Money for Finance case study: launching and scaling consumer lending in Jordan

inGain provided Money for Finance, also known as Money.jo, with a lending operations system to test its lending product in Jordan in December 2020. Just over a year later, Money.jo was the leading consumer loan provider in the country and had expanded its offering in the local market. Money.jo has also achieved 60% business growth and expanded to new markets.

The partnership shows how fast, lightweight product-market fit testing lets fintechs introduce their products to markets well beyond Europe, with a system tailored to local needs such as cash lending in branches and Arabic script.

We required a reliable and scalable IT system to support our product and Jordanian market specifics. inGain was able to quickly adapt their system to our needs.”

— Matiss Ansviesulis, Co-Founder of Money.jo, AvaFin and Esketit

The market

Money.jo entered the Jordanian market when the local banking sector was dominated by traditional banks. According to the European Investment Bank, the five largest banks accounted for 50% of branches and 54.1% of total assets at the end of 2020. Fast and easy bank loans were not widely accessible to the general public.

The challenge

To test and grow its lending product in Jordan, Money.jo needed:

• a quick time to market, so the team could focus on marketing and sales
• a reliable, scalable lending operations system that could grow with the business
• support for Jordanian market specifics, including in-person cash lending through branches

Not every lending operations system can handle in-person, cash lending operations, and in Jordan this is critical.

The solution

inGain’s existing system already covered over 90% of Money.jo’s needs. inGain added further features to accommodate Money.jo’s specific requirements, and its experience in the MENA region has led to more features since. Money.jo now runs on:

• Automated loan origination: quicker applications and approvals mean less admin work
• Risk management tools: built-in credit scoring supports smart lending decisions
• Cash and branch office management: clients can receive loans and make repayments in person at branches
• Online and offline integration: customers get a smooth experience both in branch and online
• Online lending and a mobile application, added once the initial product had proved viable
• Arabic script support with right-to-left text
• Integrated communication: customer interactions are managed from one place
• Integrations: connections with accounting, CRM and compliance software

The results

• Launch and market testing completed within two months, despite the Covid-19 pandemic
• The potential for in-person alternative lending through storefront branch offices confirmed
• The leading consumer loan provider in Jordan just over a year after its December 2020 launch
• Expansion from branch lending into online lending and a mobile application
• 60% business growth and expansion to new markets
• Loans financed by the company’s own capital and by private investors through the P2P platform Esketit.com

Latvian-founded Money.jo is one of the pioneers of the Jordanian non-bank consumer lending industry, and inGain continues to support its growth.

Parts of this case study were first published in Nordic Fintech Magazine by Chris Crespo.