In Africa, 80% of people living on the continent are connected to a mobile phone network, but only 20% have a bank account. At the same time, the explosive growth of fintechs in emerging economies allows millions of people to overcome daily difficulties related to access to electricity, healthcare, education or to obtain venture capital or cash. Another even more important aspect is that fintechs provide an affordable range of financial services and practical uses for people who benefit little or not at all from banking services. They therefore pave the way for universal financial inclusion.
In this context, AFD Group considers fintechs as key partners in its efforts to reduce extreme poverty and promote shared prosperity in developing countries. In April 2018, Proparco made a USD 3m equity investment in JUMO, a start-up providing access to credit and savings in real time via a simple mobile phone. The company’s services are available in Tanzania, Kenya, Uganda, Zambia, Ghana and Pakistan.
Meet two entrepreneurs from Zambia using Jumo's solution to develop their businesses.