As Country Manager for JUMO Tanzania, Eric Luyangi is at the forefront of merging technology with ethical practices to redefine financial inclusion. He has a rich background in tech-driven enterprises and a staunch commitment to data protection. Eric shared some of his insights on data privacy and protection at the Fintech Festival in Tanzania. In this blog post, he explains how JUMO navigates the intricate balance between fostering financial inclusion and protecting customer data.
In the fintech industry, data privacy isn’t just a legal obligation; it’s the linchpin of trust, security, and long-term success. Understanding the importance of data privacy is the first step toward building a resilient and trustworthy fintech organisation.
In today’s digital world, where we entrust so much of our personal information online, data security has never been more critical. My fascination with technology’s transformative potential began early, further fuelled by my experiences working in one of Canada’s tech-driven grocery giants. It was an eye-opener: the seamless orchestration of technology behind the scenes to facilitate daily operations. This realisation sparked a desire to leverage technology back home in Tanzania, where I aimed to make a substantial impact, particularly in the financial sector.
JUMO stands at the forefront of this vision, harnessing data and AI to democratise financial services. Our platform is a testament to the power of technology in breaking down barriers to financial access. By analysing behavioural data, we tailor credit and savings products to millions who previously stood on the financial sidelines. Our AI-driven models ensure not only broader access but also a personalised banking experience, reducing costs and default rates.
However, the core of our operations is not just about providing services; it’s about doing so responsibly. Data privacy and protection are not mere compliance checkboxes for us but foundational principles. We collect data with a clear purpose: to understand and serve our customers better, ensuring every piece of information serves a direct role in enhancing their financial footprint.
The key principles that guide our approach to data security:
- Transparency
We believe in being transparent about how we handle data. This means providing clear and concise information about how we collect, process, store, and share data. - Security
We implement robust security measures to safeguard information from unauthorised access, disclosure, alteration, or destruction. This includes using a combination of advanced security techniques, such as masked IDs, secure file transfer protocols and limited access controls.
- Privacy
We respect everyone’s right to privacy and only collect and use data for the purposes outlined in our privacy policy. We never share any information with any third party without explicit consent.
- Empowering users through education
We understand that navigating the world of data privacy can be complex. That’s why we are committed to educating our users about their rights and how they can manage their data with JUMO.
- Staying ahead of the curve in data security
The technological landscape is constantly evolving, and new data security threats emerge all the time. We stay ahead of the curve by implementing the most advanced security measures available and remain vigilant through constant security training.
Of course, beyond the technical safeguards lies a deeper commitment to ethical data use. We’ve witnessed first-hand the repercussions of data misuse within the financial sector. It’s a scenario we strive to prevent at all costs, advocating for stronger data protection laws and practices.
At JUMO we believe that by being transparent, accountable, and committed to user education, we can build a future where everyone can feel confident about using mobile services. We see ourselves as architects of the evolving digital financial eco, committed to a future where everyone can thrive – securely and inclusively.
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