Abidjan: Orange Money Group and JUMO have partnered to grow financial inclusion in Africa, focusing on microcredit for the unbanked.
According to African Press Organization, this strategic collaboration aims to enhance digital financial services across Africa, with a particular focus on expanding microcredit solutions for unbanked populations.
The partnership is set to enable the rollout of various credit products across numerous markets, creating a new microfinance marketplace targeting unbanked individuals in emerging markets, initially concentrating on Francophone Africa. With JUMO's expertise in asset allocation and credit risk management, Orange Money Group customers will be empowered to securely request credit via their mobile devices, eliminating the need for a traditional bank account or collateral.
JUMO has developed a suite of short-term and installment loan products designed specifically for consumers, merchants, and distributors who have limited access to traditional financial services. Utilizing trained AI algorithms, JUMO assesses credit risk to facilitate swift capital flow through partnerships with pan-African banks and development finance institutions.
The collaboration will provide Orange Money Group with the opportunity to introduce real-time app-based and USSD lending services to their African customers. This offering is designed to be multi-country, multi-product, and multi-funding, with plans to initially launch in Burkina Faso, followed by expansions into Mali and Botswana.
The streamlined user experience provided by this partnership allows users to access services through their Orange Money Group wallet, request credit, and receive immediate credit approval based on JUMO's AI technology evaluation. The approved credit amount is then directly credited to the user's wallet, with repayments made automatically as per agreed terms.
Aminata Kane, CEO of Orange Money Group, emphasized the company's goal to support customers in personal projects and emergency management by expanding its range of highly accessible small loan offers. By partnering with JUMO, Orange Money aims to accelerate the rollout of these services across various countries, combining its expertise with JUMO's technology to deliver faster, more transparent, and tailored financial support.
Andrew Watkins-Ball, CEO and founder of JUMO, expressed pride in partnering with Orange, highlighting the collaboration's potential to connect Orange customers with market-leading banks and facilitate growth in new markets through Orange Money Group's platforms.