Mukuru and JUMO tie up to pioneer AI-powered loans

• Fintechs aim to enhance financial inclusion 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.
• Mukuru customers can apply via WhatsApp, with instant disbursements to their Mukuru Card.
• New product Fast Loan will generate valuable insights into customer borrowing behaviour, repayment patterns, and financial goals.

Tech platform Mukuru has partnered with AI-powered banking technology provider JUMO, launching ‘Fast Loan’, a scalable, mobile-first credit solution designed to address a critical gap in South Africa.

According to TransUnion, an estimated 16.8 million people in South Africa remain outside the formal credit system, a trend attributable to irregular earning patterns, and lack traditional credit histories, factors which continue to leave them excluded from mainstream financial services.

With the launch of Fast Loan, the two African fintech leaders aim to close 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.

“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,” Andy Jury, Group CEO of Mukuru, stated.

JUMO’s banking platform to power AI-based Fast Loan product

JUMO’s banking as a service infrastructure will power Fast Loan. JUMO 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.

“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,” explained Andrew Watkins-Ball, Founder and CEO of JUMO.

JUMO has developed AI-led financial technology that enables banks to offer a new generation of digital credit and savings products to millions of entrepreneurs in Africa. JUMO works with partners, such as banks, e-money operators and payments providers, to facilitate high-tech information and money management systems.

Since its founding in 2015, JUMO says it has enabled over $8.7 billion of lending by banks to 35 million people in Ghana, Kenya, Tanzania, Zambia, Uganda, Côte d’Ivoire, South Africa, Benin and Cameroon.

Mukuru customers to seek loans via WhatsApp

Mukuru customers can apply via WhatsApp, with instant disbursements to their Mukuru Card. Loan 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 loans will be available at 11.5 percent initiation fee, interest in arrears (5 per cent for first loans, 3 per cent 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.

All loans are reported to credit bureaus, helping customers build formal financial profiles. JUMO’s ethical lending technology has been independently verified, earning a 92.2 per cent score in the Cerise + SPTF Customer Protection Certification, being one of the highest in the industry.

Beyond providing immediate access to credit, Fast Loan will generate valuable insights into customer borrowing behaviour, repayment patterns, and financial goals. These learnings will guide future product enhancements including longer terms, higher loan amounts, and more flexible repayment options.

Read also: Mukuru Wallet poised to bolster financial inclusion in Zimbabwe