JUMO, a South African founded fintech startup has dispersed over $2.5-billion in credit across six markets in Africa and Asia.
Andrew Watkins-Ball, Founder & Group CEO of JUMO, explained in a release that this achievement is the result of 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.”
JUMO is a tech startup that has created a unique platform to help facilitate digital financial services such as credit, and savings in emerging markets was founded in 2014 by South African entrepreneur, Andrew Watkins-Ball.
Registered in Mauritius, the fintech startup has partnered with funders, banks, and telecommunications companies to create accessible financial tools.
Whereas JUMO has been creating accessible financial services to the unbanked populations in both Africa and Asia, its mobile wallet technology offers an easy-to-use service that is accessible via a mobile device.
The South African fintech startup has, in addition, provided multiple products and services including, loan services and insurance products, targeted at entrepreneurs in emerging markets.
Watkins-Ball further spoke on cost-effective technology used to collect information that strengthens 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,” Watkins-Ball said.
JUMO, which operates in Uganda, Zambia, Kenya, Ghana, Tanzania, and Pakistan, plans to expand its offering and service to Côte d’Ivoire and Nigeria.
“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,” he said.