PODCAST | Jumo’s push to boost lending among Africa’s unbanked

Jumo’s plan to grow its lending business in Africa is the focus of this edition of Business Day Spotlight. 

Host Mudiwa Gavaza is joined by Bradwin Roper, chief of payments partnerships at Jumo. 

Roper, who recently left his role as CEO of MTN SA’s fintech business, outlines Jumo’s strategy and approach to grow in the region. 

Founded by Andrew Watkins-Ball in 2015, Jumo primarily offers savings and credit products to entrepreneurs in emerging markets, as well as technology infrastructure to partners such as mobile operators and banks to assess lending risks, detect fraud and verify the identity of their clients.

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According to Roper, Jumo’s growing footprint on the African continent demonstrates the need and value of fintechs, particularly in underserved regions.

He explains that the company has evolved to assist individuals, or businesses, using artificial intelligence (AI) systems to do all the heavy lifting like building accurate credit scores and targeted financial products for people who don’t have access to formal financial services, collateral or credit record. 

The company, now with 23.6-million customers, sees opportunity for its business in the more than 360-million people that are unbanked on the African continent.

In 2023, the company had an average $2.9m in loans disbursed daily. In that period, Juno gave out 186-million loads totalling $6bn across seven African countries. 

Through the discussion, Roper outlines Jumo’s business model; use of AI in scoring customers; role of fintech in pushing financial inclusion; ways in which the company has been able to have a low default rate; and opportunities for growth. 

Despite taking on customers that would otherwise not qualify for traditional financial services, Roper says Jumo has a low rate of default in its base of customers. 

Business Day Spotlight is a MultimediaLIVE Production. 

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