Being a part of a company that is B Corp certified is a great way to make sure that you are having a positive impact on the world. Susie Squire, JUMO’s Chief Operating Officer, shares more about B Corp certification and what exactly it means for JUMO.
‘Today is a really important day in our journey at JUMO. We are very fortunate at JUMO in that impact is at the very heart of our business and product construct, so we were keen to see how we measured up against the most ethical companies in the world and there is no better way to do this than enter the B Corp, or benefit corporation, process. Certified by the non-profit B Corporation World Foundation, businesses under the B Corp umbrella are dedicated to making a positive impact on the communities they serve and are held to high standards of performance, accountability, and transparency.
Having a B Corp certification also aids businesses in making further positive impacts by only selecting and training managers who actually care about the well-being of the people who work for them.
So, other than looking great on paper, why would a company want a B Corp certification? The thing is, converting to a B corporation allows companies to maintain their social mission while growing the business. Since it is a for-profit company certification, it means businesses can grow and raise money without having to give up their social responsibility. This impacts not only your operations but also the type of staff you attract. We are increasingly finding that top global talent looking to find meaning in their careers will be attracted to a company that is genuinely looking to make positive change rather than just financial reward, and an employee-centric atmosphere that celebrates achievement and individuality will of course help retain those staff once they join.
Official B Corp certification is offered by the non-profit, B Lab, and according to B Lab’s website, there are four main goals of the B Corp certification:
- To encourage companies to ‘think long term, act fast, and show up for change’
- To encourage high ethical standards in business
- To provide businesses with a marketing advantage
- To support the growth of a broader, more diverse economy
What does this mean for JUMO?
At JUMO, we have used B Impact Assessment since 2016 to track and improve our social and environmental impact. Once we started scoring above the minimum requirement, we wanted to push ourselves to the next level and apply for B Corp certification – the international gold standard in ESG measurement.
Companies registered as B Corp companies must achieve a minimum score on the B Impact Assessment, a rigorous evaluation of the company’s impact on its workers, customers, community and environment. They must also make their B Impact Report – the breakdown of the assessment – transparent through the certified B Corporation website. All of this is overseen by a governing body called the B Lab.
When we speak about our B Corp certification, there are six core values we hold close to us at JUMO, namely:
- People & Communities
- Customer & Ecosystem Impact
- Poverty reduction
- Education & protection
- Environmental sustainability
- Trust & Integrity
All of the above play a massive role in the way we conduct ourselves. Let’s go into what being a B Corp certified business means for us, and you, at JUMO.
JUMO was founded on the premise that everyone deserves access to savings and credit at the best rates, regardless of their wealth or circumstances. We use our technology to drive systematic change to enable financial freedom for the communities we serve. At JUMO, we focus on markets where financial inclusion is lagging and there is highly constrained supply of capital to small business owners who need financial services to grow their businesses and support their families.
JUMO was founded with the vision of redesigning finance for emerging markets to make it more accessible to all.
Some of the practices we use to ensure good corporate governance include a well-informed board, external auditing, employee awareness campaigns, effective risk and governance committees, a rigorous approach to self-regulation, and customer-centric decision-making.
We are proud to have a workforce and belong to an organisation that believes in zero poverty, quality education, gender equality, decent work and economic growth, reducing inequalities, and sustainable cities and communities.
At JUMO what unites us is that our staff, investors and stakeholders believe passionately that doing good can also be good business, and that investing in the dynamic, inspiring people that make up our customer base in emerging economies is the best way to share prosperity and create better outcomes for communities and economies across the planet. By becoming B Corp certified, all of us at JUMO are proud to show the world what we stand for and how we’re committed to creating meaningful, lasting change .’