Arnold Kavaarpuo is a passionate advocate for financial inclusion, a devoted FinTech enthusiast, and an accomplished author. Arnold specializes in mobile loans, unsecured credit, product development, life insurance, and bancassurance. Before his role at JUMO, he spearheaded the Unsecured Lending Unit at Afb Ghana Plc, overseeing the growth of unsecured loans for the informal sector and direct debit payday loans.
Arnold Kavaarpuo inventor of Mtn Qwikloan?
Qwikloan was launched in November 2017 as Ghana’s inaugural small-scale, short-term mobile loan service, with a special focus on meeting the needs of the informal sector.
This pioneering financial offering broke away from traditional lending models, specifically tailoring its services to the informal sector, which typically includes small businesses and individuals with irregular income streams. Prior to Qwikloan, these groups often faced significant challenges accessing credit through conventional financial institutions.
The innovation behind Qwikloan lies in its mobile-centric, short-term loan products. Capitalizing on the widespread use of mobile phones in Ghana, Qwikloan offers an easily accessible financial lifeline for those seeking quick and convenient financial solutions. Its user-friendly interface and rapid approval process have made it a preferred choice for individuals who might otherwise struggle to secure loans through traditional channels.
In a remarkable achievement, afb Ghana, the organization responsible for Qwikloan, recently celebrated a significant milestone as they welcomed their one-millionth customer, Mr. Joseph Torgbor. To commemorate this momentous occasion, Mr. Torgbor received substantial rewards, including GHS1000 in cash, providing immediate financial support. He also received GHS1000 worth of MTN mobile airtime, ensuring he stays connected, and was presented with branded gifts as tokens of appreciation.
This celebration not only highlights the remarkable success of Qwikloan but also underscores the crucial role of financial inclusion in Ghana. By reaching out to the informal sector and providing accessible credit solutions, Qwikloan and Afb Ghana are actively contributing to economic empowerment and growth in the country. This innovative approach to lending is not only transforming individual lives but also making a substantial impact on Ghana’s broader economic landscape. It serves as a shining example of how fintech can drive financial inclusion and enhance livelihoods in emerging markets.
How does Qwikloan work?
QwikLoan represents an innovative financial offering jointly developed by AFB Ghana and MTN MoMo, designed to offer swift and hassle-free loans to MTN MoMo subscribers. This service provides short-term, unsecured cash loans deposited directly into your MTN Mobile Money wallet. One of its key advantages is its accessibility, as it does not require any prior savings or deposits. Moreover, consistent, timely repayment of your loans ensures continued access to this convenient lending solution.
Here are the steps to utilize this service:
1. Dial *170# on your mobile phone.
2. Select option 5 for financial services.
3. Further, select option 3 for loans.
4. Choose option 1 for free registration or option 2 to review the terms and conditions.
By following these simple steps, subscribers can gain access to the benefits of Qwik Loan, which serves as a valuable financial tool for those in need of short-term financial support.
Arnold Kavaarpuo’s Educational background
Arnold Kavaarpuo’s educational journey led him to the successful completion of his studies at St. Francis Xavier Junior Seminary. This educational background stands as a cornerstone in shaping his academic and personal development. It likely played a pivotal role in nurturing his skills, knowledge, and character, ultimately contributing to his notable achievements and chosen career path.
Education often serves as the bedrock of an individual’s pursuit of goals and aspirations. For Arnold, the experience of studying at an institution like St. Francis Xavier Junior Seminary has undoubtedly enriched his life with valuable insights and formative experiences. It may have instilled in him not only academic excellence but also the principles of discipline, perseverance, and moral values that have guided his journey.
As he forges ahead in his endeavors, Arnold Kavaarpuo’s education serves as a strong foundation upon which he continues to build a promising future, making a positive impact in his chosen field and beyond.
Arnold Kavaarpuo holds a Bachelor of Arts degree in Geography and Rural Development and an MBA in Global Business. He successfully completed his PhD in Business Administration in October 2021, with a research focus on Inclusive Innovations.
What is JUMO company?
JUMO leads the market in providing a banking-as-a-service platform, ensuring seamless access to funds with optimized operational costs.
Partnering with JUMO’s platform empowers our associates to offer loans, savings, and a diverse range of financial services to a previously untapped customer segment.
This versatile platform comprises two distinct capabilities that collaborate to deliver a holistic digital banking experience.
How does Jumo make money?
JUMO’s key products encompass mobile loans, lending to airtime credit agents, and business cash advances, all of which are underpinned by our proprietary technology and strategic partnerships with mobile network operators. These partnerships allow us to target markets where mobile money is widely used but traditional banking services have limited reach.
Our mobile loan service caters to individuals seeking financial support, even without a formal banking history. Through our advanced technology and data-driven approach, we can accurately assess creditworthiness, providing tailored loan solutions.
Lending to airtime credit agents is another critical facet of our business model. By collaborating with these agents, we facilitate financial accessibility within communities, further expanding financial inclusion.
Additionally, our business cash advances empower small enterprises with the working capital they need to grow. This service is especially vital in regions where access to traditional credit sources is constrained.
JUMO’s unique blend of cutting-edge technology and strategic partnerships positions us at the forefront of financial inclusion, enabling us to bridge the gap for underserved populations and unlock opportunities in high-mobile-money-usage markets.
Honors and Awards
The YCEO Top 50 Young CEOs in Ghana – 2021
The YCEO Top 50 Young CEOs in Ghana – 2020
Arnold Kavaarpuo’s recognition on The YCEO Top 50 Young CEOs in Ghana lists for both 2020 and 2021 is a testament to his exceptional leadership and impact on Ghana’s business arena.
His consistent presence on these prestigious lists showcases his unwavering commitment to innovation and entrepreneurship. Arnold’s ability to make a significant mark on the business landscape of Ghana in consecutive years underscores his dedication to driving positive change and economic growth.
His achievements not only inspire emerging leaders but also emphasize his vital role in shaping the nation’s business future. Arnold Kavaarpuo’s dual inclusion among the top young CEOs is a remarkable achievement that highlights his enduring influence and contributions to Ghana’s thriving business community.