In an exclusive interview with Africa Talks Business, the co-founders of Credit Jambo share the inspirational tale of their journey, beginning in July 2022 through the Jasiri Talent Investor program. This entrepreneurial initiative, designed to elevate young East African minds onto the global stage, brought together a dynamic duo with the shared ambition to seize opportunities.
- Tell us more about you and how your Journey Started ? /company, and how its journey started.
My co-founder and I met in July 2022 through the Jasiri Talent Investor program – an entrepreneurship program designed to foster, sharpen and propel young Easter African entrepreneurs to the global stage. We pretty much had the zeal to take advantage of this opportunity but we further synced together when we met a friend called Olivier in Musanze who would send us on a mission to solve the most challenging problem in Africa right now – Access to Credit and in September Credit Jambo was born – a company designed to help BodaBoda riders access liquidity to cover expenses and emergencies without falling into the trap of unhealthy payment schemes.
- What impact does the company hope to make in Africa?
Olivier struggled to get substantial funding to cater for emergencies and his growth and Credit Jambo is on a mission to transform lives in Africa, making a difference and offering individuals like Olivier not just financial support but also a chance at a brighter future.
- What challenges are being faced by the company at the moment.
Currently, we have demand that is superseding our capacity so we are putting much effort into raising more capital to meet our lending demand and growth.
- How is the company unique from competition?
We figured that B2C lending would be hard considering the risk involved in unsecured loans hence the decision to focus on B2B lending i.e. working with saving groups and cooperatives which softens the ground for us and guarantees the loan repayment.
- Is the company looking to expand, if so where and how?
Our vision is expansive, and we’re excited about the potential for growth. We’re committed to building robust technology to enhance our credit scoring system, making access to credit even easier for those who need it most. We aim to collaborate with microfinance institutions and banks to secure the liquidity necessary for long-term success with a goal to expand into various sectors – from invoice financing to supporting retailers, farmers, and tailors. We won’t stop there; we’re also exploring opportunities in micro insurance to further assist our brothers and sisters in need.
- What does the company need right now to achieve its goals?
Our goal is to get licensed as we have been in the sandbox for now (trial phase) facilitated by the central Bank and the process is finalizing with expected results in early December this year. Additionally, having access to the necessary funds to meet our demand would propel us to greater heights.