JUMO is a full technology stack for building and running financial services which their partners use to offer savings, lending and insurance products to entrepreneurs in emerging markets. This gives anyone with a cell phone and mobile wallet access to unprecedented financial choice, enabling millions of people to prosper, build their businesses and drive economic growth.
“We use advanced data science and machine learning to create the fastest and leanest financial services infrastructure,” the company said. “Our data engine runs algorithms on mobile wallet, cell phone and transaction data to build accurate credit profiles. JUMO’s banking technology acts on decisions informed by the data engine quickly, at low cost, reliably and at scale. Finally, our flexible operating platform allows our partners to plug into the technology stack which contains all the tools, reporting and capabilities needed for banking.”
The company has a unique, short term mobile savings product called KASAKA Savings.
It’s a product available to MTN Mobile Money users in Zambia via the JUMO platform.
There is no limit on how long a customer can save with KASAKA Savings. However, in order to qualify for interest (or a reward payment) the customer needs to save a set amount for a minimum of 30 days. The initial interest (or reward) rate is 5% per annum, applied monthly. The KASAKA Savings account carries no fees on any transactions (including deposits or withdrawals). A customer will always get out what they put into KASAKA Savings (or more, depending on their savings behaviour) when withdrawing.
JUMO Africa CEO Buhle Goslar is responsible for driving the company’s strategy on the continent, including overseeing all strategic product development and implementation as well as directing partnerships with MTN and Barclays Africa, the key partners for KASAKA Savings.
More than 200 000 customers have saved using the JUMO platform. Customers currently have over 1.4 million Zambian Kwacha in KASAKA Savings.
On a macroeconomic level, there is a strong correlation between savings and economic growth. The JUMO platform makes instilling a culture of savings that much simpler.