Johannesburg: Orange Money Group and JUMO have entered into a partnership aimed at enhancing financial inclusion across Africa, specifically targeting the provision of microcredit services to the unbanked population.
According to African Press Organization, this collaboration seeks to leverage JUMO’s expertise in data analytics and AI to facilitate secure mobile credit requests and low-risk repayments. The partnership will enable the rollout of diverse credit products across multiple markets, starting with a focus on Francophone Africa. JUMO’s proficiency in asset allocation and credit risk management positions it as a crucial ally for Orange Money Group on the continent. The initiative allows Orange Money Group customers to request credit via their mobile devices without needing a bank account or collateral.
JUMO has crafted a suite of short-term and installment loan products to cater to consumers, merchants, and distributors with limited access to such services. The company’s AI algorithms are trained to assess credit risk accurately and facilitate capital flow through partnerships with pan-African banks and development finance institutions.
The AI-driven technology developed by JUMO will enable Orange Money Group to offer real-time app-based and USSD lending services to its customers in Africa. The planned rollout is multi-country, multi-product, and multi-funding, with initial launches set for Burkina Faso, followed by Mali and Botswana.
The customer experience under this partnership promises a streamlined process integrating financial inclusion with advanced technology. Users can access the service via their Orange Money Group wallet, request credit, and have JUMO’s AI evaluate their eligibility based on transactional data. Upon validation, the credit amount is immediately credited to the user’s wallet, with repayments made automatically as per agreed terms.
Aminata Kane, CEO of Orange Money Group, expressed enthusiasm about the collaboration, highlighting the goal to accelerate the momentum of expanding highly accessible small loan offers across numerous countries. Kane emphasized the importance of combining Orange Money’s expertise with JUMO’s technology to provide faster, more transparent, and better-tailored financial support to customers.
Andrew Watkins-Ball, JUMO CEO and founder, shared pride in partnering with Orange, noting the potential to connect Orange customers with market-leading banks through JUMO’s platform. Watkins-Ball highlighted the collaboration’s role in offering customers expanded financial choices and enabling bank partners to explore new markets.