UGANDA – JUMO, a technology company building next-generation financial services for emerging markets, has partnered with MTN Mobile Money Uganda Limited to launch MoSente, a new credit service that will afford the people of Uganda more choice when it comes to mobile lending services.
MoSente is a convenient way for MTN customers to access credit facilities. Customers can borrow at a variable term that fits their personal circumstances or earning cycles.
MTN currently represents more than half (53 per cent) of all mobile subscribers in the country, which means 15 million people, roughly a third of Uganda’s population, will have the opportunity to access tailored lending products to suit their business and living requirements.
“In a market where large segments of the population are still unbanked, in large part due to lack of access to easy and convenient credit, our partnership with JUMO is an important milestone for advancing financial inclusion for the people of Uganda,” said Richard Yego, Managing Director, MTN Mobile Money Uganda.
According to Financial Sector Deepening Uganda (FSDU), 22 per cent of Ugandans are financially excluded and 56 per cent use informal financial services.
Financial inclusion is significantly skewed towards adults in urban areas (86 per cent), making access to mobile banking anywhere, anytime a significant milestone.
“Our work with MTN Uganda is focused on supporting entrepreneurs who need simple, quick access to working capital to grow their businesses. We offer them the opportunity to increase their access to credit in the long-term, through ongoing responsible loan management,” JUMO CEO, Buhle Goslar said.
Both MTN Mobile Money Uganda and JUMO are familiar with the financial needs of the Ugandan market. MTN has operated a similar credit service called MoKash on their Mobile Financial Services Platform since 2017.
JUMO has also operated a similar mobile lending product delivered in partnership with other mobile network providers for the last five years.
JUMO is currently the underwriter and capital provider for both MoSente and WeWole. The company has developed a large pool of capital to reach new customers and serve digital financial products to the financially excluded market segments.
“Partnerships between financial technology companies like JUMO and mobile money providers are essential to creating more opportunities for the people of Uganda to borrow and save conveniently using their mobile phones,” said Wilfred Wabwire, Country Manager for JUMO Uganda.
JUMO’s intelligent banking technology reduces the unit economics on the delivery and administration of financial products so that customers can access high-value products at low prices and partners such as telcos, impact investors and banks can reach new markets.
The launch of MoSente in Uganda forms part of JUMO’s long-term growth plan for Africa.
The company is launching new products and expanding into new markets, such as Nigeria and Cameroon.
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