JUMO - Afrikan Heroes

After 7 Years, South Africa’s Jumo Hits 20 Million Customers

July 10, 2022

South African fintech startup Jumo has announced that it has served 20 million customers since it was founded 7 years ago.

Founded by CEO Andrew Watkins-Ball in 2015,JUMO, a banking-as-a-service platform, claims to leverage artificial intelligence to power financial services, notably lending in emerging nations.

JUMO provides core solutions around savings, loans, and infrastructure to banks, fintechs, and eMoney operators to address these constrained demands in both markets.

MTN, Airtel, Tigo, Ecobank, Absa, Letshego, Mansa Bank, and Telenor are among its partners. The startup has offices in Nairobi, Porto, and London, in addition to its headquarters in Cape Town.

According to a recent statement from JUMO, the company’s Singapore office has closed.

However, in terms of active operating markets, the fintech is present in six African countries: Ghana, Tanzania, Kenya, Uganda, Zambia, Ivory Coast, and Pakistan.

“Thank you to the 20 million customers we’ve served!,” the company announced in a statement. “You have helped us refine our credit prediction skills and reduce the cost of lending risk to as little as 3%. You’ve also helped us create a data analysing learning machine, so we can provide banking services at a fraction of standard costs, with proven product-market fit. You are the reason we are, and will always remain, mission-driven and financial inclusion focused.”

JUMO customers JUMO customers

South Africa’s Fintech Startup JUMO Secures Fresh $ 55 Million in New Funding

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

MTN Mobile Money And Jumo Launch MoSente, A New Mobile Loan Service In Uganda

April 26, 2022

Uganda’s banking sector has been hesitant to adopt digital solutions, despite the fact that 27 million of the country’s 45 million residents own mobile phones. To that effect, MTN Mobile Money LTD, the MTN Group’s financial services branch, and South African fintech JUMO announced the launch of MoSente, a new mobile credit business, on Thursday, April 21. MTN subscribers will be able to use their mobile phones to acquire real-time credit facilities starting at 10,000 Ugandan shillings (USD 2.84).

Buhle Goslar, President and Chief Executive Officer of JUMO for Africa

MoSente will expand Ugandans’ access to mobile loan services with flexible repayment terms based on the lender’s personal circumstances or income cycle.

“Our collaboration with MTN is aimed at assisting entrepreneurs that want quick and easy access to operating money in order to expand their businesses. We provide them with the option to expand their access to long-term credit by managing their loans responsibly and continuously,” Buhle Goslar, President and Chief Executive Officer of JUMO for Africa, stated.

This collaboration with JUMO is part of MTN’s efforts to expand financial inclusion in Uganda, where “huge portions of the population remain unbanked, owing mostly to a lack of cheap and convenient credit.”

According to the non-profit financial sector development organization Financial Sector Deepening Uganda (FSDU), 22% of Ugandans are financially excluded and 56% rely on informal financial services. Financial inclusion is primarily a concern for adults in metropolitan areas (86 percent), making anytime, anywhere access to mobile banking critical.

According to Wilfred Wabwire, director of JUMO Uganda, MoSente would enable millions of Ugandans to conveniently borrow and save using their mobile phones. MTN presently accounts for 53% of all mobile users in Uganda, which implies that 15 million people, or almost a third of the country’s population, will have access to loan solutions suited to their business and personal needs. Additionally, the solution should help MTN recruit new clients for both mobile and banking services. This will enable it to bolster its market position in Uganda.

MoSente Uganda

South Korean Unicorn Enters African Market, Invests In Kenya’s HotelOnline

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh

London Investor Makes African Entry, Leads $120m Round In South Africa’s JUMO

November 8, 2021

JUMO, a fintech startup based in South Africa and London that provides financial services to emerging market entrepreneurs and enterprises, has raised $120m in a fresh round of funding led by Fidelity Management & Research Company.

The round also included technology giant Visa and London-based investment management firm Kingsway Capital, marking Fidelity’s first investment in an African startup. It also comes a year after the company raised $55 million in an undisclosed fundraising round.

To date, JUMO has raised over $200 million in equity and loan rounds from Brook Asset Management, Finnfund, Proparco, Leapfrog, and Goldman Sachs, among others.

JUMO claims it will utilize the investment to improve and expand the amount of financial solutions it offers to small and medium businesses, in addition to expanding into Nigeria and Cameroon. It also intends to provide merchants and larger enterprises longer-term financing options.

Why The Investors Invested

The startup has recorded appreciable traction over time. JUMO has provided approximately $3.5 billion in loans to over 18 million customers in these markets, totaling 120 million individual loans. The South African fintech claims to have decreased its operating expenses to $1 per client, giving it an advantage in scaling over a 150 million consumer total addressable market.

JUMO claims it has the potential to disburse $29 billion per year based on the existing number of eMoney members on its network who have access to loans. When it expands to Nigeria and Cameroon in 2022, the business estimates that this figure would rise to $40 billion. JUMO’s platform has also seen a 160 percent increase in total bank capital and assets under management since 2019, indicating the platform’s value to major financial institutions.

“JUMO’s lending platform is highly attractive in its ability to scale across markets and drive financial inclusion by creating access to credit for consumers and small businesses,” said Melissa McSherry, Global Head of Risk and Identity Services at Visa in a statement. “We are excited about our investment in JUMO and are looking forward to accelerating adoption of JUMO’s platform across markets and delivering on Visa’s mission of helping individuals, businesses, and economies to thrive.”

Fidelity’s participation in JUMO’s round adds to a growing list of first-time US investors that have put their money into African innovation, particularly fintech, as seen by Avenir Growth Capital’s co-lead round in Flutterwave and SoftBank’s sponsorship of Opay.

“It’s exciting to be part of the wave of US capital being invested in payments and fintech on the continent — there are some great businesses being built and we are proud to play a role supporting capital providers to reach customers with great products,” said Watkins-Ball in a statement.

A Look At What JUMO Does

Founded by CEO Andrew Watkins-Ball in 2015,JUMO, a banking-as-a-service platform, claims to leverage artificial intelligence to power financial services, notably lending in emerging nations.

JUMO provides core solutions around savings, loans, and infrastructure to banks, fintechs, and eMoney operators to address these constrained demands in both markets.

MTN, Airtel, Tigo, Ecobank, Absa, Letshego, Mansa Bank, and Telenor are among its partners. The startup has offices in Nairobi, Porto, and London, in addition to its headquarters in Cape Town.

According to a statement from JUMO, the company’s Singapore office has closed.

However, in terms of active operating markets, the fintech is present in six African countries: Ghana, Tanzania, Kenya, Uganda, Zambia, Ivory Coast, and Pakistan.

JUMO $120m London JUMO $120m London

South Africa’s Fintech Startup JUMO Secures Fresh $ 55 Million in New Funding

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 write

Absa Partners Tigo And JUMO to Expand FinTech in Tanzania

September 20, 2021

The mobile fintech platform services provider, JUMO has announced a new partnership with Absa Bank Tanzania and Tanzanian telecom firm Tigo to increase the availability of the existing short-term credit product Tigo Nivushe in the country. The new tripartite agreement reached with Absa will pave the way for more funds to be disbursed through JUMO’s intelligent banking platform, from September 2021, says JUMO.

Tigo Nivushe is a mobile lending product that is an easily accessible, short-term loan option available to Tigo Pesa’s customers and funded by Absa Bank.

Customers who are registered and sufficiently active on Tigo Pesa can borrow amounts ranging from TZS2,000 ($0,08) to TZS1-million ($431,22) depending on their requirements and eligibility.

According to a statement from JUMO, the Tigo Nivushe service was initially launched in 2015 when JUMO first began working with Tigo Tanzania to make finance available to small/micro businesses and consumers who had never had access to credit before or had experienced difficulties in accessing formal credit.

“We’re excited about growing this proven product as we want more people in Tanzania to have access to quality financial choices,” says JUMO’s Africa CEO, Buhle Goslar.

“This collaboration in a dynamic market deepens our work with partners to create positive outcomes for all parties, especially customers.”

“As a pan-African bank with global reach, we’re entrenched in playing a shaping role in society, while ensuring we bring possibilities to life for customers. By growing digital banking initiatives and mobile technology integrations in Tanzania, we believe products like Tigo Nivushe play a role in supporting the government’s objective of driving financial inclusion,” says Absa Bank Tanzania’s MD, Abdi Mohamed.

JUMO’s technology radically reduces the unit economics on the delivery and administration of financial products so customers can access high-value products at low prices.

JUMO’s ED for Tanzania, Eric Luyangi says, “We empower large banks and mobile money providers to reach their goals and grow their impact. It’s an honour to be working with Absa and Tigo Pesa to create more financial choices for the people of Tanzania.”

According to Angelica Pesha, Chief Officer for Tigo Pesa, “The re-launch of Tigo Pesa Nivushe, in partnership with Absa Bank and JUMO, enables the repositioning of Tigo Pesa as a financial services platform in the country.”

Eligible customers will be able to access loans quickly and digitally by dialing USSD code 15001#.

“We continue to listen to our customers and proudly build products and services that cater to their everyday life,” adds Pesha.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

South Africa’s Fintech Startup JUMO Secures Fresh $ 55 Million in New Funding

February 27, 2020

This year seem to be kicking off well for startups across Africa even as some are reeling under the pressure of keeping their heads above waters. A great example of outstanding raise this year is the $55 million fresh funding secured by South Africa’s fintech startup Jumo, a firm that shook the continent with its bold raise of $52 million just last year which was followed up with an additional USD 12.5 million three months later.

Jumo’s seeming effortless attraction to venture capitalists has been the talk across the continent for a while until it announced the closure of another massive funding round recently bagging a fresh $55 million which it says is for expansion into new markets and to launch new products in Africa and Asia. This latest investment shoots Jumo’s total funding up to $158 million, making it one of the best-funded tech startups on the African continent. Jumo had something of a swashbuckling year in 2018, raising $67.5 million across three funding rounds.

According to the company, the latest investment comes from new and existing Jumo investors including Goldman Sachs, Odey Asset Management, and LeapFrog Investments.

Founded in 2014 by Andrew Watkins-Ball who currently leads the startup as CEO, Jumo specializes in social impact financial products, offering loans and saving options to those who are neglected by existing financial systems, and particularly small businesses. The company leverages mobile networks to provide loans and savings products to its customers. The digital financial services company has developed a credit-scoring algorithm that helps customers to unlock the value of their digital footprints by giving an accurate estimation of their creditworthiness.

The startup bundles products from various banks and sells it to businesses on the lookout for credit. The entire process of lending is facilitated through mobile networks, where the startup has tied up deals with a number of service providers.

Given high feature phone usage in key markets as well as customer sensitivity to data costs, the company offers transactional capability via basic USSD, web or app to allow seamless access and usage of the platform and products. To date, Jumo claims to have helped millions of consumers across its six markets in Africa and originated more than $1 billion in loans, having started out in Tanzania.

Since September 2018 when the startup first announced expansion into Asia via Pakistan, Jumo has moved its headquarters to Singapore while also growing to no less than 10 million people saving or borrowing from its platform. At the last count, the company had some 350 staff across 10 offices in Africa, Europe, and Asia.

The Founder CEO Watkins-Ball expressed his excitement with regards to the startup’s latest funding announcement saying that “this backing will help us build a better business and break new ground. The strong vote of confidence, along with the world-class tech talent we now have in the business, means we can achieve exceptional outcomes for our partners and customers,” enthuses Watkins-Bell who has close to two decades in finance and investing under his belt. As earlier mentioned, Jumo’s latest funding is expected to drive expansion into new markets and facilitate the launching of new products in Africa and Asia.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Afrikan Heroes

Why The Investors Invested

A Look At What JUMO Does

Charles Rapulu Udoh

Tigo Nivushe is a mobile lending product that is an easily accessible, short-term loan option available to Tigo Pesa’s customers and funded by Absa Bank.

Customers who are registered and sufficiently active on Tigo Pesa can borrow amounts ranging from TZS2,000 ($0,08) to TZS1-million ($431,22) depending on their requirements and eligibility.

“We’re excited about growing this proven product as we want more people in Tanzania to have access to quality financial choices,” says JUMO’s Africa CEO, Buhle Goslar.

“This collaboration in a dynamic market deepens our work with partners to create positive outcomes for all parties, especially customers.”

JUMO’s technology radically reduces the unit economics on the delivery and administration of financial products so customers can access high-value products at low prices.

JUMO’s ED for Tanzania, Eric Luyangi says, “We empower large banks and mobile money providers to reach their goals and grow their impact. It’s an honour to be working with Absa and Tigo Pesa to create more financial choices for the people of Tanzania.”

According to Angelica Pesha, Chief Officer for Tigo Pesa, “The re-launch of Tigo Pesa Nivushe, in partnership with Absa Bank and JUMO, enables the repositioning of Tigo Pesa as a financial services platform in the country.”

Eligible customers will be able to access loans quickly and digitally by dialing USSD code *150*01#.

“We continue to listen to our customers and proudly build products and services that cater to their everyday life,” adds Pesha.

Kelechi Deca

Eligible customers will be able to access loans quickly and digitally by dialing USSD code 15001#.