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This creates a financial identity and credit rating for low-income individuals and enterprises, who can then access savings, loan and insurance products through a mobile interface.

JUMO is a transaction and predictive technology platform that partners with mobile network operators and banks to offer customers microloans and access to savings and insurance products. They are currently active in six markets – Ghana, Tanzania, Kenya, Uganda, Zambia and Pakistan – with plans to soon launch in India, Bangladesh, Côte d’Ivoire and Nigeria. JUMO has helped disburse over $1.6 billion in funding to small and micro enterprises, and has helped connect over 15 million people to credit and savings services.

JUMO builds its credit profiles using behavioral data gathered from mobile wallets, cell phones and transaction data. This creates a financial identity and credit rating for low-income individuals and enterprises, who can then access savings, loan and insurance products through a mobile interface. JUMO works with a number of mobile network operators and financial service providers, including Airtel, MTN, Telenor, Ecobank, Barclays Africa among others.

SnapScan may make mobile payments easy for users, says Ehlers, but the reason why the company has been so successful in South Africa is that it makes processing the payments easy—and cheap—for sellers. With traditional credit card systems, and even Apple Pay, vendors have to buy expensive equipment to process the payments—something small businesses can rarely afford. But SnapScan only requires an upfront investment of the less than five cents it costs to print out their Quick Response [QR] Code, a square, camera-readable version of a traditional bar code that resembles a mosaic tile, and tape it to the cash register. “If someone wants to buy from you and you don’t have a credit card machine, and the person doesn’t have cash, our payment system is the difference between closing the sale and not closing the sale,” says Ehlers. Registration is free, and the company charges retailers an average fee of three percent, on par with most credit card companies.

SnapScan customers don’t have to worry about sending their credit card details to online vendors that may not have the latest fraud protection. They just scan the QR code at the virtual checkout like they would in the real world.

As a result, SnapScan has been adopted by about 12,000 small and medium businesses in more than 17,000 outlets across South Africa.

SnapScan has 150,000 registered users, and processes hundreds of thousands of dollars in payments every day for everything from airline tickets to handcrafted wicker baskets at roadside curio stalls.

A free app available for any smartphone, SnapScan works almost like a pocket ATM linked to the user’s debit or credit card account. Instead of handing over a card, customers scan a unique SnapScan logo posted at the cash register with their camera-enabled phone.

SnapScan may make mobile payments easy for users, says Ehlers, but the reason why the company has been so successful in South Africa is that it makes processing the payments easy—and cheap—for sellers.

For all the talk of a new cashless society ushered in by the likes of Apple Pay in the United States, it’s going to be a while before a swipe of a phone will buy a meal in most cities. But in Cape Town, it’s already happening. I’ve used my phone to pay for parking, cover a medical bill, order take out, buy groceries at my local farmers market and give money to the homeless woman selling the South African version of Street News at the traffic light. Churchgoers use their phones for donations. My facialist just informed me that I could pay for Botox treatments with SnapScan. I’ll take that as her endorsement of an increasingly popular payment service, and not a hint.

FarmDrive overlaps our focus areas of agriculture and financial inclusion, empowering the world’s most vulnerable farmers with the digital financial services they need to strengthen and improve their livelihoods. 

We’ve connected FarmDrive to various partners and expertise to help them scale, as its usage increases in other developing markets in sub-Saharan Africa. 

Since, FarmDrive has reached hundreds of farmers with its suite of financial services, credit reports and financing options, with a particular focus on serving women and youth farmers typically neglected by the formal financial system.

In Kenya, most small farmers — around 7.5 million — lack access to small loans to help them buy what they need to improve their production and make the most of their land – things like quality fertilizers, better seeds, livestock and micro-irrigation.  

3. Regulators finally make the pivot to supporting the FinTech ecosystemBitX, a bitcoin startup in Singapore, was looking to enter the UK and European markets. Instead of having an arduous journey gaining the required licenses and approvals as it would have expected in the past, BitX was accepted into the regulatory sandbox of the UK’s Financial Conduct Authority. This enabled it to test its services and build its product with the backing of the regulator. This kind of thinking reflects how in the past few years we have seen regulators move from hindering innovation and new services, to proactively supporting and strengthening the FinTech ecosystem.It is a challenging line to take, particularly in the

world of finance – to help create the framework and environment for innovation, while also protecting consumers and businesses. However, increasingly we see regulators getting this blend right.For example, the European Union’s Directive on Payment Services (PSD2) will create an EU-wide single market for payments. This will drive new opportunities and innovation in the payment sector, because it will force financial institutions to provide secure access for a third-party service provider to a customer’s online account. Meanwhile, we have seen regulatory sandboxes emerge not just in the UK, but in locations from Singapore to Australia. The US Treasury meanwhile recently announced it will start issuing special purpose national bank charters to FinTech companies.In the future, expect to see the emergence of “RegTech”. This will enable real-time interaction and analysis between regulators and financial institutions. Indeed, thi

ch as in New York, London or Singapore. So, although the UK dominates the world of fintech (generating an estimated £6.6billion in FinTech related revenue), leading organizations are looking for inspiration among the innovative services, products and ideas being created from Guadalajara, to Laos, to Kenya.In many cases we can see that the unique financial environment of these locations is resulting in novel ideas. For example, Guadalajara based start-up Kueski uses a person’s digital footprint to assess their credit worthiness – a particular challenge in Mexico where credit is not available to large swathes of the population. In Latin America Tigo Cash is a mobile financial service which already handles more cash than many financial institutions in the region. We will see markets and services emerging which are currently not on anyone’s map, and become some of the most important financial organizations in the world.

software platform between itself and the banks, so it can view and analyze information in real-time.4. Look beyond the hubs to find innovative ideasAcross Kenya, mobile money has become ubiquitous – being used by at least one person in 96% of Kenyan households. But what is the real impact of mobile money in such countries? One study estimated that M-PESA, the Kenyan mobile money system which enables money to be stored on a phone and be sent via text, has helped lift 2% of Kenyan households out of poverty.What this example demonstrates is that the impact of FinTech innovation is often created and experienced outside of the usual hubs of finance su

In the past few years we have seen the rapid evolution of FinTech from generating novel ideas which solve customer problems, to offering core financial services. We have seen the shift from digital startups, characterized by a lack of financial wherewithal and which operated on the edge of tightly regulated markets, to the emergence of mature financial digital organizations at the heart of the traditional financial world.We can describe the development and maturing of FinTech in 3 main waves:The early emergence of digital startups helping consumers. Originally FinTech solutions were the preserve of B2C markets which solved specific customer problems such as offering home loans faster and easier. They used new technologies such as mobile and cloud computing, and were characterized by a laser focus on the customer with all the hall-marks of a digital Silicon-Valley style start-up.Transition to B2B markets. Today FinTech plays a role at the core of B2B innovation in financial markets, and industry observers widely expect B2B FinTech revenues to dwarf those in consumer markets within the next couple of years. Organizations such as Currency Cloud (cross border B2B payments), Payoneer Escrow (escrow services), and Hummingbill (B2B invoice platform) all reflect a maturing industry.The creation of an ecosystem between FinTech and traditional players. FinTech organizations are realizing that the required go-to-market investment, economies of scale, and regulatory needs, means it makes sense to partner with traditional financial institutions. On the other side, established players recognize the value, innovation and potential of FinTech in a world which is increasingly mobile-first. These financial institutions are also adopting many of the methods that FinTechs use so successfully, from a focus on the customer, to using Agile software development, to holding hackathons, and forming accelerators and innovation programs.

ch as in New York, London or Singapore. So, although the UK dominates the world of fintech (generating an estimated £6.6billion in FinTech related revenue), leading organizations are looking for inspiration among the innovative services, products and ideas being created from Guadalajara, to Laos, to Kenya.In many cases we can see that the unique financial environment of these locations is resulting in novel ideas. For example, Guadalajara based start-up Kueski uses a person’s digital footprint to assess their credit worthiness – a particular challenge in Mexico where credit is not available to large swathes of the population. In Latin America Tigo Cash is a mobile financial service which already handles more cash than many financial institutions in the region. We will see markets and services emerging which are currently not on anyone’s map, and become some of the most important financial organizations in the world.

It’s 2020 and to apply for a loan, instead of going to your local bank branch, you quickly ask Facebook for approval. This is far from fanciful thinking. Even as of today, PayPal is arguably one of the largest retail banks — it has more money in deposits than all but the largest 20 US banks, and offers services from payments, to loans and credit cards (albeit currently via partners). But we believe that one of the major tech companies, whether that is Facebook, Amazon, Google, or Ant Financial (the financial arm of Alibaba) will not only transform retail banking, but rapidly become the largest retail bank in the world.

Since its founding in 2014, JUMO, which helps individuals and small businesses access savings and credit products through their mobile devices, has mainly focused on Africa where the adoption of mobile money has transformed the banking landscape.

More than 9 million people have saved or borrowed using JUMO technology since it was launched in 2014. The platform has originated over $700 million in loans and manages over 25 million customer interactions per month, the company said.

SmartelMoney | About Us

SmartelMoney | About Us

There are 50 million smallholder farmers in Kenya, but less than 10 percent of this population has their economic needs fulfilled by traditional lenders. The agricultural sector makes up 32 percent of Africa’s GDP and employs 65 percent of its population, but less than 1 percent of bank lending goes to agriculture. Worldwide, there is an estimated $450 billion agricultural lending gap. African smallholder farmers face barriers to traditional lending because they are labeled high-risk borrowers by financial institutions. Traditional banks use credit scores and bank statements to determine a loan applicant’s riskiness. However, the average farmer in Africa cultivates fewer than five acres of land and owns no collateral or financial records.

FarmDrive uses data analytics and mobile technology to create financial profiles for farmers through a credit scoring model. When the financial institutions can view comprehensive profiles of a farmer’s economic performance, they are more likely to approve loans.By unlocking access to credit, FarmDrive enables smallholder farmers to access: Loans to purchase vital tools and assets. Insurance to bolster to protect against the natural seasonal vulnerabilities of farm work. Comprehensive financial profiles of their farming operations: a useful resource in scaling to service multiple partners or larger supply chains.

FarmDrive uses mobile phones, alternative data, and machine learning to close the critical data gap that prevents financial institutions from lending to creditworthy smallholder farmers.

$450 Billion Financing Gap Agriculture employs 65% of Africa’s population and makes up 32% of its GDP. However, less than 1% of bank lending in Africa goes to agriculture. In absence of accurate and cost-effective methods for assessing small-scale agricultural lending risk, financial institutions choose not to lend to smallholder farmers, thereby contributing to the $450 billion global agriculture financing gap.

To use SnapScan, consumers download the app for Apple, Android or BlackBerry, and add their credit card details by taking a picture of their card and creating a Pin. They can then use the app to scan a QR (quick response) code — a type of barcode — in a store and can make payments.

SnapScan works with debit cards and credit cards, and there are no sign-up, setup or installation fees. There is also no monthly fee payable.

SnapScan falls under FireID, the company that now houses six start-up technology businesses, SnapScan being the most recently launched. FireID started life as an information security company specialising in “two-factor authentication” technology for mobile phones. It was funded by billionaire Johann Rupert, through Reinet. Justin Stanford, one of FireID’s co-founders, was instrumental in securing the initial capital injection. However, Stanford was unable to convince Reinet’s investment committee to continue investing and in 2011 it pulled its funding of FireID, forcing the company to lay off its 40 employees.

JUMO, a technology company building next-generation financial services for emerging market entrepreneurs, is celebrating connecting over 15 million people to credit and savings in their six markets in Africa and Asia today.

Founded in London in 2015, JUMO has partnered with financial service providers and mobile network operators to provide credit and savings solutions in Pakistan, Ghana, Tanzania, Uganda, Kenya and Zambia.

Andrew Watkins-Ball, Founder & Group CEO, said this milestone demonstrates JUMO’s unique ability to reach underserved entrepreneurs – over 60% of JUMO’s customers are micro, small and medium-sized enterprises (MSMEs).

“We are working to connect every entrepreneur to the financial products they need to grow and prosper,” says Watkins-Ball. “Our technology enables our partner banks and payments companies to help millions of underserved people access financial services.”

Earlier this month fintech startup JUMO — which was founded by SA entrepreneur Andrew Watkins-Ball in 2014 — celebrated a new milestone, having helped connect over 15 million people to credit and savings in their six markets in Africa and Asia to date.