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AI-Driven Partnership Targets South Africa’s Unbanked Population
Mukuru, a leading next-generation financial services platform, has partnered with JUMO to launch ‘Fast Loan.’ The mobile-first credit is solution aimed at closing South Africa’s credit access gap. Jumo is an AI-powered banking infrastructure provider.
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According to TransUnion, more than 16.8 million South Africans remain outside the formal credit system — many earning irregular incomes and lacking credit histories, leaving them excluded from traditional banking and lending options.
Through this partnership, Mukuru and JUMO are combining their strengths — Mukuru’s extensive customer network and JUMO’s AI-driven credit infrastructure — to deliver fair, transparent, and responsible short-term loans that empower underserved communities.
Accessible, Instant Credit Through Mobile Channels
Fast Loan allows Mukuru customers to apply for credit directly via WhatsApp, with instant loan disbursements to their Mukuru Card.
Loan amounts range from R100 to R8,000, repayable over 30 days. Funds are accessible immediately for in-store purchases, online transactions, or cash withdrawals at ATMs and over 11,000 retail partners such as Shoprite, Spar, Pick ’n Pay, and Boxer.
Loan pricing is fully transparent:
- 11.5% initiation fee
- 5% interest for first-time borrowers, reduced to 3% for repeat customers
- Capped penalties and no interest for early repayment
All loans are reported to credit bureaus, helping users build formal credit histories and access more advanced financial services in the future.
Building Ethical, Scalable Financial Infrastructure
JUMO’s banking-as-a-service platform powers the Fast Loan system, enabling plug-and-play infrastructure for data-driven financial products across Africa. The company’s ethical lending technology achieved a 92.2% score in the Cerise + SPTF Customer Protection Certification, one of the industry’s highest ratings.
Andy Jury, Group CEO of Mukuru, said:
“Fast Loan is built on years of deep engagement with South Africa’s informal economy. Partnering with JUMO allows us to scale responsibly — combining trust, technology, and insight to deliver meaningful financial solutions where they’re needed most.”
Andrew Watkins-Ball, Founder and CEO of JUMO, added:
“We are proud to work with Mukuru, whose products serve millions of customers. Our technology will help them expand responsibly and deliver even greater value.”
Driving Financial Inclusion and Data-Driven Growth
Beyond immediate access to credit, Fast Loan will provide valuable insights into customer borrowing and repayment behaviour. These analytics will inform the development of future enhancements such as longer loan terms, larger credit limits, and flexible repayment plans — further deepening financial inclusion across South Africa’s growing digital economy.
