The Mastercard Foundation last year presented its third annual Clients at the Centre Prize to Jumo as a large-scale, low-cost financial services marketplace that serves poor people.
The $150,000 prize highlights best practices in financial services where client satisfaction is a priority. By putting “clients at the centre” of its thinking and operations for the benefit of poor people in developing countries, the award will help Jumo to expand or reinforce client-centric practices within the winning organization.
According to Buhle Goslar, Director of Customer Intelligence at Jumo, “For anybody in a customer function, this is probably the most exciting prize to win because of the people who are voting for it. They really know about customer centricity; for them to vote for us is a great acknowledgement of the work that we’ve been doing.”
The Mastercard Foundation believes that banks and other financial service providers in developing countries should focus more on the needs and expectations of people living in poverty. Putting poor clients at the centre of the design of new financial products and services helps bring them into the formal banking system, improving their livelihoods and their ability to plan for the future.
The other two Prize finalists were ftcash, one of India’s fastest-growing financial technology ventures which aims to empower micro-merchants and small businesses with the power of digital payments and loans, and Destacame, a free online platform in Latin America that empowers users by giving them control over their data to build their financial capabilities and to access financial products.
Close to 100 financial service companies around the world submitted entries to the competition held in Accra, Ghana.