“64 million adults in sub-Saharan Africa use mobile wallets, while only half that number have bank accounts”—mobile money in emerging markets is a cheaper and more accessible alternative to traditional financial services.
Figure 1: Mobile Money in the Developing World—Source: IMF (2015 Gates Annual Letter)
JUMO World strives to bring more financial products (working capital loans, saving solutions and insurance products) to consumers that use mobile money primarily for remittances but need greater access to other financial services.
Financial inclusion (having access to financial services such as savings and insurance products) has been identified by many leading experts and impact investors (including the Bill & Melinda Gates Foundation) as the top priority in moving the needle on poverty alleviation and economic inequality in emerging markets.
JUMO has “grown this year from a team of 7 to 140, rolling out our products across Kenya, Tanzania, Zambia, Uganda, Rwanda and Ghana with our partners, Airtel, Tigo and MTN.”
Sources
- JUMO World Website
- “What Is Financial Inclusion and Why Is It Important?”—Consultative Group to Assist the Poor (CGAP)
- 2015 Gates Annual Letter
About CGAP: Housed at the World Bank, CGAP combines a pragmatic approach to responsible market development with an evidence-based advocacy platform to increase access to the financial services that the poor need to improve their lives.
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