MTN Mobile Money, partner of JUMO to develop mobile loans in Uganda

JUMO, a technology company creating next-generation financial services for emerging markets, has partnered with MTN Mobile Money Uganda Limited to launch MoSente, a new credit service that will give Ugandans more choice in lending services mobile.

MoSente is a convenient way for MTN customers to access credit facilities. Clients can borrow from UGX 10,000 at a variable term that suits their personal circumstances or income cycles. MoSente is easily accessible, real-time and available to registered MTN subscribers and mobile money users when they dial *165*5*5# and follow the instructions.

MTN currently accounts for more than half (53%) of all mobile subscribers in the country, which means that 15 million people, or about a third of Uganda’s population, will have the opportunity to access loan products tailored to their needs. their professional and life needs. According to Financial Sector Deepening Uganda (FSDU), 22% of Ugandans are financially excluded and 56% use informal financial services. Financial inclusion is significantly skewed towards adults in urban areas (86%), making access to mobile banking anytime and anywhere an important step.

“In a market where large segments of the population remain unbanked, largely due to lack of access to easy and convenient credit, our partnership with JUMO is an important step in advancing the financial inclusion of Ugandan people,” said Richard Yego. , Managing Director, MTN Mobile Money Uganda.

JUMO’s CEO for Africa, Buhle Goslar, said, “Our work with MTN is focused on supporting entrepreneurs who need quick and easy access to working capital to grow their business. We offer them the opportunity to increase their access to long-term credit through responsible and ongoing loan management.

MTN Mobile Money Uganda and JUMO both know the financial needs of the Ugandan market. MTN has operated a similar credit service called MoKash on its mobile financial services platform since 2017. JUMO has operated a similar mobile loan product provided in partnership with other mobile network providers for the past five years.

JUMO is currently the underwriter and capital provider for MoSente and WeWole. The company has developed a large pool of capital to reach new customers and bring digital financial products to financially excluded market segments.

“Partnerships between fintech companies like JUMO and mobile money providers are key to creating more opportunities for Ugandans to borrow and save easily using their mobile phones,” says Wilfred Wabwire, Managing Director of JUMO Uganda.

JUMO’s smart banking technology reduces unit economics on the delivery and administration of financial products so customers can access high-value products at low prices and partners such as telecom operators, financial investors impact and banks can reach new markets. The launch of MoSente in Uganda is part of JUMO’s long-term growth plan for Africa. The company is launching new products and expanding into new markets, such as Nigeria and Cameroon, after raising $120 million in funding in 2021.

Facts about MoSente

Product Description MoSente – micro credit on your MTN Mobile Money
Multiple loans You can either take out a Mokash or MoSente loan, not both, at the same time.
Customer journey Dial * 165 * 5 * 5 # and select option 1 “Accept”, to register for the service
loading MoSente offers;
  1. Loans 14 days at 7.5%
  2. Loans 30 days at 8.75%
Type of credit line This money is loaded into the client’s wallet and the client chooses to do what they want to use it for.
Payment method The customer reimburses at will as long as he has not exceeded his payment deadline. Once the loan period is over, automatic recovery from the customer’s wallet will be applied.
Credit eligibility Customers’ credit eligibility may vary depending on their creditworthiness, which may change from time to time based on their usage of MTN services (voice, data, MoMo), seniority and repayment behavior of similar services previously subscribed.

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