Uganda | 21 April 2022 – JUMO, a technology company building next-generation financial services for emerging markets, has partnered with MTN Mobile Money Uganda Limited to launch MoSente – a new credit service which will afford the people of Uganda more choice when it comes to mobile lending.
MoSente is a convenient way for MTN customers to access credit facilities. Customers can borrow from UGX 10 000 at a variable term that fits their personal circumstances or earning cycles. MoSente is easily accessible, in real-time, and available to registered MTN subscribers and mobile money users when they dial *165*5*5# and follow the prompts.
MTN currently represents more than half (53%) of all mobile subscribers in the country, which means 15 million people, roughly a third of Uganda’s population, will have the opportunity to access tailored lending products to suit their business and living requirements. According to Financial Sector Deepening Uganda (FSDU), 22% of Ugandans are financially excluded and 56% use informal financial services. Financial inclusion is significantly skewed towards adults in urban areas (86%), making access to mobile banking anywhere, anytime a significant milestone.
“In a market where large segments of the population are still unbanked, in large part due to lack of access to easy and convenient credit, our partnership with JUMO is an important milestone for advancing financial inclusion for the people of Uganda,” said Richard Yego, Managing Director, MTN Mobile Money Uganda.
JUMO’s Africa CEO, Buhle Goslar, said: “Our work with MTN is focused on supporting entrepreneurs who need simple, quick access to working capital to grow their businesses. We offer them the opportunity to increase their access to credit in the long-term, through ongoing responsible loan management.”
“Partnerships between financial technology companies like JUMO and mobile money providers are essential to creating more opportunities for the people of Uganda to borrow and save conveniently using their mobile phones,” said Wilfred Wabwire, Country Manager for JUMO Uganda.
JUMO’s intelligent banking technology reduces the unit economics on the delivery and administration of financial products so that customers can access high-value products at low prices and partners such as telcos, impact investors and banks can reach new markets. The launch of MoSente in Uganda forms part of JUMO’s long-term growth plan for Africa. The company is launching new products and expanding into new markets, such as Nigeria and Cameroon, post their fundraise of $120 million in 2021.
About MTN Mobile Money Uganda
MTN Mobile Money Uganda is a subsidiary of MTN Uganda, particularly offering mobile financial/MoMo services. MTN has a presence in all 136 districts of Uganda. Our services are delivered through a network of 119,077 Mobile Money agents, 200 service stores and 13 main distributors. At end of December 2021, MTN Mobile Money Uganda had 9.9 million MoMo users.
For more information, please contact:
MTN Uganda Press Office: firstname.lastname@example.org
Rhona Arinaitwe: Rhona.Arinaitwe@mtn.com or 0772 123 067
Prisca Baike: email@example.com or 0782 654 083
JUMO was founded in 2015 and 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 in emerging markets, 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 just over five years of operation, JUMO has enabled the disbursement of more than US$4 billion in loans and reached over 19 million customers and small businesses.
They are active in seven markets including Ghana, Tanzania, Kenya, Uganda, Zambia, Côte d’Ivoire and Pakistan.
For media enquiries, please contact:
+44 20 7404 5959