Investing in Digital Finance
In June 2017, Triple Jump completed an investment in Musoni Kenya through the Oxfam Novib Fund (ONF). The investment increases the fund’s footprint in Kenya, where the Triple Jump Africa & Middle East regional office is located.
Musoni was founded in 2009. Its name is derived from “m-usoni”, in which the “m” stands for mobile, and “usoni” is the Swahili word for future. While most MFIs start with manual operations and transition into mobile payment channels later, Musoni was forward looking and commenced its operations with mobile channels from the start. It is known as the first MFI in the world that started providing a 100% mobile payments.
The institution benefitted from the development of M-PESA (Pesa is the Swahili word for money), an advanced mobile payments system that has changed the financial landscape in Kenya significantly in recent years. Before M-PESA, person to person money transfers in Kenya were done mainly through bus and taxi companies, while nowadays mobile payments through the system are widely used. In fact, they have become so common that the phrase “MPESA me” is colloquially used to mean ‘send me money’ and the mobile payments system in the country is quite advanced.
Triple Jump recognizes the continuous search for innovation within Musoni. The MFI is currently partnering with external parties to improve, fasten and digitize credit scoring, and is searching for other partnerships to increase its outreach to low-income entrepreneurs that have otherwise limited access to finance. With 15 branches and operating mainly in the slums of Nairobi, Musoni serves over twenty thousand clients, of which the majority are women.
Through the investment in Musoni, Triple Jump and the Oxfam Novib Fund contribute to furthering the financial inclusion in Kenya.