Region and country of operations: International
Jurisdiction of registration: Mauritius
Business sector: Fintech
|Date of agreement||Finnfund’s financing||Share of Finnfund’s financing||Size of project/financing|
|6/2017||USD 6,000,000||approx. 25%||USD 24,000,00|
|2/2018||USD 5,996,500||approx. 10%||USD 60,000,000|
Environmental and social category: FI-C
JUMO World Limited is the largest scale, lowest 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 behavioural 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 boasts an experienced board and management team, that includes founders of successful fintech businesses and of other businesses in Africa.
Main development impact
JUMO provides financial services to people with no access to such services. Anonymous access to finance via mobile platform provides opportunities and strengthens the position of women. JUMO provides a reliable and low-cost alternative to local non-regulated lenders. JUMO is reaching especially micro-entrepreneurs and thus indirectly generating employment. Local tax revenues will also increase.