Jumo is at the forefront of leveraging artificial intelligence to address a significant barrier to financial inclusion in Africa: the lack of formal credit histories. The company utilizes an innovative “Banking-as-a-Service” model to enhance financial access for underserved populations by partnering with traditional banks and mobile money operators. Jumo’s platform employs machine learning to create accurate credit scores and personalized financial products for individuals who would otherwise be excluded from the formal credit market.
This approach is crucial for bridging the financial gap for millions of people across the continent. Jumo has demonstrated a commitment to reaching remote communities by tailoring its solutions using low-bandwidth USSD technology, ensuring that its services are accessible even in areas with limited internet connectivity. By 2023, Jumo had disbursed an impressive $6 billion in loans across seven African countries, with an average of $2.9 million disbursed daily. A notable portion of this lending, 32%, was directed to individuals in non-urban areas, and 26% of the customers served were living on less than $2 a day. The platform’s success demonstrates the power of technology to create inclusive and personalized financial products at scale. Jumo’s model not only provides access to credit but also supports entrepreneurship and economic empowerment by enabling people to invest in their businesses and improve their livelihoods. This innovative approach is a key part of Africa’s digital transformation, showing how AI and data analytics can be used to build a more equitable and accessible financial system for all.
