JULO through the “Broad scale, Affordable Credit Targeted to Female Microentrepreneurs” proposal succeeded in becoming one of the winners of the Microenterprise Fintech Innovation Challenge organized by the United Nations Capital Development Fund (UNCDF) in collaboration with UN-Pulse Lab Jakarta. This competition was designed by UNCDF with the aim of increasing the role of technology in terms of funding for micro entrepreneurs in Indonesia. This is because micro entrepreneurs such as food sellers, stall owners and street vendors have contributed 98% of the total business in Indonesia. Meanwhile, only 8% of the total micro businesses have access to credit. Through this program, JULO plans to provide access to funding for women entrepreneurs in Indonesia to meet their business needs.
Kenneth Kou, Head of Product of JULO said that the awards and funds received from UNCDF and UN-Pulse Lab Jakarta provided an opportunity for JULO to develop business and serve more prospective customers. The program will begin in December 2018 by channeling funds to 500 borrowers and will effectively channel funds to micro entrepreneurs in mid-2019.
“The grant will serve as an initiative for JULO to dive into the women microenterprise and assess the risk profile of the customer and tailor better products to cater for them. Initially JULO will start with the disbursement of 500 accounts then slowly learn and review all the time and eventually events more female microentrepreneur would be financially included, “said Kenneth Kou.
JULO hopes that with the help of funding from the UNCDF, this will help realize JULO’s vision in supporting financial inclusion in Indonesia.