As someone who has lived in Zimbabwe my whole life, I am not fully aware of the needs of the African diaspora living in the UK and Europe. So, when I heard that a digital bank was opening up in those regions specifically targeting the African diaspora, I wondered if it was really needed.
Well, I managed to talk to the co-founder of this bank – Jamboo – to find out what I was missing, if indeed I was missing something. You know this co-founder, Takwana Tyaranini, who co-founded Senditoo. Here’s what I gathered.
Firstly, what is Jamboo?
Jamboo is a groundbreaking London, UK domiciled 1oo% digital banking fintech for African migrants residing in the U.K. and Europe which empowers migrants with unparalleled access to banking and investment opportunities across Africa.
That’s how Jamboo marketing puts it. The bank is 120 days away from launching.
Let’s start with the banking bit. It’s the part I was curious about. Well, the banking part is mainly there to facilitate the main thing Jamboo is about – facilitating investment into Africa.
That said, foreigners are underbanked and underserved in Europe and so there is scope for an immigrant-owned bank to cater to their needs.
Takwana announced that they were working on a bank, and within a few days of the Facebook post going up, they received over a thousand inquiries about how to open an account. That could be an indication that migrants are indeed underbanked. The Jamboo guys believe that’s the case.
Again, the investment bit is what sets Jamboo apart. The Jamboo guys believe remittances from Europe to Africa for bread and butter issues are spoken for. As is the flow of funds to fund Diasporans’ own projects and charitable donations.
Jamboo sees a gap when it comes to remittances for institutional investment. They will be looking to fill that gap. Allowing diasporans to invest in other organisations in Africa.
Jamboo will be involved to some degree in structuring the investment opportunities that will be presented on their platform. We shall know exactly how that will work in due time.
They will start in Zimbabwe as it’s the market they are most familiar with and microfinance will be one of the first fields they will be looking into. The plan is to then expand to other African countries.
These are the people behind Jamboo. The co-founders are:
- Takwana Tyaranini (Chief Executive Officer) [you’re familiar with the Senditoo cofounder]
- Innocent Chinyama (Chief Investment Officer) [a former investment banking dealmaker and an SDA Bocconi alumnus]
- Tony Friend (Senior Adviser) [ a former investment banker]
Jamboo is excited to announce that they have appointed Dr Duarte da Silva as Chief Advisor.
Dr. Duarte da Silva appointed Jamboo’s Chief Adviser, as Jamboo Pioneers the Future of Digital Banking for African Migrants
Jamboo, the groundbreaking UK domiciled 100% digital banking fintech for global African migrants, is delighted to announce Dr. Duarte da Silva is joining the business as Chief Adviser.
Dr. da Silva will bring a wealth of experience and expertise to Jamboo, bolstering its mission to revolutionise banking and investment opportunities for the global African diaspora.
Dr. Duarte da Silva is a highly accomplished investor and businessman with an impressive 30-year track record in finance, technology and investing. In the 1990’s he established himself as the top-rated technology and diversified industrial analyst in South Africa, for Merrill Lynch. He led First South, an investment Bank he co-founded in 2001, as CEO for over fifteen years focusing on private equity, risk solutions, equity asset management, stock broking and corporate finance.
First South subsequently entered into a joint venture with Australian-listed Macquarie Bank to form Macquarie First South. Ultimately he headed up Macquarie’s entire Africa initiative. At McCarthy Bank, Duarte played pivotal roles in numerous investments including the landmark London Stock Exchange listing of Intec in 2000, which reached a valuation of over US$1.2 billion. Furthermore, Dr Silva has advised on transactions worth in excess of US$5 billion, with a particular focus on infrastructure, SA Equities, banking, and managing an investment portfolio of almost US$2 billion. Duarte holds a Doctorate of Philosophy in Engineering from the University of the Witwatersrand, which he obtained at the age of 25.
Expressing his enthusiasm about joining Jamboo, Dr Duarte da Silva stated, “I am thrilled to be part of the Jamboo team and contribute to their visionary approach in digital. By harnessing technology and innovation, Jamboo will empower African migrants with unparalleled access to global banking services and investment opportunities on the continent of Africa. Jamboo stands for inclusive, affordable financial solutions and I am confident that together we will make a substantial impact on the lives of millions by defining a neo-banking future.”
Do let us know what you think about Jamboo and if you are an African located in Europe, you can let them know what you would like to see. What would make you consider this service when (if) it launches.
Do remember that it’s all in the planning phase for now and the bank doesn’t exist yet and so this is not a review. We shall have to talk about Jamboo some more when the service launches. Shouldn’t be too long now, 120 days zips by fast.