Segun Adeyemi, co-founder and former CEO of Amplify, has joined JUMO (another financial technology company) as its Country Manager for Nigeria.
Lagos, Nigeria—JUMO partners with banks and mobile network operators to deliver financial services such as credit, saving and insurance via mobile phones, using USSD code. The company, which started as an offshoot of Afb—a Ghana-based consumer finance business (think: ALAT and Wema Bank in Nigeria), already has footprint in Tanzania, Kenya, Zambia, Rwanda and Uganda.
Segun, who disclosed the information on LinkedIn on Monday, said as JUMO's Country Manager:
I will be primarily focused on setting up and building the business in Nigeria in-line with the broader strategic direction of the company. This includes partner identification, engagement and management; being the Nigerian expert and representative for the business; and also driving the JUMO massive transformative purpose in Nigeria.
Earlier in March 2019, when Amplified Payment Systems Limited (Amplify) was acquired by One Finance and Investment Limited (OneFi) for an undisclosed amount, Segun told Techcrunch that he will “likely start another company”. But after much "thinking, exploring, consulting and discussing," Segun says "joining JUMO was the most compelling and strategically aligned next step" for him.
Amplify was founded by Maxwell Obi (CTO of Amplify) and Segun, who met at the Meltwater Entrepreneurial School of Technology (MEST), Ghana, in 2016. Amplify has two flagship products: mTransfers, which enables payment across social media platforms, and AmplifyPay, which helps to manage recurring payments. These two products and their network of over 1,000 merchants are now under the management of OneFi, the parent company of Carbon (formerly Paylater)—a mobile application that enables the payment of bills, as well as access to loans and investment.
While Maxwell and other members of the team continued to work on Amplify under OneFi, Segun resigned after the acquisition in March. He had served as the CEO of Amplify for three years and five months.
More About JUMO
As mentioned earlier, Jumo began as an offshoot of AfB in 2014 and only became a separate entity in 2015. Andrew Watkins-Ball, the CEO of JUMO, describes it as the “Amazon for anything that is non-physical, Amazon for financial services.”
So far, JUMO has served 10 million customers and disbursed over 40 million loans.