Tag: Jumia’s lending program spreads across Africa

Jumia’s lending program spreads across Africa

Jumia’s lending program spreads across Africa

Business, Technology
Jumia is set to increase the small business loan scheme it initiated earlier this year to boost more small businesses in Africa. The program will be expanded into every Country where the Company operates. 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.                                                                               Photo Credits In Kenya, sellers received loans of up to 30,000 Kenyan shillings (roughly $290), with a six-month term on the loan to finance their businesses. Interest rates on the loans are 1.2% per month. The loans are made available in seconds on the Branch app and are di