Paris: Orange Money Group and JUMO have partnered to grow financial inclusion in Africa, focusing on microcredit for the unbanked.
According to African Press Organization, Orange Money Group and banking as a service financial technology provider JUMO have joined forces to enhance digital financial services across Africa. This collaboration aims to extend Orange Money Group’s services to include additional microcredit solutions for unbanked populations.
This strategic alliance will enable the rollout of various credit products across multiple markets from a multitude of funders, creating a new microfinance marketplace for the unbanked in emerging markets, with an initial focus on Francophone Africa. JUMO’s leading expertise in asset allocation and credit risk management makes them a key partner for Orange Money Group in Africa. Orange Money Group customers will be eligible to securely request credit through their mobile devices, without needing a bank account or collateral.
JUMO has developed a range of short-term and installment loan products for consumers, merchants, and distributors with limited access to these services. They use trained AI algorithms to assess credit risk and facilitate the immediate flow of capital through their partnerships with pan-African banks and development finance institutions.
JUMO’s AI-driven technology for banks and payments ecosystems will provide Orange Money Group the opportunity to introduce real-time app-based and USSD lending to their African customers. The offering is multi-country, multi-product, and multi-funding with plans to launch in Burkina Faso imminent, to be followed by Mali and Botswana.
The customer experience from this partnership delivers a streamlined user experience that combines financial inclusion with cutting-edge technology. The process involves users accessing the service via their Orange Money Group wallet, requesting an amount of credit, and JUMO’s AI technology evaluating eligibility based on transactional data. If validated, the amount is immediately credited to the user’s wallet, with repayments made automatically according to agreed terms.
Aminata Kane, CEO of Orange Money Group, comments on the partnership’s potential to accelerate financial inclusion and support customers in managing everyday emergencies. Andrew Watkins-Ball, JUMO CEO and founder, expresses pride in the collaboration, emphasizing the opportunity to offer Orange customers a range of financial products from leading banks via JUMO’s platform.
Distributed by APO Group on behalf of Orange Middle East and Africa.