Mukuru, a leading next-generation financial services platform, has partnered with AI-powered banking technology provider JUMO to introduce Fast Loan — a responsible, mobile-first credit solution aimed at improving access to financial services for millions of South Africans excluded from formal credit systems.
According to TransUnion, about 16.8 million South Africans remain outside the formal credit ecosystem due to irregular incomes and a lack of traditional credit histories. The new Fast Loan product seeks to bridge this gap by offering fair and transparent short-term loans powered by JUMO’s AI-driven credit infrastructure and delivered through Mukuru’s trusted customer network.
Available via WhatsApp, Fast Loan allows customers to borrow between R100 and R8,000, repayable over 30 days, with instant disbursements to their Mukuru Cards. Funds can be used across digital channels, including online shopping and POS transactions, or withdrawn as cash at over 11,000 Mukuru retail partner outlets such as Spar, Pick ’n Pay, Boxer, and Shoprite.
Loan pricing is transparent, with an 11.5% initiation fee and interest in arrears—5% for first-time loans and 3% thereafter. Borrowers who repay early pay no interest, promoting responsible borrowing. All loans are reported to credit bureaus to help customers build formal credit profiles.
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Mukuru Group CEO Andy Jury said the new product was developed through years of experience in South Africa’s informal economy.
“Fast Loan reflects our understanding of how our customers earn, transact, and manage financial pressure. Partnering with JUMO allows us to scale this offering responsibly, combining trust, technology, and insight to deliver meaningful financial solutions where they’re needed most,” he said.
JUMO Founder and CEO Andrew Watkins-Ball added that the partnership strengthens JUMO’s commitment to ethical financial inclusion.
“We are proud to work with Andy and the Mukuru team. Their products are relied upon by millions of customers, and we’ll continue to provide the technology infrastructure they need to deliver even more value,” he said.
JUMO’s ethical lending technology, which powers Fast Loan, has earned a 92.2% score in the Cerise + SPTF Customer Protection Certification—one of the highest in the industry.
Beyond providing immediate access to credit, Fast Loan will also generate insights into customer borrowing and repayment patterns, helping both companies design future financial solutions with longer terms, higher limits, and flexible repayment options.
