Joe Mucheru, the former ICT Cabinet Secretary of Kenya, has been appointed as the new president of Jumo, a South African financial services start-up backed by Goldman Sachs. His appointment is expected to help Jumo achieve its expansion plans and growth goals across the African continent.
Founded in 2015, Jumo offers financial services to entrepreneurs and businesses in emerging markets, including credit and savings products and infrastructure for telcos, banks, fintech, and e-commerce platforms. With a current valuation of Sh49.7 billion ($400 million), Jumo has raised more than $200 million in equity and debt rounds from investors such as Brook Asset Management, Finnfund, Gemcorp, Proparco, and Leapfrog.
Joe Mucheru brings a vast array of expertise to Jumo, as he has held several prominent positions in the tech industry and government. His past role as the head of Sub-Saharan Africa (SSA) for Google in Nairobi was instrumental in establishing Google’s footprint on the African continent. Before joining Google, Mucheru was a co-founder of the internet service provider Zuku and served on the boards of several notable organizations, such as M-Pesa Foundation Academy, Aza Group (previously Bitpesa), and GiveDirectly.
Jumo is currently present in six African markets, including Ghana, Tanzania, Kenya, Uganda, Zambia, Ivory Coast, and the South Asian country of Pakistan. Cape Town, Nairobi, Porto, and London serve as their main tech hubs. With Mucheru on board, Jumo is now set to launch in Cameroon in the first quarter of 2023, followed by Nigeria and Benin in the second quarter. The company has also lined up new products for Ghana and Uganda markets.
Jumo’s appointment of Joe Mucheru as president is a significant step in its efforts to expand its reach and deliver its growth goals across Africa. With Mucheru’s extensive experience as an entrepreneur, Google executive, and regulator, Jumo is well-positioned to navigate the regulatory landscape and build its presence on the continent.