Think differently and do differently to make a difference

Banking might not be the business most people associate with making meaningful social impact, but award-winning local fintech company JUMO is leading this vanguard in Africa.

When delegates of the Creative Leadership Collective (CLC) made their way to the JUMO offices in Cape Town earlier this year as part of the Innovation Safari, there was one main take-away: You can think differently and do differently to make a difference – no matter what the industry.

(Of course, depending on where you stand, another take-away was the most important: The banking sector is in the process of being disrupted by ambitious and far-reaching fintech startups whether it likes it or not.)

Founded in 2014,  JUMO is a fintech platform providing mobile financial services such as loans and savings products to underserviced clients in emerging markets.

They do this by unlocking the value of their clients’ digital footprints.

Aggregating behavioural data from their clients’ mobile usage and developing a credit-scoring algorithm for them, JUMO helps these business owners create financial identities for themselves and their MSMEs by providing an accurate estimation of their creditworthiness.

By doing so, JUMO creates a link between their clients and their partners.

The result is that a large, financially underserviced population can now access a world of choice where banks compete to provide the best savings product or working capital to grow their business.

Their model is so successful that earlier this year JUMO was one of the companies singled out by the McKinsey Global Banking Report ‘Roaring to life: Growth and innovation in African retail banking’ as one of the leading fintech companies on the continent.

McKinsey ranked Africa’s overall banking market as the second fastest growing and second-most profitable of any global region, calling it the ‘most exciting in the world’ and a ‘hotbed of innovation’.

The report singled out five differentiating drivers between leading and lagging companies on the continent, namely: drawing the right map; choosing the right segments and making the right offers; offering leaner, simpler banking; putting digital first; and being prepared to innovate on risk.

Which pretty much sums up the success of JUMO’s offering.

JUMO currently operates in Ghana, Pakistan, Rwanda, Tanzania, Kenya, Uganda and Zambia. Most of its clients are small businesses accessing loans of between USD 2 to USD 50k and for many this is the first time they’re accessing financial servers.


The CLC would like to thank JUMO and Paul Whelpton, award-winning innovator and Director: Portfolio Strategy at JUMO, for taking the time to host one of the events on the CLC’s Lean Innovation Safari.

The Safari was held 22–24 April 2018 and provided delegates the opportunity to explore the innovation ecosystem in Cape Town.

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