JUMO, a leading banking-as-a-service platform, is transforming financial inclusion across Africa by enabling real-time, mobile-based access to credit and savings without the need for collateral or paperwork.
Operating in countries including Zambia, Uganda, Kenya, Ghana, Tanzania, Ivory Coast, and South Africa, JUMO is helping individuals and small businesses tap into vital financial services. The platform currently qualifies over 300,000 new digital borrowers every month, a testament to its scalable and data-driven approach to lending.
“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,” says Alison Lungu, JUMO’s Head of Capital Partnerships for East Africa.
Instead of traditional application processes, JUMO relies on alternative data such as mobile usage patterns and transaction history to assess creditworthiness and deliver instant decisions. This innovative model has helped the platform disburse over USD 6.6 billion in loans as of the end of 2024, with 150,000 loans processed monthly in Zambia alone.
Still, challenges remain. Lungu notes that limited financial literacy, repayment willingness, and access to patient capital are hurdles the FinTech space must navigate. However, he remains optimistic: “The real constraint isn’t demand it’s how much capital we can responsibly inject into the ecosystem.”
JUMO featured on Day 22 of the #40Days40FinTechs initiative – Zambia and Malawi edition, which celebrates innovators expanding financial access. The initiative has spotlighted over 200 FinTechs across East and Southern Africa and is powered by HiPipo with support from the #LevelOneProject, Mojaloop, and other inclusive finance tools.
Through platforms like JUMO, Africa is reimagining finance making it more accessible, more digital, and more inclusive.
