DAR ES SALAAM, 1 August 2022 – JUMO, a technology company building next-generation financial services for emerging market entrepreneurs, is pleased to announce it has been granted a licence to operate as a Microfinance Institution (MFI) from the Bank of Tanzania.
JUMO was incorporated in Tanzania more than seven years ago and has worked with mobile network and eMoney operators, including Tigo and Airtel, as well as capital providers, such as Absa Bank, to develop mobile credit and savings solutions for people excluded from traditional banking channels. Since the introduction of the Microfinance Act in 2019/20, JUMO has engaged with the relevant regulatory authorities to secure a licence. Obtaining this licence enables JUMO to continue delivering loans to customers in partnership with banks and to deploy institutional funds to new customers who need access to digital financial services.
Eric Luyangi, CEO, JUMO Tanzania Finance, said: ‘We welcome this new regulatory step in Tanzania and are excited about the road ahead for JUMO in the country. JUMO has always prioritised the promotion of a healthy ecosystem and championed high governance standards, even when digital financial services frameworks were still being established in Tanzania.’
Buhle Goslar, Africa CEO, JUMO, said: ‘The receipt of a MFI licence in Tanzania demonstrates JUMO’s appreciation for the critical role regulation plays in ensuring consumer protection and operational efficiency. It also enables us to continue to drive financial inclusion while expanding the product choices and capital available for customers in Tanzania.’
Since founding, JUMO has built an intelligent platform that enables banks to reach millions of new customers with credit and savings products. JUMO is focused on making it easier for these customers to access the financial choices they need and for capital providers to be able to reach them at affordable prices whilst making predictable returns.
To date, the JUMO platform has been used to make 120 million loans, totalling $4 billion, to more than 20 million people and small businesses in Tanzania, Ghana, Uganda, Kenya, Zambia, Côte d’Ivoire and Pakistan.
JUMO is the market leading Banking as a Service platform that uses AI to power financial services in emerging markets.
JUMO offers savings and credit products to entrepreneurs, as well as financial services infrastructure to partners such as eMoney operators, mobile fintech platforms and banks.
The platform has two foundational capabilities:
· Core – which provides end-to-end, next generation banking infrastructure and
· Unify – the Artificial Intelligence processor that transforms data to reduce the cost and risk of lending.
In their seven years of operation, JUMO has enabled the disbursement of more than US$4 billion in loans and reached over 20 million customers and small businesses.
They are active in seven markets including Ghana, Tanzania, Kenya, Uganda, Zambia, Côte d’Ivoire and Pakistan.
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