Unlocking the potential of unbanked communities
What is the problem?
Saving up and being able to borrow money to invest in one’s future or get through tough times are critical factors to overcoming poverty. However, every second adults in the world do not have access to formal financial services for saving or borrowing.
JamiiPay is taking part in closing this gap and we are starting in Ethiopia. Ethiopia’s economy is booming but 25 million live in poverty and 80 million do not have access to banks or mobile money, out of a total of 102 million citizens.
Our mission is to empower people with big dreams in need of financial support by increasing access to loans.
How JamiiPay works
JamiiPay is a service developed with and for the unbanked communities. We provide opportunities for saving in a stable currency, with low cost transactions, free payments, and access to loans.
This is Gifty. She is 32 and lives in Accra, Ghana. She cooks banana chips for a small shop nearby. She has four kids and is struggling to pay tuition.
Gifty has discovered that she can buy an electrical cooker for 200 Cedi (60 USD). The cooker will allow her to make 10 times the amount of banana chips.
As a financially underserved person not transacting digitally and with no fixed income, Gifty is not creating a credit history in any way. She therefore has no access to a loan.
Through using JamiiPay, Gifty can mobilise her community to start saving and loaning with each other today whilst also building her credit history for personal loans.
With access to loans Gifty becomes increasingly financially mobile. She can invest in her business which allows for her to generate a stable income and reduce the risk of falling into poverty.