JUMO began as a Ghanaian mobile finance start-up and delivered over 10 million loans by 2016.
Founded in 2015, JUMO connected mobile network operators and banks to people with no collateral, offering loans and savings over USSD codes on basic phones.
JUMO is a mobile financial technology platform for mobile network operators, payment providers and banks. It was founded in 2015 by chief executive Andrew Watkins-Ball and started as a mobile financial services startup for the Ghanaian market.
Built for basic phones
The company delivers credit and savings through USSD short codes and banking apps. After it proved it could deliver digital financial services mainly over feature phones, it scaled into a global business serving Africa. Through September 2016 it had delivered more than 10 million loans to customers in six countries, including Tanzania, Kenya, Zambia, Rwanda and Uganda.
Who it serves
Its customers are mostly unbanked merchants and individuals, reached through mobile money ecosystems and partners such as Airtel, MTN Group and Orange Money. Its chief executive described the idea simply: a small loan available without collateral, at any hour, in a remote village, can decide whether a sick person reaches a hospital.
Backers have included LeapFrog Investments, Anthemis Group and Vostok Emerging Finance.
The lesson for founders is to start where the technology you already have is enough. JUMO began with simple phones and a clear need, then scaled that approach across markets.
