MTN Mobile Money and JUMO partner to expand mobile loans in Uganda – Techjaja

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

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MoSente is a convenient way for MTN customers to access credit facilities. Clients can borrow UGX 10,000 at a variable term that matches 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.

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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. 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 markedly skewed towards adults in urban areas (86%), making access to mobile banking anytime and anywhere an important step.

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.

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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.

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 2021.

Facts about MoSente

Product Description MoSente – microcredit on your MTN Mobile Money
Multiple loans You can either take out a Mokash or MoSente loan, not both, at the same time.
To access Dial * 165 * 5 * 5 # and select option 1 “Accept”, to register for the service
Costs MoSente offers 14 day loans at 7.5% and 30 day loans at 8.75%
Type of credit line This money is loaded onto the client’s wallet and the client chooses to do whatever they want to use if so.
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 depending on their use of MTN services (voice, data, MoMo), seniority and repayment behavior of similar services previously subscribed.

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