Nigerian startup Jamborow has reportedly raised $ 400,000 from its shareholders to expand its fintech B2B platform based on the blockchain.
According to news sources,the investment will help the startup get started in Nigeria and offer its financial services to the unbanked.
“Jamborow was conceived to promote financial and economic inclusion for the developing world,” says Onitilo, co-founder and CTO of Jamborow. “We conducted extensive research by traveling to various parts of the continent. What we discovered is that the grassroots population often suffered the same challenge: the inability to access formal financial services.”
Here Is What You Need To Know
- The company – founded by Moses Onitilo, John Kamara and Olusegun George in 2018 – is expected to close a cycle of seed funding in the coming weeks to launch into new markets, according to the publication.
$ 400,000 investment will help Jamorow provide financial services to the unbanked in Nigeria. - Launched in 2018, Jamborow brings together all the players in the financial ecosystem, from lenders, borrowers, and intermediaries. The startup partners with banks, SME lenders, cooperatives, traditional savings groups, microfinance institutions, and other types of organizations to serve the bulging informal sector. Co-founded by Moses Onitilo, John Kamara, and Olusegun George the company opens up the door for all new access.
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- Jamborow is expected to help completely digitize the banking process so individual users gain access to digital payment options and mobile money. There’s a robo-advisor powered by artificial intelligence and integration with blockchain tech that creates a credit footprint. The team says it’s easy to use and cloud-enabled.
- Since its inception, Jamborow has signed up several B2B clients that use their tech (or platform) to offer users easy, convenient, and immediate access to financial services. This includes successfully onboarding seven micro-lending institutions with a total of 27 million members sprawled across Tanzania, Kenya, Nigeria, Uganda, Zambia, Liberia, and Sierra Leone. The company has also sealed strategic partnerships with several firms, including payment processors, credit reference bureaus, mobile net.
“Jamborow is a company that was borne out of the experience, skillset, and knowledge of three friends. We decided to come back to Africa from the diaspora and use technology to solve the problems of the grassroots population by offering financial literacy, economic empowerment, and poverty alleviation.”
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- For B2C users this may well be the first time they have gotten access to a full suite of financial services directly from their computers or Jamborow’s mobile app. This is everything from loans, insurance, debit cards, and risk management, to name a few. Indeed, Jamborow isn’t simply focused on transactional exchange. It provides users with financial education that enables them to make better decisions. The leadership is clear on being a part of the solution and not the problem. They believe that’s what sets them apart.
“Where we saw the niche in the market was by providing a whole ecosystem that looked beyond the predatory lending practices that we have witnessed in a number of markets we researched,” says George, co-founder and CEO of Jamborow. “Merely providing access to credit products falls short of the measurable and sustainable targets, we envisioned at Jamborow, hence our slogan ‘Beyond Financial Inclusion’.”
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer