JUMO, a banking technology company, has partnered with MANSA BANK and MTN Mobile Financial Services Côte d’Ivoire to introduce VitKash, a new, short-term credit platform to make finance accessible to everyone.
VitKash, build by JUMO and powered by MANSA BANK and running on MTN Côte d’Ivoire’s mobile money platform, will initially be available for a limited customer segment and demonstrates the partners’ joint commitment to working together to enhance financial inclusion in West Africa. The focus is especially on micro-entrepreneurs who did not have access to finance before and would like to develop a positive credit record through responsible loan management.
“Entrepreneurs in the informal sector contribute an average of 60% to the GDP of West African countries, yet less than 15% of them have access to banks as a source of financing. The roll-out of innovative fintech products like VitKash in the region serves to address this issue,” says Bemah Kone, JUMO’s Country Manager for Côte d’Ivoire.
“JUMO is rapidly becoming the platform of choice for large banks to deploy capital to new market segments,” says JUMO’s Africa CEO Buhle Goslar. “We’re excited about bringing our proven business model to Côte d’Ivoire and working with our partners to create positive outcomes.”
As an innovative and disruptive African bank supporting growth and development on the continent, VitKash presents the opportunity for MANSA BANK to reach new market segments through mobile technology and their digital banking initiatives. El-Hassana Kaba, CEO of MANSA BANK says, “Our ambition is to promote true financial inclusion through strong partnerships, especially with telcos and fintech.”
“Partnerships between fintech companies, financial services providers and mobile money operators are essential to grow financial inclusion and the related ecosystems,” says Lynda Ahui CEO of MTN MFS CI. “This new partnership will benefit all our customers looking to gain access to much needed financial products.”
JUMO’s technology reduces the unit economics on the delivery and administration of financial products so that customers can access high-value products at low prices, and partners can reach new markets.