Mukuru, one of Africa’s leading next-generation financial services platforms, has teamed up with JUMO, an AI-driven banking technology provider, to launch Fast Loan — a new mobile-first credit solution designed to provide fair, transparent, and responsible lending for millions of underserved customers in South Africa.
According to TransUnion, nearly 16.8 million South Africans remain outside the formal credit system, largely due to irregular incomes and the absence of traditional credit histories. For many of these individuals, access to even small amounts of formal credit can make a significant difference in managing day-to-day financial needs or pursuing small business opportunities.
Fast Loan aims to close this gap by combining Mukuru’s trusted customer network and brand with JUMO’s AI-powered credit infrastructure, offering a scalable and data-driven lending solution tailored to the realities of low- and middle-income earners. The Fast Loan product is fully integrated into Mukuru’s digital ecosystem. Customers can apply seamlessly through WhatsApp, eliminating the need for paperwork or branch visits.
Once approved, funds are instantly disbursed to the customer’s Mukuru Card, enabling immediate use across various digital and physical channels — including POS payments, online shopping, or cash withdrawals at any ATM and over 11,000 Mukuru retail partners, such as Spar, Pick ’n Pay, Boxer, and Shoprite. Loan amounts range from R100 to R8,000, repayable over 30 days.
Transparency is a cornerstone of the product: an 11.5% initiation fee, a 5% interest rate for first-time borrowers (reducing to 3% for repeat customers), and capped penalties ensure clarity and predictability for borrowers. Additionally, early repayment attracts no interest charges, rewarding responsible financial behavior. All loan records are reported to credit bureaus, helping customers build formal financial profiles — a vital step for long-term financial inclusion.
The backbone of Fast Loan is JUMO’s banking-as-a-service infrastructure, which provides plug-and-play systems for retail and SME banking. JUMO’s ethical AI technology analyzes alternative data, such as mobile transaction patterns, to assess risk and extend fair credit decisions — even to customers without traditional credit scores. The company’s responsible lending framework has been independently verified, earning a 92.2% score from the Cerise + SPTF Customer Protection Certification, one of the highest in the industry.
Andy Jury, Group CEO of Mukuru, said the product builds on years of experience serving 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 responsibly — combining trust, technology, and insight to deliver meaningful solutions where they’re needed most.”
Andrew Watkins-Ball, Founder and CEO of JUMO, added: “We are proud to work with Mukuru. Their products are relied upon by millions, and we’re committed to powering the infrastructure they need to deliver even greater value.” Fast Loan’s launch represents a critical milestone for South Africa’s fintech ecosystem — a model that blends empathy, innovation, and impact. By merging Mukuru’s community reach with JUMO’s intelligent infrastructure, the partnership delivers not only access to credit but also the opportunity for financial empowerment — helping millions of South Africans take their first steps into the formal economy.
