JOHANNESBURG, South Africa, November 4/APO Group: Mukuru, a leading next-generation financial services platform, has partnered with the AI-powered banking technology provider JUMO to launch ‘ Fast Loan’, defined as a scalable, mobile-first credit solution designed to address a critical gap in South Africa’s financial ecosystem.
According to TransUnion, 16.8 million people in South Africa remain outside the formal credit system, where many earn irregular incomes, lack traditional credit histories, and are excluded from mainstream financial services.
With the launch of Fast Loan, the two African fintech leaders aim to bridge this gap by offering fair, transparent, and responsible access to short-term credit by combining Mukuru’s trusted customer relationships and network with JUMO’s AI-driven credit infrastructure.
On one hand, JUMO’s banking as a service infrastructure will power Fast Loan, where it provides plug-and-play infrastructure behind a new generation of data orientated financial products. Their solutions include SME and retail banking software infrastructure provided to banks.
Mukuru customers can apply via WhatsApp, with instant disbursements to their Mukuru Card with loans amounts range from R100 to R8,000, repayable over 30 days, and funds can be used immediately across all digital channels, such as POS or online ecommerce with the card, or on any of the many value-added services offered by Mukuru. They can also be withdrawn as cash at any ATM or at over 11,000 of Mukuru’s retail partner points, including Spar, Pick ’n Pay, Boxer, and Shoprite.
The loan pricing is said to be transparent: an 11.5 percent initiation fee, interest in arrears (5 percent for first loans, 3 percent thereafter), and capped penalties. Customers who repay early incur no interest charges, encouraging responsible borrowing and providing an affordable lending option for many customers who have not had access to formal credit until now.
Group CEO of Mukuru, Andy Jury, commented: “Fast Loan is built on years of deep engagement with South Africa’s informal economy. 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.”
While the founder and CEO of JUMO, Andrew Watkins-Ball, 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 them with the technology infrastructure that they need to deliver more value to their customers.”
