Building a platform where short-term credits will be accessible to entrepreneurs, digital financial services company, JUMO has partnered with MANSA BANK and MTN Mobile Financial Services Côte d’Ivoire.
JUMO focuses on a service that enables real-time access to funds at the lowest possible operating cost. The platform offers loans, savings and a variety of financial choices to customers.
Leveraging artificial intelligence and machine learning to build accurate credit scores and targeted financial products for people without formal financial identity, collateral or credit record, the company securely provides analytics and insights to offer individualised financial services with high value and utility for customers.
Since its inception, the company has disbursed over $3,000,000,000 loans and has supported over 18,000,000 customers and small businesses. Markets where the company actively operates are Ghana, Tanzania, Kenya, Uganda, Zambia, Ivory Coast and Pakistan.
MANSA BANK recently developed VitKash, its latest lending option which aids ease of access to small-scale loans available via MTN Côte d’Ivoire’s mobile money platform.
Enhancing financial inclusion in West Africa, VitKash is imminently available to an exclusive customer segment and affirms the partners’ joint commitment to ensure the sector scales.
Micro-entrepreneurs who have been denied access to finance but are still impact-driven, aiming to develop a positive credit record through responsible loan management, are the target of the fund.
MTN Mobile Financial Services Côte d’Ivoire (MTN MFS CI) on the other hand, is an electronic money issuer, and a subsidiary of MTN Côte d’Ivoire, an integrated telecom company.
The company’s initiative, MTN Mobile Money (MTN MoMo) enables subscribers to perform financial transactions from their mobile; money transfer, payment, saving and lending services.
The ultimate goal of the partnership is to resolve the problems of limited capital access to entrepreneurs in the informal sector.
The fund seeks to help SMEs, currently contributing an average of 60% of the GDP of West African countries, with less than 15% having access to banks as a source of finance.