Mukuru Launches AI-Powered Fast Loan Product for South African Informal Economy

WhatsApp Application Enables Instant Credit Access

Customers can apply for loans via WhatsApp with instant disbursements to Mukuru Cards. Therefore, loan amounts range from $5.77 to $461.66 repayable over 30 days. Moreover, funds can be used immediately across digital channels, including point-of-sale terminals and e-commerce platforms. Consequently, customers can also withdraw cash at ATMs or over 11,000 retail partner locations including Spar, Pick ‘n Pay, Boxer, and Shoprite.

JUMO’s banking-as-a-service infrastructure powers the Fast Loan platform through plug-and-play technology. Meanwhile, the solution includes SME and retail banking software infrastructure provided to financial institutions. Additionally, loan pricing features transparent terms with an 11.5% initiation fee and interest in arrears. Therefore, customers who repay early incur no interest charges, encouraging responsible borrowing behavior.

Credit Bureau Reporting Builds Financial Profiles

All loans are reported to credit bureaus, helping customers establish formal financial profiles. Meanwhile, JUMO’s ethical lending technology earned a 92.2% score in the Cerise + SPTF Customer Protection Certification. Moreover, this represents one of the highest industry ratings for responsible lending practices. Therefore, the platform combines trust, technology, and customer insights to deliver meaningful financial solutions.

The lending product will generate valuable data on customer borrowing behavior and repayment patterns. Subsequently, these insights will guide future enhancements, including longer loan terms and higher amounts. Consequently, the partnership positions both companies to scale responsible credit access throughout South Africa’s underserved informal economy through AI-driven infrastructure and mobile-first delivery channels.