JUMO extends digital loans to over 5 million Ugandans. #40Days40FinTechs Initiative Season 5, Day 22

The hard-economic times mean that every now and then, many people are always seeking for financial assistance. Family and friends are always the most immediate people for seeking for financial help but in circumstances where they too are broke, then borrowing from money lenders is the only way out.

Unfortunately, getting money from credit institutions is a nightmare. Financial institutions like Banks, Saccos and microfinances are closed to members, ask for so much paperwork and their processes can drag on for weeks and months thus defeating the actual purpose of seeking for the loan. On the other hand, loan sharks always have money available immediately but their interest rates and terms are unrealistic and indefensible.

Nonetheless, in the middle of this suffering and confusion, innovators are using financial technology to ease the pain of Ugandans. One way they are doing this is through developing digital loans platforms that have realistic terms and interest. While many digital loans platforms are equally unreasonable, there are a few authentic and ideal ones.

Among the few credible digital loans platforms operating in Uganda is JUMO; a market-leading banking service platform that enables real-time access to funds at the lowest possible operating cost.

Well as the brand JUMO is not a household name, its products are household names and used by millions across Uganda every day. JUMO’s flagship products in Uganda are Wewole accessible on Airtel Money and MoSente available on MTN MoMo.

“JUMO started operations in 2015. We use artificial intelligence to provide financial services in emerging markets. To do this, we partner with capital providers on one side and mobile money operators like MTN MoMo and Airtel Money on the other side. In Uganda, JUMO provides Wewole in partnership with Airtel Money. We also provide MoSente in partnership with MTN MoMo. These loans are given to eligible customers; these must be registered and actively transacting. When one is getting the loan, s/he selects their preferred repayment time, which can be weekly, two weeks or one month,” Wilfred Wabwire, the JUMO country manager for Uganda explained.

He highlighted that for the years JUMO has been providing services in Uganda, it has served over 5 million customers.

“We launched Wewole in 2017 and to date have served over 4 million unique users. We launched MoSente in December 2021 and to date have served over 1 million users. 65 per cent of our customers are MSMEs and 30 per cent are women. In terms of Youth participation; 16 per cent are below the age of 24 and 44 per cent are between 25 and 34 years. The beauty with our loans is that they are accessible through USSD thus catering for last mile customers that use feature phones.”

But even with this coverage, Wabwire emphasized that there are still millions of unbanked and unserved Ugandans that don’t have access to financial services and thus players must continue to innovate and collaborate so that these customers are reached and served.

JUMO has featured on Day 22 of the annual 40 Days 40 FinTechs initiative Season 5.

Run under HiPipo’s Include Everyone program that also encompasses other initiatives such as FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit & Incubator, and the Digital and Financial Inclusion Summit and Digital Impact Awards Africa; the #40Days40FinTechs platform aptly provides a setting for the various players and stakeholders involved in digital and financial technology to exhibit their products and services. It also gives players a platform to share their ideas on how the unserved and underserved by the present financial systems can be brought into the fold.

With over 150 participants in the last four years, #40Days40FinTechs continues to be the world’s premier showcase event for innovations that are enabling underserved populations to join the digital economy space. We know that this can only get better owing to the inspiration and collaboration of our partners; Level One Project, Mojaloop Foundation, INFITX, Cyberplc Academy, Ideation Corner, and Crosslake Technologies. Most importantly, the initiative owes its continued success to the generous support of the Bill and Melinda Gates Foundation.