South African fintech firm JUMO has picked former ICT Cabinet Secretary Joe Mucheru as its new President to accelerate its expansion in Africa.
Valued at $400 million, JUMO offers financial services, credit, and savings products to businesses and entrepreneurs in developing markets, as well as infrastructure solutions for telecommunications companies, banks, fintech firms, and e-commerce platforms.
In his new role, Mucheru, who will be based in London for this work, will aid JUMO in fulfilling its growth aspirations, maneuvering through regulatory challenges, and establishing a strong presence across Africa.
Mucheru served as regional lead for sub-Saharan Africa and country manager for Kenya at Google before being selected by former President Uhuru Kenyatta to head the ICT Ministry in 2015.
The firm, which is actively pursuing growth, announced its intention to expand into Cameroon in the first quarter of 2023, with subsequent expansion into Nigeria and Benin in the second quarter.
The company has also devised new offerings for the markets in Ghana and Uganda.
Mucheru joined Google in 2007 where he was instrumental in establishing Google’s presence in Africa.
He led strategy development, business planning, and operations and was pivotal in the setup process.
Before joining Google, Mucheru co-founded internet service provider Zuku’s parent company, Wananchi Online, in 1999.
He has served on the board of various organizations such as M-Pesa Foundation Academy, Aza Group, GiveDirectly, and was formerly the Chairman of the African Telecommunications Union.
JUMO has reportedly raised over $200 million through equity and debt financing from investors such as Goldman Sachs, Brook Asset Management, Finnfund, Gemcorp, Proparco, and Leapfrog since its launch in 2015 by CEO Andrew Watkins-Ball.
“We are honoured to be able to welcome Joe to JUMO. He brings an invaluable perspective given his experience as an entrepreneur, Google executive and regulator,” Jumo founder Andrew Watkins-Ball said.