Mukuru And Jumo Partner To Expand Fast Ethical Credit Access For South Africa’s Underserved Communities

The offering combines Mukuru’s trusted customer relationships and network with Jumo’s AI-driven credit infrastructure, a plug-and-play framework that powers a new generation of data-orientated financial products. Its solutions include SME and retail banking software infrastructure provided to banks.

Instant, ethical loans

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They can also be withdrawn as cash at any ATM or at over 11,000 of Mukuru’s retail partner points, including Spar, Pick ’n Pay, Boxer, and Shoprite.

Loan pricing is transparent: a 11.5% initiation fee, interest in arrears (5% for first loans, 3% 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% score in the Cerise + SPTF Customer Protection Certification, being one of the highest in the industry.

Driving fintech partnership

Andy Jury, Group chief executive officer of Mukuru, said: “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.”

Andrew Watkins-Ball, founder and chief executive officer 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 them with the technology infrastructure that they need to deliver more value to their customers.”

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.