Uber partners with JUMO to provide driver-partners with vehicle finance

Nairobi, December 3 2018:

Uber has partnered with JUMO, a financial technology company who has created JUMO Drive – a unique digital vehicle finance product that’s easing barriers to car ownership for existing Uber driver-partners. The product has been successfully piloted in Kenya, with the intention to expand the offering across Sub-Saharan Africa in 2019.

JUMO’s unique data prediction capabilities utilise driver behavioural data to facilitate credit scoring and offer JUMO Drive to qualifying driver-partners. The JUMO Drive and Uber app work together to generate and facilitate the credit scoring and application process for driver-partners. To ensure that driver-partners have a seamless and automated experience, all applications are transparent and require no upfront costs, no sign-up fees, no deposits.

In addition to the easy application process and flexible repayment structure, further benefits include a tracking device and a service and maintenance plan to ensure driver-partners are able to keep their vehicle up and running in good working order.

The credit risk score of the driver-partners is determined by the driver’s earnings, trips and behaviour patterns ensuring that each driver receives offers that are individually designed. Finance for the vehicles is provided by bank partners on the JUMO platform.

The entire sign-up process for Uber driver-partners, from logging in, to credit approval, can take less than 15 minutes and can see drivers on the road in their own vehicle in under four weeks. To ensure that the driver experience and repayments are optimised, drivers will also have access to flexible repayment terms allowing them to pay as they drive, will have vehicle monitoring and will receive fully transparent pricing, ensuring they have control of their financial health. The product also offers a dealer interface which enables the vehicle dealership to support the drivers effectively through the process which is new to most drivers.

Justin Spratt, Head of Business, for Uber Middle East and Africa explains, “Earlier this year, Uber and JUMO ran a pilot with a select number of Uber drivers in Nairobi who were pre-approved based on their driving behaviour. Based on the success of the pilot, we are happy to bring this innovative financial solution to driver-partners in Sub Saharan Africa.”

“The introduction of JUMO Drive builds on our philosophy of creating economic empowerment for Uber driver-partners. We are constantly seeking opportunities that will allow drivers to start their own business full time while improving their lives – we believe this partnership with JUMO will play a significant role in doing just that.”

“We are really excited to grow our partnership with Uber,” says JUMO Founder and CEO Andrew Watkins-Ball. “JUMO Drive is another way that we are making it easy for small businesses to access great choices: in this case getting a real-time solution to owning your own vehicle financed by a leading bank. The vast majority of ride-sharing drivers globally don’t own their own vehicles. We are looking forward to rolling this out to many more markets.”

Quod and Cignifi Announce Partnership in Brazil

Sao Paulo, Brazil, October 30 2018:

Quod, Brazil’s newly established positive credit bureau, and Cignifi, a leading US fintech company, announced today a partnership that has the potential to significantly improve access to financial services for millions of underserved consumers across Brazil.

The partners will collaborate to launch the country’s first online platform that will provide credit, marketing, fraud and other insights for underserved consumers and SMEs using alternative telecom data combined with a proprietary artificial intelligence and machine learning platform.

Quod and Cignifi are in advanced discussions with mobile operators and retailers to bring this data platform to market, and by combining alternative data with Quod’s positive approach to credit scoring, the platform will enable consumers and micro-entrepreneurs to gain access to a broad range of credit products and services, while opening an untapped new customer base to lenders.

“Quod’s mission is to connect consumers and businesses in a brand-new way. Approximately 30% of Brazilian consumers are unbanked, so we need an innovative, secure and tested approach to bring these consumers to the credit market while minimizing uncertainty for lenders” said Rodrigo Abreu, Quod’s CEO.

“We are very excited to help introduce a positive credit approach to Brazil,” said Jonathan Hakim, Cignifi’s CEO. “The main goal of this partnership is to connect people, companies and financial institutions in a transparent and efficient way and allow all parties to make better, more informed credit and marketing decisions.”

The Quod-Cignifi Platform will provide substantial coverage on millions of new-to-credit customers in Brazil. The emergence of a Positive Credit Bureau is significant because it rewards consumers for their positive, responsible use of credit, rather than simply exclude them based on any potential negative credit events in their record. Customer privacy and compliance are also major priorities of the Quod/Cignifi Partnership and will be rigorously protected by use of anonymized data and customer opt-ins.

From the business perspective, the initial roll-out of this partnership will address three of the most immediate challenges faced by telco operators:

• High initial customer default risk and fraud exposure
• The challenge of contacting customers who have defaulted and have no valid contact information
• The difficulties of effectively processing and utilizing the vast amount of data Telcos generate

Mobile operators will also benefit from advanced customer lifecycle tools to help minimize churn and increase lifetime customer value, and they will also gain access to highly granular market share insights of their customer base. The partnership’s product offerings will include credit insights to complement Quod’s positive scores, fraud scores to screen credit applications and online transactions, and propensity indicators to enable digital marketing initiatives.

About Quod
Quod is a data management fintech company created by Brazil’s five largest banks in 2017, to focus on risk management, fraud prevention and big data products and solutions. The company started operations by the end of 2018, and will serve clients in all economic sectors, including financial institutions, insurers, retailers, telecommunication operators and small to medium-sized companies, among others. Quod values data privacy and protection, respects consumers and is committed to improving Brazil’s credit environment, by promoting financial education and providing solutions for better informed companies and individuals. www.quod.com.br

Dominic Barton and Henri de Castries join the Global Leadership Council of LeapFrog Investments

London, October 17 2018:

LeapFrog Investments , the leading Profit with Purpose investor, today announced the formation of a Global Leadership Council focused on the firm’s goal of reaching one billion emerging consumers by 2030. Dominic Barton and Henri de Castries are the Council’s inaugural members. “Today we welcome two of the world’s foremost business leaders, whose imagination, strategic clarity and global networks will support LeapFrog to reshape dozens of companies and emerging markets, and impact hundreds of millions of lives,” said Dr Andrew Kuper, founder and CEO.

Mr Barton is a Senior Partner and former Global Managing Partner at McKinsey & Co and co-author of Reimagining Capitalism. Mr de Castries is the former Chairman and CEO of AXA and President of Institut Montaigne, a pioneering thinktank dedicated to public policy in France and Europe. Among diverse leadership roles over three decades, both have overseen landmark panels and studies focused on how finance can drive better growth and outcomes for society.

The announcement comes 10 years since LeapFrog’s launch. In September 2008, President Clinton and Dr Kuper committed LeapFrog to a target of reaching 25 million lower-income people with financial tools within a decade, whilst delivering strong profits to investors. Today, LeapFrog companies reach 140 million people with financial tools or healthcare and they have grown revenues on average at 40 per cent per year. Several of LeapFrog’s companies have been acquired by Allianz, Standard Chartered, Fidelity, Prudential PLC, Swiss Re and other leading global corporations, regularly doubling or tripling investors’ capital.

“It is a decent beginning. In the next decade, we aim to help portfolio companies to reach one billion people with essential services, and in so doing, to provide further reward to our growing community of institutional and high net worth investors,” said Dr Kuper.

“The Global Leadership Council will provide the board and leadership team with invaluable guidance, insight and relationships to ensure we overachieve on those financial and social goals. Each of the Council’s members built, as chief executives and chairmen, industry-leading and high-growth global businesses. Each has driven the use of digital technologies to serve customers. Each has encouraged institutional investors to bring long-term, sustainable and impact investing to the forefront of their portfolios.”

Large demographic shifts over the coming decade will see two-thirds of the nine billion people in the world living in Asia and Africa. The weight of the global economy will move increasingly east and south. Billions of consumers will rise towards the middle class, at an accelerating pace driven by advances in technology and rapid urbanisation. This creates a historic opportunity for investment in the growth markets of Africa and Asia. LeapFrog invests in the companies that provide essential services to those emerging consumers.

In the months ahead, the firm will be announcing several further eminent members of the Council, with complementary regional and industry expertise, all oriented to ensuring Profit with Purpose becomes a new norm for leading businesses and investors.

Quotes:

Dominic Barton said: “Capitalism is at a crossroads. There is an historic opportunity to build purpose-driven businesses and investment groups that generate both outsize growth and impact people’s lives positively; this stands in stark contrast to short-term thinking that amplifies negative outcomes for society. LeapFrog has been a leader in this positive and pioneering thinking in investment and business for a decade. I am very pleased to partner with the group and to participate in its Global Leadership Council, demonstrating a better kind of business, at unprecedented scale.”

Henri de Castries said: “As part of the Global Leadership Council, I look forward to focusing on how to expand Profit with Purpose investing to new markets and innovative companies, helping to transform the way business is done and its impact on diverse societies. I have long found LeapFrog’s approach to delivering profit with purpose very compelling and have been glad to see other major investors and companies following suit, focusing on the opportunity to serve emerging consumers – and serve them well. The scale of this opportunity has only just begun to be realised in our fast-changing world.”

About the Global Leadership Council Members:

Dominic Barton is a Senior Partner and former Global Managing Partner at McKinsey, and leads the firm’s focus on the future of capitalism and the role business leadership can play in creating long-term social and economic value. He serves as Chair of the Canadian Minister of Finance’s Advisory Council on Economic Growth and is Chair of the Seoul International Business Advisory Council. He is Chancellor at the University of Waterloo and also a Trustee of the Brookings Institution, a Rhodes trustee, an adjunct professor at Tsinghua University in Beijing and a board member of FCLT Global (Focusing Capital on the Long Term). Dominic has authored numerous books, including co-authoring with Dezso Horvath and Mathhias Kipping, Re-Imagining Capitalism: Building a Responsible Long-Term Model.

Henri de Castries was CEO and Chairman of the Board of AXA from 2000 to 2016, where he built the company into the leading global insurance brand. He is President of The Institut Montaigne a pioneering thinktank focused on public, social and economic outcomes for France and Europe. Mr de Castries worked at AXA for 27 years and since stepping down as Chairman and Chief Executive has focused on directorships at HSBC, as well as holding the Vice Chairmanship of Nestle. Prior to working at AXA, he worked for the Minister of Finances of France, including as a member of the French Treasury.

LeapFrog backs principles aimed at steering trillions into impact investments, collaborating with IFC and World Bank

Bali, Indonesia, October 12 2018:

LeapFrog Investments, the leading Profit with Purpose investment manager, today announced its co-design of and support for Operating Principles for Impact Management issued by the IFC and World Bank Group. The nine principles were created to set a basic market standard for impact investing. They will serve as a guide to deployment of capital by institutional investors – including pension and sovereign funds, insurers and banks, endowments and family offices. The impact investment market stands at $228 billion today, a five-fold increase from the 2016 launch of the UN Sustainable Development Goals.

At the Annual Meetings of the World Bank Group and the International Monetary Fund, LeapFrog Founder and CEO Dr. Andrew Kuper joined global investment leaders to launch the draft Principles. The panel session was opened by Dr. Jim Kim, President of the World Bank Group, who urged investors to focus on the role impact investing could play in helping solve the financing challenge necessary to achieve global development objectives.

Dr. Kuper commented: “LeapFrog’s philosophy of Profit with Purpose, for a decade, has required pioneering of impact metrics and measurement methodologies, as our companies have surged to reach 140 million people. We are so glad to see and support the rapid growth now of our wider industry. We see these draft Principles as an essential step forward in providing clear guidance to institutional investors. With a trillion dollars expected to come into the impact investing space in coming years, there is an urgent need to ensure that ‘impact washing’ is minimised and that true commercial and social outcomes are achieved.”

“Now is the time—while the market is still young— to develop common principles of how to manage investments for impact,” said IFC CEO Philippe Le Houérou. “Our ambition is to grow the market for impact investing exponentially by bringing in institutional investors who hold close to $100 trillion in assets under management.”

Earlier this week, LeapFrog was awarded Impact Asset Manager of the Year at the Global Steering Group Impact Summit in Delhi. Chaired by Sir Ronald Cohen, the GSG originated in the G8 Social Impact Investment Taskforce.

LeapFrog was able to contribute real-world experience to the design of the principles, based on repeated experience in application across the private equity investment cycle. Over the ten years, the LeapFrog team developed a distinctive proprietary measurement framework, FIIRM, which encompasses financial, impact, innovation and risk management factors. FIIRM incorporates measurement of financial and operational Key Performance Indicators as well as governance indices, which are benchmarked to global best practice standards. This enables LeapFrog’s investment teams and portfolio company CEOs and CIOs to measure and drive performance towards both profitability and impact objectives. The FIIRM system is complemented by an in-house Consumer Insights team, gleaning feedback from customers in-store, by telephone and online, as well as extensive emerging consumer research data sets.

LeapFrog was launched in September 2008. At the launch, President Clinton and Dr Kuper committed LeapFrog to a target of reaching 25 million lower-income emerging consumers with financial tools within a decade, whilst delivering strong profits to investors. Today, LeapFrog companies reach 140 million people with financial tools or healthcare, of whom 117 million are lower income people, per the World Bank definition of living on under USD $10 per day per person in the household.

Simultaneously, LeapFrog companies have grown revenue on average at 40 per cent per year over the decade. Several of LeapFrog’s companies have been acquired by Allianz, Standard Chartered, Fidelity, Prudential PLC, Swiss Re and other global corporations, regularly doubling or tripling investors’ capital.

Last year, Fortune ranked LeapFrog as one of the top 5 companies changing the world, alongside Apple and Novartis, becoming the first private investment firm ever listed.

IFC led the development of the draft principles in partnership with asset managers, asset owners, asset allocators, development banks and financial institutions. Through the end of 2018, IFC is inviting additional reviews from investors, companies, academics, civil society and governments. The principles will be available for investors to sign on to after that. The final principles and the first set of signatories are expected to be announced at the Spring Meetings of the World Bank Group and the IMF in April 2019 in Washington, D.C.

UT Life Insurance rebrands to miLife Insurance, along with its new slogan; Live More

Accra, Ghana, 9 October 2018:

UT Life Insurance, a leading player in the life insurance sector in Ghana, today announced a comprehensive corporate re-branding consisting of a new corporate brand name, a new identity, slogan and a renewed focus. The company revealed its new name, miLife Insurance, along with its new slogan; Live More.

The rebranding reflects both the evolution of the company as well as its vision for the future. The singular focus of the new brand is in putting the customer at the heart of the business by making purchasing and owning insurance simple, affordable and more accessible. miLife’s new vision is to: be the leader in helping Ghanaians build their dreams, one customer at a time through its educational, savings, funeral and term assurance policies, and group life covers which offer protection for death, disability and critical illness.

CEO of miLife Insurance Kwaku Yeboah-Asuamah commented: “We have always focused on serving our customers well and have a reputation for both customer-centricity and speed in paying out claims. This re-launch of UT Life Insurance to miLife Insurance further signals to customers that we have embarked upon an even deeper commitment to help enrich lives and support dreams by making access to insurance easier, affordable and more accessible.”

“This strategic rebranding reaches the bedrock of our business and has provided a north star for process improvement, product refinement and a better customer experience,” Mr. Yeboah-Asuamah added.

“We’re immensely excited for the future with the miLife team. By focusing on opening up accessibility to life insurance and taking the complexity out of purchasing and owning insurance for all Ghanaians, we are giving customers a more certain future and the confidence to pursue their dreams,” said Michael Joyce, Director at LeapFrog Investments and miLife Board member.

The company has also changed its logo, tagline as well at website address to miLifeghana.com. Today also marked the launch of miLife’s new brand campaign “Be the Hero”. The campaign seeks to encourage individuals to be the hero of the family by choosing miLife to help protect their dreams and aspirations.

About miLife Insurance Ltd.
miLife Insurance Ltd is one of the leading life insurers in Ghana and a local success story. miLife focuses on providing, simple, affordable and more accessible life and savings insurance products to the mass market. The business provides educational, savings, funeral and term assurance policies. It also provides group life covers which offers protection for death, disability and critical illnesses.

LeapFrog Investments acquired a controlling stake in the business in December 2015, with the purpose of guiding miLife to reach new heights in the insurance market, by providing innovative and affordable life assurance products and services. miLife is now capitalized at GHS 56.8 million making it one of the most capitalized life insurance companies in Ghana, four times the regulatory capital requirement of GHS 15 million. Visit miLifeghana.com

LeapFrog invests in Pyramid Group, the largest distributor of cardiac and orthopaedic equipment in East Africa

  • Pyramid Group is a market-leading distributor of specialist quality medical equipment and pharmaceutical products, and the largest distributor of cardiac and orthopaedic equipment in East Africa
  • Investment will enable business and operational improvements, including the origination of new customers, improvements to current systems and processes, and expansion of product lines, services and distribution
  • The African pharma and medical devices market is set to reach $58 billion by 2022 , representing a substantial opportunity
  • This builds on LeapFrog’s decade of experience investing in healthcare and health insurance for emerging consumers, including a recent investment in Ascent Meditech the leading Indian medical products company, and Goodlife Pharmacy, which has grown to become the largest pharmacy brand in East Africa since LeapFrog’s investment two years ago

London 26 September 2018:

LeapFrog Investments (“LeapFrog”), the leading investor in companies that deliver healthcare and financial services for emerging consumers has invested in Pyramid Group (“Pyramid”). Pyramid Group is a leading distributor of specialist medical equipment and products that deliver the latest standard of care, access and affordability to Africans.

Founded in 2001, the company has grown to be the largest specialty distributor for cardiac and orthopaedic equipment in East Africa, offering a comprehensive range of quality medical products from top-tier brands including Medtronic Plc and Johnson & Johnson, opening-up access to specialised products like pacemakers and hip replacements for consumers in Africa who historically have had to travel abroad to access specialist products and treatments. This has contributed to the c.$1bn a year lost by Africa on medical tourism abroad.

Pyramid’s products are distributed in countries across sub-Saharan Africa, including Tanzania, Kenya, Uganda, Rwanda, Mozambique, Ethiopia, Nigeria and Ghana. The company currently provides healthcare products to four million consumers, of which over two million are emerging. Sales are projected to increase to approximately eight million total consumers over the next four years, of which over five million will be emerging.

“We are delighted to have LeapFrog’s support to help us take Pyramid Group to the next level in the service of even more Africans,” said Abraham Okore, CEO and Founder of Pyramid Group. “LeapFrog emerged as the strongest, and most logical investment partner for Pyramid, given its deep healthcare expertise and strong pan-African network, which will help us meet our ambitious growth plans in the pharma and devices market.”

Africa currently has the highest age-standardised mortality rate of non-communicable diseases (779 per 100K people, versus US and EUR at 450-550 per 100K people). Poor access to medical resources and over-burdened healthcare systems, as well as an increasing prevalence of noncommunicable diseases such as cancer and diabetes are driving a need for access to affordable new medicines and more advanced diagnostic equipment. According to recent research, the African pharmaceutical market is set to reach $62 billion by 2024, while the African medical devices market is set to reach $7bn by 2023, meaning that Pyramid is well positioned to deliver strong commercial and impact returns.

LeapFrog will leverage its deep expertise in healthcare and networks within the African market to support Pyramid’s growth ambitions. This will include the identification, targeting and origination of new customers utilising LeapFrog’s unique in-house consumer insights capabilities, navigation of the complex regulatory environment found in many of the countries in which Pyramid operates, and the optimisation of internal systems and processes.

“The Pyramid team have built a remarkable pan-African business, set for growth, which benefits Africans who have a growing need for quality health products and diagnostics,” said Felix Olale, LeapFrog Partner, and Global Health Co-Lead, who originated the transaction. “We see immense potential to optimise the company’s operations and increase its customer reach in underserved areas, introducing new product lines like renal and oncology and continuing to deepen its distribution across Africa.”

The investment in Pyramid builds on LeapFrog’s successful track record in the African healthcare market and its decade of experience in partnering with emerging market businesses to provide health insurance to emerging consumers. LeapFrog invested in GoodLife Pharmacy in November 2016. It is now the largest pharmacy brand in East Africa. LeapFrog has successfully built and sold healthcare orientated businesses in the region, including global mobile health insurance provider BIMA sold to Allianz X, and West African life and health insurance provider Express Life sold to Prudential PLC.