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Innovation Solution Description
Fintech and data analytics for credit scoring.
Qualitative Results of the Innovation
1. Increased Access to Finance: Jumo has provided loans to over 1 million people who were previously excluded from traditional banking services.
2. Improved Financial Inclusion: Jumo has helped to improve financial inclusion in border areas of South Africa by providing financial services to those who are underserved or excluded from the formal financial sector.
3. Increased Economic Activity: Jumo's services have enabled individuals and small businesses in border areas to access capital and grow their businesses.
4. Improved Financial Literacy: Jumo provides financial education to its clients, helping them to understand the importance of savings and budgeting.
Quantitative Result of the Innovation
1. Job creation: According to a report by Jumo, their lending activities have resulted in the creation of over 70,000 jobs in South Africa.
4. Lower Interest Rates: The company has reported an average interest rate of 15%, which is significantly lower than the rates charged by most traditional lenders.
Border Area
1. Beitbridge - located on the border between South Africa and Zimbabwe
2. Lebombo - located on the border between South Africa and Mozambique
3. Kopfontein - located on the border between South Africa and Botswana
4. Maseru Bridge - located on the border between South Africa and Lesotho
Region
Southern Africa
Organization
Jumo
Address: Capetown, South Africa
Web: https://jumo.world
Email: contact@jumo.world
Tel:
Consent/Link
Consent to share form or official link.
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