A leading South African fintech company, JUMO, is offering emerging market entrepreneurs financial services.
The company has scored financial milestones with over 15 million customers across six markets in Tanzania, Ghana, Kenya, Uganda, Zambia, and Pakistan.
Jumo also hopes to explore the Indian, Nigerian, and Ivorian markets in no distant future.
A South African entrepreneur, and the Founder & Group CEO of JUMO, Andrew Watkins-Ball, in an official press release, explained that these achievements were a testament to the Fintech’s successful business model.
“The thing that makes me most proud of this milestone is not the amount in dollars, it’s the millions of customers that we have served.
Behind each dollar is a human story of someone who has put that capital to work to grow their business. These people are the backbone of their families, their communities, and the lifeblood of emerging market economies.”
The tech startup was built as a unique platform to help facilitate digital financial services such as credit, and savings in emerging markets, and has handed out over $1.8 billion prior to date since its founding in London in 2015.
Registered in Mauritius, it has partnered with telecommunications companies, funders, and banks, to create accessible financial tools, and insurance products targeted at entrepreneurs in emerging markets, and also offers accessible financial services to both Asia and Africa’s unbanked populations.
JUMO also has a mobile wallet technology that offers an easy-to-use service that is accessible via mobile devices.
Watkins-Ball commented on the cost-effective technology used to collect information which strengthened the business model.
“When we founded JUMO, we were always clear that we can only achieve our mission by leveraging sophisticated information technologies at really low cost.
The increase in our prediction capability decreases the cost of credit risk, allowing us to share more value with customers while driving sustainable returns for our bank partners.”
Speaking on future expansion, Watkins-Ball expressed his will on penetrating Nigeria and Côte d’Ivoire, saying:
“We’re optimistic about the possibilities in these markets and continue to see huge growth opportunities in Africa, with the potential to replicate our successes in other markets over the longer term.”