JUMO, a banking technology provider that has successfully built a platform to make finance accessible to everyone, has partnered with Absa Bank and Tigo in Tanzania to increase the availability of the existing short-term credit product Tigo Nivushe.
This mobile lending product is an easily accessible, short-term loan option available to Tigo Pesa’s customers and funded by Absa Bank. Customers who are registered and sufficiently active on Tigo Pesa can borrow amounts ranging from TZS 2,000 to TZS 1,000,000 depending on their requirements and eligibility.
The Tigo Nivushe service was initially launched in 2015 when JUMO first began working with Tigo Tanzania to make finance available to small/micro businesses and consumers who had never had access to credit before, or had experienced difficulties in accessing formal credit. The tripartite agreement reached with Absa will pave the way for more funds to be disbursed through JUMO’s intelligent banking platform, from September 2021.
“We’re excited about growing this proven product as we want more people in Tanzania to have access to quality financial choices,” says JUMO’s Africa CEO, Buhle Goslar. “This collaboration in a dynamic market deepens our work with partners to create positive outcomes for all parties, especially customers.”
“As a pan-African bank with global reach, we’re entrenched in playing a shaping role in society, while ensuring we bring possibilities to life for customers. By growing digital banking initiatives and mobile technology integrations in Tanzania, we believe products like Tigo Nivushe play a role in supporting the government’s objective of driving financial inclusion,” says Absa Bank Tanzania’s Managing Director, Abdi Mohamed.
JUMO’s technology radically reduces the unit economics on the delivery and administration of financial products so customers can access high-value products at low prices. JUMO’s Executive Director for Tanzania, Eric Luyangi says, “We empower large banks and mobile money providers to reach their goals and grow their impact. It’s an honour to be working with Absa and Tigo Pesa to create more financial choices for the people of Tanzania.”
According to Angelica Pesha, Chief Officer for Tigo Pesa, “The re-launch of Tigo Pesa Nivushe, in partnership with Absa Bank and JUMO, enables the repositioning of Tigo Pesa as a financial services platform in the country.” Eligible customers will be able to access loans quickly and digitally by dialing USSD code *150*01#. “We continue to listen to our customers and proudly build products and services that cater for their everyday life,” adds Pesha.