Qumal is a financial technology startup with a mission to change the ways people conduct business transactions by introducing a variety of new technology-based interventions for commercial and personal finance. Qumal uses technology to provide leading logistics and financial solutions to support businesses and ensure the continuity of core operations such as trade, production and more. With the goal of helping organizations not only in financing but also in managing capital and cash, Qumal uses Fintech to reduce costs and apply better and more appropriate processes and controls.
The platform currently has 150 schools and a number of suppliers. They are currently engaged with a bank to pilot the project as the platform offers banks a tangible opportunity to support the project and support financial inclusion.
Qumal qualifies as an R4 company, as it introduces innovative financing tools at affordable costs to its targeted customers including refugee-owned businesses. Facilitating discussions with policy makers and market players at the level of the CBJ, banks and financing institutions will enable Qumal to introduce financing tools that meet the needs of the MSMEs (Jordanians and refugee-owned businesses) who are not eligible for the traditional financing.