Mukuru and Jumo launch mobile-based credit service to broaden access in South Africa

The partnership uses Jumo’s digital lending infrastructure and Mukuru’s customer network to extend short-term credit to individuals who are outside the formal financial system.

Jumo founder and CEO Andrew Watkins-Ball

A significant share of South Africa’s population, about 16.8 million people, remains outside traditional credit channels. Responding to this gap, Mukuru and Jumo have jointly introduced Fast Loan, a mobile-first credit service intended to make short-term borrowing accessible to users who are unable to obtain formal loans.

Mukuru operates as a financial services provider focused on remittances, payments, and digital transactions across multiple African markets. Its network includes a broad customer base and retail partners that support cash-in and cash-out services. Jumo, a technology company that builds digital infrastructure for financial institutions, supplies automated credit decisioning, behavioural data models and banking systems that enable lenders to offer products at scale.

Fast Loan integrates these capabilities: Mukuru provides customer access and distribution, while Jumo supplies the underlying credit technology, including risk assessment models and automated loan management.

Mobile application and loan features

Customers can apply directly through WhatsApp and receive approved funds immediately on their Mukuru Card. Loan values range from R100 to R8,000, with a repayment period of 30 days. The disbursed funds can be used across digital payment channels, such as point-of-sale and e-commerce, or withdrawn as cash at ATMs and more than 11,000 retail partner locations, including Spar, Pick n Pay, Boxer, and Shoprite.

Loan pricing consists of an 11.5% initiation fee, interest charged in arrears (5% for first-time loans and 3% for subsequent loans), and capped penalties. Customers who repay ahead of the due date do not incur interest charges. All loan activity is reported to credit bureaus, enabling users to establish or strengthen a formal credit record.

Jumo’s lending systems have undergone independent assessment, receiving a 92.2% score in the Cerise + SPTF Customer Protection Certification, a benchmark used in evaluating responsible finance practices.

Technology partnership and regional implications

According to Mukuru Group CEO Andy Jury, the service builds on the company’s experience operating in communities that rely on informal income sources. The collaboration with Jumo enables the service to be delivered at scale, using automated infrastructure to support loan origination and ongoing management.

Jumo founder and CEO Andrew Watkins-Ball highlighted that the company’s role is to provide the technical framework needed for Mukuru to extend additional services to its customer base.

Beyond immediate access to credit, Fast Loan will generate insights into borrowing and repayment behaviour. These data points may inform future updates, such as extended loan terms, higher limits, and varied repayment structures, as usage patterns become clearer.