JUMO, a technology company building next-generation financial services for emerging markets, has partnered with MTN Mobile Money Uganda Limited to launch MoSente, a new credit service that will afford the people of Uganda more choice when it comes to mobile lending services.
MoSente is a convenient way for MTN customers to access credit facilities. Customers can borrow from UGX 10 000 at a variable term that fits their personal circumstances or earning cycles. MoSente is easily accessible, in real-time, and available to registered MTN subscribers and mobile money users when they dial 1655*5# and follow the prompts.
MTN currently represents more than half (53%) of all mobile subscribers in the country, which means 15 million people, roughly a third of Uganda’s population, will have the opportunity to access tailored lending products to suit their business and living requirements. 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 anywhere, anytime a significant milestone.
Both MTN Mobile Money Uganda and JUMO are familiar with the financial needs of the Ugandan market. MTN has operated a similar credit service called MoKash on their Mobile Financial Services Platform since 2017. JUMO has operated a similar mobile lending product delivered in partnership with other mobile network providers for the last five years.
JUMO is currently the underwriter and capital provider for both MoSente and WeWole. The company has developed a large pool of capital to reach new customers and serve digital financial products to the financially excluded market segments.
JUMO’s intelligent banking technology reduces the unit economics on the delivery and administration of financial products so that customers can access high-value products at low prices and partners such as telcos, impact investors and banks can reach new markets. The launch of MoSente in Uganda forms 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, post their fundraise of $120 million in 2021.
Facts about MoSente
Feature image: JUMO’s Country Manager, Wilfred Wabwire (2L) shakes hands with MTN MoMo Uganda’s Managing Director, Richard Yego (3L) upon launching MoSente at the MTN MoMo Uganda Offices in Kololo
