Fintech leaders Mukuru and JUMO have joined forces to launch Fast Loan, an AI-powered, mobile-first credit solution designed to help millions of South Africans access affordable credit, build formal financial profiles, and reduce financial exclusion.
According to TransUnion, an estimated 16.8 million South Africans remain outside the formal credit system. Many of these individuals earn irregular incomes, lack formal documentation, or have no traditional credit history — limiting their access to banking services and affordable lending options.
Closing South Africa’s Financial Inclusion Gap
Fast Loan aims to change this by combining Mukuru’s deep reach in the informal economy with JUMO’s advanced AI banking infrastructure. The result is a scalable, responsible credit platform that delivers fair, transparent, and data-driven lending through a channel many customers already use daily: WhatsApp.
Through JUMO’s banking-as-a-service infrastructure, Mukuru customers can apply for loans seamlessly and receive instant disbursements to their Mukuru Card.
Loan amounts range from R100 to R8,000, repayable over 30 days. Borrowers can use their funds digitally — for point-of-sale payments, online shopping, or Mukuru value-added services — or withdraw cash at any ATM or from 11,000+ retail partners, including Spar, Pick n Pay, Boxer, and Shoprite.
Transparent and Responsible Lending
Fast Loan’s pricing model is simple and ethical:
- 11.5% initiation fee
- Interest in arrears: 5% for first-time borrowers, 3% for returning customers
- No early repayment penalties
- Capped late fees
Every loan is reported to credit bureaus, helping borrowers build credit histories and improve long-term financial inclusion.
JUMO’s lending algorithms — verified through the Cerise + SPTF Customer Protection Certification, with a 92.2% score (among the highest in the industry) — ensure ethical and transparent lending that protects consumers from predatory practices.
“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.”
Andrew Watkins-Ball, Founder and CEO of JUMO, added: “We are proud to work with Andy and the team at Mukuru. 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.”
Empowering Customers and Strengthening Data Insights
Beyond meeting immediate credit needs, Fast Loan will generate insights into borrower behavior, repayment trends, and financial goals. These learnings will guide future product enhancements, such as longer repayment terms, larger loan amounts, and more flexible options tailored to customer needs.
With AI and ethical lending at its core, Fast Loan represents a significant milestone in South Africa’s journey toward financial inclusion — empowering individuals to participate in the formal economy, build creditworthiness, and access new economic opportunities.
