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Working with the San Francisco-based lender Branch, Jumia began offering start-up loan for small businesses in May. The loans were pegged to vendors sales history with Jumia and projections for the future performance of the businesses.

In Nigeria, at least, Jumia is now serving up quick loans of up to NGN 100 K via its lifestyle app, Jumia One (which is, in many ways, its very own super app), and the curious bit is that the lending option is only available to Android users at the moment even though the Jumia One app is available to both Android and iOS users.

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In June 2013, Jumia launched Jumia Travel, a hotel booking platform, and Jumia Food, a food delivery platform.[10] Jumia Deals was launched in April 2015. In 2017, Jumia launched Jumia One,[11] an app that enables customers to pay bills such as airtime. The same year, Jumia launched JumiaPay,[12] a secure payment for people to shop on all Jumia services. This was followed by the Jumia lending program,[13] an initiative that allows its vendors to access business loans.

Loan decisions are automated and depend solely on the borrowers data with Jumia. Once approved, the applicant receives funds within 5 minutes 24 hours a day, 7 days a week. The loans are delivered via an Android mobile app, with lending decisions provided almost instantly. The usual amount for new borrowers is N10k

Research shows that digital businesses are more stable with higher profit margins and greater revenue and productivity thanks to new payment options, access to affordable credit, better inventory tools and other digital functions. And that translates into jobs. Every $1 million loaned to small businesses in developing countries created an estimated 16.3 additional permanent jobs over two years relative to firms without loans, according to the World Bank.

While government and relevant agencies have set up credit facilities to mitigate the finance challenges faced by small businesses, many still struggle to meet up with loan requirements, with collateral being a major stumbling block.

In the ecommerce sector, Jumia, the leading online marketplace in Africa, is taking initiative with Jumia Lending, to help entrepreneurs on its platform grow their businesses through strategic partnership with lenders who make loans easily available.

A Jumia seller, who is one of the beneficiaries of Jumia Lending programme, Jumoke Akinsanaya, said the collateral-free loans has granted her business direct access to big companies, facilitated bulk purchase and improved her business workforce. I have been using the Jumia Lending platform to grow my business. At the beginning, we were doing it in bits and few times we were able to process our orders when we got them.

Almost all Kenyan mobile subscribers have received messages informing them of winning jackpots of non-existent phone-based lotteries, messages marketing loans, alleged call centre staffs informing them of the wrong linkage of their phones and wrong account numbers, among others. The messages are followed by calls from the scammers and gullible ones have ended up losing money.

The International Monetary Fund has approved a $1.3bn (1.1bn) loan to Zambia, as the country scrambles to rebuild its crisis-hit economy after defaulting on its foreign debts in 2020. Click here to read... ff782bc1db