JUMO is a South African mobile financial services platform for mobile network operators and banks. It facilitates digital financial services such as credit and savings in emerging markets by way of USSD short codes.
JUMO has partnered with Absa Bank and Tigo in Tanzania to increase the availability of the existing short-term credit product Tigo Nivushe. This mobile lending product is an easily accessible, short-term loan option available to Tigo Pesa’s customers and funded by Absa Bank. Customers who are registered and sufficiently active on Tigo Pesa can borrow amounts ranging from TZS 2,000 to TZS 1,000,000 depending on their requirements and eligibility.
The Tigo Nivushe service was initially launched in 2015 when JUMO first began working with Tigo Tanzania to make finance available to small/micro businesses and consumers who had never had access to credit before, or had experienced difficulties in accessing formal credit. The tripartite agreement reached with Absa will pave the way for more funds to be disbursed through JUMO’s intelligent banking platform, from September 2021.
“We’re excited about growing this proven product as we want more people in Tanzania to have access to quality financial choices,” says JUMO’s Africa CEO, Buhle Goslar. “This collaboration in a dynamic market deepens our work with partners to create positive outcomes for all parties, especially customers.”
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