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JUMO, a technology company building next-generation financial services for emerging markets, has partnered with MTN Mobile Money to launch MoSente, a new credit service that will afford the people of Uganda more choice when it comes to mobile lending services.

MoSente is a convenient way for MTN customers to access credit facilities. Customers can borrow from UGX 10,000 at a variable term that fits their personal circumstances or earning cycles. MoSente is easily accessible, in real-time, and available to registered MTN subscribers and mobile money users when they dial *165*5*5# and follow the prompts.

MTN currently represents more than half (53%) of all mobile subscribers in the country, which means 15 million people, roughly a third of Uganda’s population, will have the opportunity to access tailored lending products to suit their business and living requirements. According to Financial Sector Deepening Uganda (FSDU), 22% of Ugandans are financially excluded and 56% use informal financial services. Financial inclusion is significantly skewed towards adults in urban areas (86%), making access to mobile banking anywhere, anytime a significant milestone.

Both MTN Mobile Money Uganda and JUMO are familiar with the financial needs of the Ugandan market. MTN has operated a similar credit service called MoKash on their Mobile Financial Services Platform since 2017. JUMO has operated a similar mobile lending product delivered in partnership with other mobile network providers for the last five years.

JUMO is currently the underwriter and capital provider for both MoSente and WeWole. The company has developed a large pool of capital to reach new customers and serve digital financial products to the financially excluded market segments.

JUMO’s intelligent banking 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 such as telcos, impact investors and banks can reach new markets. The launch of MoSente in Uganda forms part of JUMO’s long-term growth plan for Africa. The company is launching new products and expanding into new markets, such as Nigeria and Cameroon, post their fundraise of $120 million in 2021.

Facts about MoSente

Product description	MoSente – microloan on your MTN Mobile Money
Multiple loans	You can either take a Mokash or MoSente loan not both, at the same time.
Access	Dial 1655*5# and Select option 1 “Accept”, to sign up for the service
Fee	MoSente offers;14-day loans at 7.5% 30-day loans at 8.75%
Nature of line of credit	This money is loaded on the customer’s wallet and the customer chooses to do whatever they want to use if for.
Payment method	Customer pays back at will as long as they have not exceeded their payment period. After the loan period is done, auto-recovery from the customer’s wallet will be applied.
Credit Eligibility	The credit eligibility of customers may vary based on their Creditworthiness which can change from time to time based on their usage of MTN Services (Voice, Data, MoMo), their tenure, and their repayment behavior of similar services subscribed to earlier.