CEO David Akinin revealed that Jwallet, initially integrated into JABU’s platform, is now being launched as a standalone product. It allows merchants to offer financial services like cash withdrawals and deposits to their customers, mirroring the agency banking model popular in parts of West Africa. Additionally, Jwallet aims to provide asset financing for drivers and stock financing for merchants.
Akinin believes Jwallet offers a sustainable alternative to Buy Now, Pay Later (BNPL) models, which he views as risky for small businesses. JABU’s wallet focuses on digital payments, fostering financial inclusion through savings communities and credit lines managed by merchants themselves, rather than relying on JABU’s balance sheet.
The new funding will help JABU strengthen its operations in Southern Africa and expand into Botswana and Eswatini later this year. Akinin emphasized that JABU’s vision extends beyond being a marketplace. The startup aims to create a comprehensive ecosystem for small businesses, reinvesting into local markets and fostering a multiplier effect to circulate value within these communities.By addressing logistics and financial challenges, JABU is poised to make a significant impact on Africa’s informal trade sector, building not only a robust supply chain but also a financial ecosystem that empowers merchants and enhances economic activity.
