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 Shs 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 *165*5*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.
“In a market where large segments of the population are still unbanked, in large part due to lack of access to easy and convenient credit, our partnership with JUMO is an important milestone for advancing financial inclusion for the people of Uganda,” said Richard Yego, managing director, MTN Mobile Money Uganda.
JUMO’s Africa CEO, Buhle Goslar, said: “Our work with MTN is focused on supporting entrepreneurs who need simple, quick access to working capital to grow their businesses. We offer them the opportunity to increase their access to credit in the long-term, through ongoing responsible loan management.”
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.
“Partnerships between financial technology companies like JUMO and mobile money providers are essential to creating more opportunities for the people of Uganda to borrow and save conveniently using their mobile phones,” said Wilfred Wabwire, Country Manager for JUMO Uganda.