Mukuru, one of Africa’s largest digital financial services platforms, has partnered with AI-powered banking platform JUMO to launch Fast Loan, a mobile-first credit product for South African users, particularly immigrants who face barriers to accessing credit.
According to Stats SA, South Africa is home to around 2.4 million immigrants, representing 3.9% of the population in 2022, up from 2.1% in 1996. Many of these individuals remain excluded from formal credit systems due to documentation and visa challenges.
Through WhatsApp, Mukuru users can now apply for loans ranging from R100 ($6) to R8,000 ($460) with funds instantly disbursed to their Mukuru Card. Borrowers have 30 days to repay, and can use the funds for purchases at POS terminals, online stores, or Mukuru’s value-added services. Cash withdrawals are also available at ATMs and more than 11,000 partner retailers including Spar, Pick n Pay, Boxer, and Shoprite.
“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 customers earn, transact, and manage financial pressure. Partnering with JUMO allows us to scale responsibly, combining trust, technology, and insight to deliver meaningful financial solutions where they’re needed most.”
The loan includes an 11.5% initiation fee, charged once when the loan is issued. For example, borrowing R1,000 would incur a R115 fee. Interest is applied only after the repayment period ends, 5% for first-time borrowers and 3% for repeat customers. Borrowers who settle their loans early pay no interest at all.
With over 100 million transactions processed, 320,000 pay-in and payout points, and 150 information centres across South Africa, Mukuru’s scale positions it to bring formal financial access to those operating in the informal economy.
The partnership uses JUMO’s AI-driven “banking-as-a-service” infrastructure, which powers next-generation credit products across Africa. JUMO’s technology enables responsible lending decisions using real-time behavioral data and has earned a 92.2% Cerise + SPTF Customer Protection Certification score, one of the highest in the industry.
Andrew Watkins-Ball, founder and CEO of JUMO, noted that “we are proud to support Mukuru’s mission. Their products are trusted by millions, and our role is to provide the infrastructure that helps them deliver even greater value to their customers.”
Beyond immediate access to credit, Fast Loan will help users build formal credit histories as all loans are reported to credit bureaus. The insights gathered from repayment behavior and financial activity will inform future enhancements, such as longer loan terms, higher limits, and flexible repayment options, marking another step toward inclusive financial empowerment in South Africa.
