By Mark Kawalya
JUMO has entered into a partnership with MTN Mobile Money Uganda to launch MoSente, a new credit line for Ugandans, giving them more choice when it comes to digital lending services. As a technology company that is known for developing financial products for emerging markets, JUMO brings a wealth of industry knowledge to the sector.
MTN customers will be able to access the MoSente credit facility with amounts ranging from UGX10,000 upwards at a term that is variable and fits their personal circumstances.
By dialing *165*5# on their devices, MTN users can access the service by following the prompts.
JUMO has an intelligent banking infrastructure that cuts down on the economies of delivery and the management of financial services makes it possible for clients to access high-value credit products at relatively low prices, whilst partners such as telecoms can tap into new markets.
By delivering the launch of MoSente in Uganda, JUMO is taking steps towards its long-term growth plan for Africa. The firm is introducing new products as it expands into new markets.
JUMO’s Africa CEO, Buhle Goslar, said: “Our work with MTN 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.”
MTN Mobile Money Uganda is aware of the Ugandan market’s digital financial needs, having operated MoKash, a similar mobile lending service that has been delivered in partnership with other mobile network service providers for the last five years.
In this new partnership, JUMO is the underwriter and capital provider for WeWole and MoSente, having developed a large capital base that gives it the ability to reach more customers with digital financial services.
On the Ugandan telecom scene, MTN has more than 53% of all subscribers, which translates to more than 15 million Ugandans having an opportunity to access tailored digital lending products to boost their daily living and business needs.
“In a market where large segments of the population are still unbanked, in large part due to a 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,” says Richard Yego, Managing Director, MTN Mobile Money Uganda.
The Financial Sector Deepening Uganda estimates that 22% of Ugandans fall into the bracket of the financially excluded, while 56% use informal financial services.