In the face of economic challenges, financial assistance has become a lifeline for many Ugandans. With traditional lending institutions often bogged down by red tape and exorbitant interest rates from loan sharks, the need for innovative solutions has never been greater. Enter JUMO, a fintech company that is revolutionizing access to financial services in Uganda.
JUMO, a market-leading banking service platform, has made significant strides since its inception in 2015. By leveraging artificial intelligence, JUMO provides real-time access to funds at the lowest possible operating costs. The company has successfully extended digital loans to over 5 million Ugandans, a remarkable feat that underscores its commitment to financial inclusion.
Wilfred Wabwire, the JUMO country manager for Uganda, elaborated on their approach: “We use artificial intelligence to provide financial services in emerging markets. To do this, we partner with capital providers on one side and mobile money operators like MTN MoMo and Airtel Money on the other side.”
This collaboration has birthed two flagship products: Wewole, accessible via Airtel Money, and MoSente, available on MTN MoMo.
JUMO’s digital loans are designed with the user in mind. Eligible customers, who must be registered and actively transacting, can choose their preferred repayment terms—be it weekly, bi-weekly, or monthly. This flexibility is crucial, especially for the 65% of JUMO’s clientele who are micro, small, and medium enterprises (MSMEs) and the 30% who are women.
Wabwire highlighted the impact of their services: “We launched Wewole in 2017 and to date have served over 4 million unique users. We launched MoSente in December 2021 and to date have served over 1 million users.”
Notably, 16% of their users are below the age of 24, while 44% fall between 25 and 34 years, showcasing a strong engagement with the youth.
Despite these achievements, Wabwire acknowledges the ongoing challenge of reaching the unbanked population in Uganda. “There are still millions of unbanked and unserved Ugandans that don’t have access to financial services,” he notes.
This gap presents an opportunity for continuous innovation and collaboration among fintech players to ensure that financial services are accessible to all.
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