Jali Finance, a Rwandan non-deposit-taking financial institution, has launched an application platform dubbed ‘JaliKoi App’ designed to drive buying convenience and access to finance for financial inclusion in the country.
The app was launched, on February 24, on the sidelines of the ongoing second edition of the Inclusive Fintech Forum (IFF), which brought together government officials, policymakers, regulators, innovators, and entrepreneurs, among other tech enthusiasts to deliberate on economic inclusivity and sustainability of financial technologies.
Felix Nkundimana, the CEO of Jali Finance, said that partnership is a key enabler in driving fintech growth and leveraging technologies to find solutions that improve financial literacy and inclusion in the country.
“Fintech brings agility and innovation, while financial institutions provide trust and scale. Together, they can unlock new opportunities for growth and inclusion.”
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With many products featured on the JaliKoi App, Nkundimana noted that it will enhance digital buying, play a role in financial literacy in terms of understanding different channels of access to credit, and ultimately improve economic growth.
Frank Mugisha, Chief Technology Officer, Jali Finance, referred to the app as a “game changer” in Rwanda’s digital ecosystem by becoming a hub of digital transactions between consumers and suppliers across different sectors and facilitating a savings mindset among people.
“Every company is coming up with their own digital platform, and the consumers are forced to have multiple channels to access services. What we did is to centralise whatever digital services different people are offering so that they can be accessed through one platform—JaliKoi.”
He explained that the product, piloted among 20,000 motorcyclists in 2021, features a buying portal for different services and goods needed daily, with convenience, and offers quick credit in time of need that is relatively affordable.
Additionally, he said that the app leverages partnerships with different businesses that allow consumers to earn cash back whenever they buy a certain service or goods at different percentage levels.
For instance, he said, “A person can earn cash back after buying in a restaurant using the jalikoi app, hence, saving some extra money they can use during another transaction or save it for other use.”
Mugisha highlighted that the digital platform has a marketplace that brings together merchants and consumers, starting with the transport sector where someone can sell or buy a car or motorcycle, and Jali Finance offers credit service for buying that can be served in installments.
He noted that over the years of providing financial services, the firm has seen high repayment rates and customer satisfaction, whereby it currently has less than one percent of Non-Performing Loans in its book.
Furthermore, he said the ultimate goal is to see the profound impact of technology on exponentially expanding client reach and service capacity in the financial market.
Jali Finance Ltd is a financial institution that has been operational for years with a focus on motorcycle leasing. Since its inception in 2017, it has contributed enormously to job creation through an innovative credit approach.
