial services to the population that have no access to these services.
- Anonymous access to finance via mobile platform provides opportunities and improves women’s position.
- Provides a reliable and low cost alternative to local non-regulated lenders.
- Indirect employment: JUMO is reaching especially micro-entrepreneurs.
- Increase in tax revenues.
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