Latest news with #unbanked
Zawya
3 days ago
- Business
- Zawya
Orange Money Group and fintech JUMO join forces to expand credit services in Africa
Orange Money Group and JUMO have partnered to grow financial inclusion in Africa, focusing on microcredit for the unbanked. The collaboration leverages JUMO's data analytics and AI expertise for secure mobile credit requests and low risk repayments. Orange Money Group ( and banking as a service financial technology provider JUMO, have partnered to enhance digital financial services across Africa. This collaboration aims to extend Orange Money Group's services to include additional microcredit solutions for unbanked populations. The partnership With over 100 million customers in sixteen countries across Africa and the Middle East, Orange Money Group facilitated more than EUR 160 billion in transactions in 2024. JUMO has disbursed over $8 billion to more than 31 million African customers, matching expertise and a desire to scale with Orange Money Group. This partnership will enable Orange Money Group to advance its financial inclusion strategy by introducing new microcredit services to their customer value proposition. The collaboration with JUMO leverages their data analytics and artificial intelligence capabilities refined over 10 years to optimize credit allocation, reduce the cost of risk for lending to < 4% and grow sustainable portfolios. This strategic alliance will enable the rollout of various credit products across multiple markets from a multitude of funders, creating a new microfinance marketplace for the unbanked in emerging markets, with an initial focus on Francophone Africa. JUMO's leading expertise in asset allocation and credit risk management makes them a key partner for Orange Money Group in Africa. Orange Money Group customers will be eligible to securely request credit through their mobile devices, without needing a bank account or collateral. JUMO has developed a range of short-term and installment loan products for consumers, merchants and distributors with limited access to these services. They use trained AI algorithms to assess credit risk and facilitate the immediate flow of capital through their partnerships with pan-African banks and development finance institutions. JUMO's AI-driven technology for banks and payments ecosystems will provide Orange Money Group the opportunity to introduce real-time app-based and USSD lending to their African customers. The offering is multi-country, multi-product, and multi-funding with plans to launch in Burkina Faso imminent, to be followed by Mali and Botswana. The customer experience This partnership delivers a streamlined user experience that combines financial inclusion with cutting-edge technology. The process is as follows: Users access the service via their Orange Money Group wallet They request an amount of credit JUMO's AI technology evaluates eligibility based on transactional data If validated, the amount is immediately credited to the user's wallet. Repayment is made automatically according to agreed terms. Aminata Kane, CEO of Orange Money Group comments: 'After developing transfer and payment services used thousands of times every second, we now aim to support our customers in their personal projects, as well as help them manage everyday emergencies. 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, roll out these services across a wide range of countries, and combine our expertise with their technology to deliver support that is even faster, more transparent, and better tailored to the needs of all our customers'. Andrew Watkins-Ball, JUMO CEO and founder: ' We are proud to have been chosen to partner with Orange and we are excited to connect Orange customers with products from the market leading banks that run on our platform. This collaboration, built on top of Orange Money Group's mobile payments and money transfer platforms, will provide customers with great financial choices and allows our bank partners to grow in new markets'. Distributed by APO Group on behalf of Orange Middle East and Africa. Press contacts: Stella Fumey; OMEA; Guste Rekstyte; Orange; comms@ About Orange Money Group: Orange Money, a pioneering solution for financial inclusion, is used every month by more than 43 million people across 16 countries in Africa and the Middle East. Orange Money Group, in coordination with local Orange Money entities and Orange Bank Africa, is responsible for defining the mobile financial services strategy for the Middle East and Africa region. It provides local entities with operational support to help them accelerate their growth, establish new partnerships, support their compliance plans, and develop new value-added activities that meet market expectations. About Orange Middle-East and Africa (OMEA): Orange is present in 18 countries in Africa and the Middle East and has 161 million customers at 31 December 2024. With 7.7 billion euros of revenues in 2024, Orange MEA is the first growth area in the Orange group. Orange Money, its flagship mobile-based money transfer and financial services offer is available in 17 countries and has more than 100 million customers. Orange, multi-services operator, key partner of the digital transformation provides its expertise to support the development of new digital services in Africa and the Middle East. About JUMO: JUMO has built AI-led financial technology that powers banks to deliver a new generation of digital credit and savings products to millions of entrepreneurs in Africa. We work with partners, such as banks, e-money operators and payments providers, to facilitate high-tech information and money management systems. Since founding in 2015, JUMO has disbursed over $8 billion dollars to more than 31 million people in Ghana, Kenya, Tanzania, Zambia, Uganda, Côte d'Ivoire, South Africa, Benin and Cameroon. Our administration of over 250 million individual loans has proven that microcredit in Africa is imperative, impactful and sustainable. With unmatched speed to market and low infrastructure costs, JUMO aims to bring banking to everyone, everywhere, anytime.
Fast Company
17-07-2025
- Business
- Fast Company
Social Security benefits update: SSA is making a major change this year that will impact many seniors
The Social Security Administration (SSA) will officially stop issuing paper checks. The transition, which aims 'to improve efficiency, security, and ensure beneficiaries receive their monthly benefits promptly,' will come into effect starting September 30, 2025. Beneficiaries should receive electronic funds transfers (EFTs) quicker than the time it takes for a check to arrive in the mail. Electronic payments should also be more secure, with the SSA claiming a paper check is 16 times more likely to be stolen or lost. Meanwhile, the federal government will financially benefit from the change. It costs about 50 cents to mail a paper check, while the EFT should cost under 15 cents. How many people will be impacted by this change? The SSA claims that less than 1% of recipients still get paper checks. As paper checks are phased out for Social Security benefits, individuals can either enroll in direct deposit through their bank or get a Direct Express card. The latter works as a prepaid debit card with just the federal benefits added to it, meaning you don't need a bank account to use it. A survey by the Federal Deposit Insurance Corporation (FDIC) last year found that about 5.6 million U.S. households were unbanked in 2023. Although the percentage of people without bank accounts is declining overall, certain populations are disproportionately impacted, according to the FDIC. Those include low-income households, Black and Hispanic households, and people who are disabled, have less formal education, or are in single-parent households. The plan to 'gradually' eliminate paper checks actually dates back to 2010, according to the Department of Treasury. However, a lot of recipients may just be hearing about it after the SSA posted an alert on Monday. Comments on that page suggest many are unhappy with the change. 'What steps are being taken to assist the elderly and physically / visually handicapped paper check recipients?' one commenter stated. 'What will SSA do if, on 30 September, there are hundreds of thousands of benefit recipients who have not set up electronic payments? Just not send them their payments?' another commenter asked. The SSA claims it is 'proactively' sending notices to beneficiaries who receive paper checks and explaining how to make the change. Their technicians should also be able to help with the transition.
Yahoo
24-06-2025
- Business
- Yahoo
Digital Payment Today - Africa's Digital Wallet Market Poised for Significant Growth
Africa's prepaid card and digital wallet market is projected to experience significant growth, with forecasts indicating a compound annual growth rate (CAGR) of 13.3% from 2025 to 2029, reaching an estimated value of $59.4 billion by 2029. This expansion is primarily driven by increased digital adoption, financial inclusion initiatives, and the integration of mobile money platforms, which collectively enhance access to financial services for unbanked populations. The rise of prepaid card solutions for younger demographics and their integration with mobile money platforms also play a crucial role in facilitating cross-border transactions and broadening the accessibility of financial services across the continent. The competitive landscape is marked by strategic partnerships and regulatory support aimed at transforming Africa's financial ecosystem. In other trading, was trading firmly up 5.7% and ending trading at ₩112,500. At the same time, lagged, down 6.7% to finish the session at $29.53, hovering around its 52-week low. SoFi Technologies' strategic partnerships and new loan products could rapidly increase its lending market share. Explore the full narrative to understand why timing might be crucial. closed at $70.05 up 2.2%. finished trading at $338.57 down 0.5%. On Friday, Visa appointed Tareq Muhmood as regional president for CEMEA, leading operations across 86 markets. ended the day at $15.20 down 1%. Last week, SoFi partnered with Benzinga to enhance its investing platform with advanced research tools and market insights. Click here to access our complete index of 200 Digital Payment Stocks, which features Banco Santander, Oversea-Chinese Banking and Jack Henry & Associates. Searching for a Fresh Perspective? AI is about to change healthcare. These 22 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sources: Simply Wall St "Africa Prepaid Card and Digital Wallet Future Growth Report 2025, with SOLmate, Wallets Africa, Zywa, Shoprite, and more " from Research and Markets on GlobeNewswire (published 19 June 2025) Companies discussed in this article include KOSE:A138040 NasdaqGS:PYPL NYSE:V NasdaqGS:SOFI and NasdaqGS:CHYM. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
