By Ayomide Otitoju
Mukuru, a leading next-generation financial services platform, has partnered with AI-powered banking technology provider JUMO to introduce ‘Fast Loan’, a mobile-first credit solution aimed at expanding financial inclusion across South Africa.
According to TransUnion, an estimated 16.8 million South Africans remain outside the formal credit system, often earning irregular incomes and lacking traditional credit histories. The new partnership seeks to bridge this gap by providing fair, transparent, and responsible short-term credit options tailored to underserved populations.
Powered by JUMO’s AI-driven banking infrastructure, Fast Loan enables Mukuru customers to apply for credit directly via WhatsApp, with instant disbursements to their Mukuru Card. Loan amounts range from R100 to R8,000, repayable over 30 days. Funds can be used digitally at points of sale, for online transactions, or withdrawn as cash from over 11,000 Mukuru partner outlets, including Spar, Pick ’n Pay, Boxer, and Shoprite.
The product features transparent pricing — an 11.5% initiation fee, interest in arrears (5% for first-time borrowers, 3% for repeat borrowers), and capped penalties. Early repayment attracts no interest, promoting responsible borrowing. All loans are reported to credit bureaus, helping customers build formal financial profiles.
“Fast Loan is built on years of deep engagement with South Africa’s informal economy,” Mukuru said in a statement. “It combines trust, technology, and customer insight to deliver meaningful financial solutions where they are needed most.”
JUMO CEO Andrew Watkins-Ball added that the collaboration underscores the company’s mission to provide scalable, ethical lending infrastructure. “We’re proud to support Mukuru’s millions of customers with technology that enables access to affordable, responsible credit,” he said.
The initiative will also generate valuable data on borrowing behaviour and repayment patterns, which Mukuru plans to use to refine the product — including offering longer loan terms, higher amounts, and more flexible repayment options in future.
