KAMPALA, Uganda — JUMO, a banking-as-a-service platform, is expanding financial inclusion across Africa by facilitating real-time, mobile-based access to credit and savings without requiring collateral or paperwork.
Operating in Zambia, Uganda, Kenya, Ghana, Tanzania, Ivory Coast, and South Africa, JUMO enables individuals and small businesses to utilize essential financial services through their mobile phones. The platform qualifies over 300,000 new digital borrowers monthly, demonstrating its scalable and data-driven lending approach.
“JUMO is built on the idea of frictionless finance. We allow people to access loans, savings, and other financial tools via mobile phones, using USSD and apps, without visiting a physical bank,” said Alison Lungu, JUMO’s Head of Capital Partnerships for East Africa, speaking from Kampala.
Instead of traditional loan applications, JUMO assesses creditworthiness using alternative data such as mobile usage patterns and transaction history, providing instant decisions. This model has enabled the platform to disburse over $6.6 billion in loans by the end of 2024, with 150,000 loans processed monthly in Zambia alone.
Despite this growth, Lungu noted challenges including limited financial literacy, repayment willingness, and access to patient capital within the financial technology sector. However, he expressed optimism, stating, “The real constraint isn’t demand – it’s how much capital we can responsibly inject into the ecosystem.”
JUMO was featured on Day 22 of the #40Days40FinTechs initiative – Zambia and Malawi edition, which highlights innovators increasing financial access. The initiative, powered by HiPipo with support from the #LevelOneProject and Mojaloop, has spotlighted over 200 financial technology companies across East and Southern Africa.
Through platforms like JUMO, Africa is reshaping finance, making it more accessible, digital, and inclusive.
