Orange Money Group and fintech, JUMO, have partnered to offer microcredit solutions for the unbanked in selected African markets.
The deal will allow Orange to leverage JUMO's data analytics and artificial intelligence (AI) capabilities to introduce new microcredit services, optimise credit allocation, reduce the cost of risk for lending and grow sustainable portfolios.
Orange adds that the strategic alliance will create a new microfinance marketplace for the unbanked in emerging markets and enable the rollout of various credit products across multiple markets from a host of funders.
The initial focus will be predominantly on Francophone Africa, where Orange currently operates, with plans to launch in Burkina Faso first, followed by Mali and later Botswana.
JUMO has developed a range of short-term and instalment loan products for consumers, merchants and distributors with limited access to these services. These products use trained AI algorithms to assess credit risk and facilitate the immediate flow of capital through partnerships with pan-African banks and development finance institutions, notes Orange.
JUMO’s solutions will give Orange Money Group the opportunity to introduce real-time app-based and USSD lending to customers.
“In recent years, Orange Money has expanded its portfolio with highly accessible small loan offers. By partnering with JUMO, we aim to accelerate this momentum, rollout these services across a wide range of countries,” said Aminata Kane, CEO, Orange Money Group.
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