JUMO is onboarding 300,000 new digital borrowers every month. #40Days40FinTechs Zambia and Malawi edition, Day 22

JUMO is fast-tracking Africa’s last-mile financial inclusion through offering digital-collateral free loans to individuals and small businesses.

Described as a market leading banking as a service platform, JUMO enables real-time access to funds at the lowest possible operating cost in Uganda, Kenya, Ghana, Tanzania, Ivory Coast, South Africa and Zambia among other countries.

“At JUMO, we believe in frictionless banking systems. So, we provide a platform that allows individuals to access banking, credit and saving products without having to go through brick and mortar traditional banking. Access is through the mobile phone as most individuals across Africa do own mobile phones which are either smart or feature phones. Our customers are able to access us through the USSD platform and APP in some markets. Through the USSD, our customers are able to opt in and choose the loans of their choice. Once they opt in and wish to proceed with borrowing, a credit assessment is done and the customers are notified instantly whether they are eligible to borrow or not,” Alison Lungu, the JUMO Head of Capital Partnerships for East Africa explained.

He added: “The key thing here is that this individual doesn’t have to walk in to a branch, or fill in any forms. We are basically looking at your historical data. How long have you used the phone, transaction history, activity period, peak payments and in follows among others. All these metrics help us make a decision on whether to onboard and allow them to start enjoying these loans products.”

Lungu revealed that as of end of 2024, JUMO World had disbursed up to USD 6.6 billion across its markets, qualified 300,000 new customers on to its global ecosystem every month and currently processing about 150,000 loans in Zambia, every month. 

He revealed that some of the challenges affecting Africa’s FinTech Industry are financial literacy gaps, individuals’ inability and willingness to repay, low availability and access to patient capital.

“It is an exciting time to be in the FinTech space. Our constraint is not lack of business, it is really how much capital we can push in to the ecosystem in a responsible manner.”

Lungu applauded the 40 Days 40 FinTechs initiative for uplifting innovators, supporting cross border trade and helping direct capital towards the vulnerable and unbanked individuals. 

JUMO featured on Day 22 of the 40 Days 40 FinTechs initiative; Zambia and Malawi edition. The roll-out of the 40 Days 40 FinTechs initiative in Zambia and Malawi followed its success in East Africa. Over the past 5 years, the 40 Days 40 FinTechs initiative has featured over 200 FinTech stories from Uganda, Tanzania, Kenya, and Rwanda. This initiative has also engaged hundreds of end-users and shared their stories with millions worldwide.

The primary objective of this initiative is to support and showcase innovative FinTech giants and start-ups from across Africa, with a focus on promoting financial inclusion and economic growth, in addition to giving start-ups access to the resources they need to develop new and innovative financial solutions that can benefit underserved populations. Such resources include but are not limited to Level One Project guidelines, Mojaloop Open Source Software and Inclusive Finance systems, etc.