Jumo, Africa’s first mobile money marketplace, is a disruptive fintech business that is rapidly reshaping how ethical financial products reach consumers and SMEs across sub-Saharan Africa.
Sub-Saharan Africa is a region in which the penetration of formal financial services is negligible: in many markets insurance is bought by no more than 1% of the adult population; savings is chronically underdeveloped; and only 5% of adults source loans from formal institutions.
By contrast, retail chains and mobile network operators offer highways into these markets – a road that Jumo is traveling at high speed. By creating a platform that enables the distribution of leading edge financial offerings instantly and on-mobile, Jumo is creating access at an unprecedented rate and now serves over 3.3 million customers, of which over 90% are estimated to be low-income. It is now, with LeapFrog’s support, enhancing the provision of related financial products such as insurance and savings.
As an investor partner, LeapFrog’s financial services expertise is being used for product design and multi-country rollouts, to turbocharge Jumo’s growth and spur financial inclusion across Africa.
In 2017 Jumo won the MasterCard Foundation’s third annual Clients at the Centre Prize. The US$150,000 prize recognises the innovative work of the South African-based company as a large-scale, low-cost financial services marketplace that serves low-income people.
“We are excited about the opportunities to fintech to enable financial inclusion at tremendous scale. We’re watching this space closely.”
Michael Joyce, Director, LeapFrog