Johannesburg – In a move set to reshape financial inclusion across South Africa, fintech giants Mukuru and JUMO have partnered to launch Fast Loan, an AI-powered, mobile-first credit solution targeting the country’s 16.8 million unbanked citizens who remain locked out of the formal credit system.
The collaboration brings together Mukuru’s extensive reach in South Africa’s informal economy—serving over 17 million customers across Africa, Asia, and Europe—with JUMO’s sophisticated AI-driven banking infrastructure to deliver what both companies describe as “fair, transparent, and responsible” lending at scale.
Addressing a Critical Gap
According to TransUnion data, millions of South Africans remain financially excluded due to irregular incomes, lack of traditional credit histories, and insufficient formal documentation. Many work in the informal economy and have been unable to access mainstream banking services or affordable lending options—a gap that Fast Loan aims to fill.
“Fast Loan is built on years of deep engagement with South Africa’s informal economy,” said Andy Jury, Group CEO of Mukuru. “It 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.”
How It Works
The service is refreshingly simple: Mukuru customers can apply for loans directly through WhatsApp, receiving instant approval and disbursement to their Mukuru Card. Loan amounts range from R100 to R8,000, repayable over 30 days.
Once approved, borrowers can use funds immediately across multiple channels—for point-of-sale purchases, online shopping, or any of Mukuru’s value-added services. Cash withdrawals are also available at any ATM or at more than 11,000 retail partner locations, including major chains like Spar, Pick n Pay, Boxer, and Shoprite.
The pricing model emphasizes transparency: an 11.5% initiation fee, interest in arrears (5% for first-time borrowers, dropping to 3% for repeat customers), and capped penalties. Notably, customers who repay early incur no interest charges—a feature designed to encourage responsible borrowing behavior.
Ethical AI at the Core
Powering Fast Loan is JUMO’s banking-as-a-service infrastructure, which uses advanced AI algorithms to assess creditworthiness based on alternative data sources, including mobile transaction patterns. This allows the system to extend fair credit decisions to customers without traditional credit scores.
JUMO’s ethical lending framework has earned independent verification, achieving a 92.2% score in the Cerise + SPTF Customer Protection Certification—among the highest in the industry. This certification ensures the platform protects consumers from predatory lending practices while maintaining responsible lending standards.
“We are proud to work with Andy and the team at Mukuru,” said Andrew Watkins-Ball, Founder and CEO of JUMO. “Their products are relied upon by millions of customers, and we will work hard to provide the technology infrastructure they need to deliver more value.”
Building Credit Histories
Beyond providing immediate access to funds, Fast Loan serves a longer-term purpose: every loan is reported to credit bureaus, helping borrowers build formal financial profiles. For many users, this represents their first step toward participation in the formal financial system—a crucial foundation for future economic opportunities.
The partnership also has a particular resonance for South Africa’s immigrant community. With approximately 2.4 million immigrants in the country, many face significant barriers to accessing credit due to documentation and visa challenges. Fast Loan’s mobile-first, documentation-light approach could provide a lifeline to this underserved population.
Looking Ahead
Both companies have signaled that Fast Loan is just the beginning. The platform will generate valuable data on borrowing behavior, repayment patterns, and financial goals—insights that will inform future enhancements including longer repayment terms, larger loan amounts, and more flexible options.
Since its founding in 2015, JUMO has enabled over $8.7 billion in lending by banks to 35 million people across nine African countries, including Ghana, Kenya, Tanzania, Zambia, Uganda, Côte d’Ivoire, Benin, Cameroon, and South Africa.
With AI and ethical lending at its foundation, Fast Loan represents more than just another financial product—it’s a potential catalyst for economic empowerment in communities that have long been overlooked by traditional financial institutions. As millions of South Africans gain access to formal credit for the first time, the partnership could set a new standard for responsible, technology-driven financial inclusion across the continent.
For more information, visit www.mukuru.com
