Jump to content

JUMO

Add links
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Russjarv (talk | contribs) at 13:37, 24 July 2017. The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Template:New unreviewed article

JUMO
Company typePrivately held company
IndustryFinancial Technology
Founded2014
Key people
Andrew Watkins-Ball (CEO)
Number of employees
300+
Websitewww.jumo.world

JUMO is a mobile financial services platform for Mobile Network Operators and Banks.[1] The platform facilitates the exchange of digital financial services such as credit and savings to customers in emerging markets by way of USSD short codes. The company was founded in 2015 by current CEO Andrew Watkins-Ball[2] and has received undisclosed funding from several digital financial services investors including LeapFrog Investments, Anthemis Group and Vostok Emerging Finance.[3] [4]

JUMO began life as a mobile financial services startup company under Ghana-based afb, a finance business providing payroll loans to government and corporate workers and consumer loans to informal and market traders. After JUMO's potential to deliver digital financial services over mobile (primarily feature phones) became apparent it was turned into a standalone business. Since its launch[5] and up to September 2016, JUMO had delivered more than 10 million loans[6] to customers in 6 countries including Tanzania, Kenya, Zambia, Rwanda and Uganda.[7]

Many of JUMO's customers are unbanked merchants and individuals in emerging markets where the amount of active mobile money users is high.[8] According to the company's CEO Andrew Watkins-Ball, "A $20 loan that can be accessed without collateral in the middle of the night in a rural village can mean the difference between getting a sick person to hospital and going without medical care." [9] JUMO works with mobile network operators including Airtel, MTN Group and Tigo (Millicom) to make credit decisions for each loan application by drawing on non-traditional data points such as GSM records and mobile wallet transaction data. The platform leverages an unconventional digital credit model that does not require customers to have prior financial account ownership or a credit history. Loan decisions are automated and the digital credit application process happens over a mobile device with no need for in-person interactions.[10]

In May 2017, JUMO was selected for class 4 of Google’s Launchpad Accelerator alongside 5 other African companies.[11]

In July 2017, Amazon EC2 founder Chris Pinkham joined JUMO’s board as an active independent director of the company.[12]

See also

References

  1. ^ Jean-Pierre Afadhali (2016-08-13). "SA tech firm offer Rwandans loans through mobile phones". theeastafrican.co.ke. Retrieved 2016-10-21.
  2. ^ Article on Andrew Watkins-Ball in Fast Company SA - June 2016 (see p30) at issuu.com
  3. ^ Graham van der Made (2016-05-12). "26 Fintech startups you absolutely need to know about". ventureburn.com. Retrieved 2016-10-25.
  4. ^ "Vostok Emerging Finance invests into Jumo, a mobile money marketplace in Africa". mobilemoneyafrica.com. Retrieved 2016-10-25.
  5. ^ Tahira Mirza (2015-10-20). "Pictures Of The Day: The Best Images From Around The World On Tuesday 20th October 2015". huffingtonpost.co.uk. Retrieved 2016-10-25.
  6. ^ "The Benefit of a Tough Crowd". medium.com. Retrieved 2016-10-25.
  7. ^ afb Ghana (2016-09-01). "afb celebrates happy customer week". ghanaweb.com. Retrieved 2016-10-25.
  8. ^ Tom Jackson (2015-12-16). "Helping Africans improve their lives by tracking their phone usage". thenextweb.com. Retrieved 2016-10-25.
  9. ^ Tom Jackson (2016-09-02). "How your social media reputation could secure you a loan". bbc.com. Retrieved 2016-10-25.
  10. ^ Colin McClelland (2015-09-23). "Phone Stats Unlock a Million Loans a Month for Africa Lender". bloomberg.com. Retrieved 2016-10-25.
  11. ^ Roy Glasberg (2017-05-23). "Announcing the fourth class of Launchpad Accelerator featuring new countries!". googleblog.com. Retrieved 2017-07-24.
  12. ^ Peter Pedroncelli (2017-07-06). "Amazon EC2 Founder Joins Board Of South African Fintech Startup". Moguldom Media Group. Retrieved 2017-07-24.

Category:Articles created via the Article Wizard

Retrieved from "https://en.wikipedia.org/w/index.php?title=JUMO&oldid=792102092"