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.
Advancing inclusive access to and usage of affordable formal financial services is vital to promoting vital financial health, economic empowerment, financial stability and sustainable growth. Yet emerging markets have negligible penetration of formal financial services: savings is chronically underdeveloped and 350 million adults in Sub-Saharan Africa are unbanked.
By contrast, digital and mobile network operators offer highways into these markets – a road that JUMO is traveling at high speed. By creating a customer-centric platform that enables the distribution of leading-edge financial offerings instantly and on-mobile, JUMO is generating access at an unprecedented rate. Through its marketplace, it has reached over 6 million customers with affordable lending and savings products across Africa. 100% are estimated to be low-income, earning less than $10 per day PPP, and approximately 80% have never interacted with formal financial offerings before using the platform.
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