Mukuru and JUMO Launch ‘Fast Loan’ to Expand Credit Access for South Africa’s Underserved

Source: iAFRICA

Fintech leaders Mukuru and JUMO have joined forces to launch Fast Loan, an AI-powered, mobile-first credit solution designed to help millions of South Africans access affordable credit, build formal financial profiles, and reduce financial exclusion.

According to TransUnion, an estimated 16.8 million South Africans remain outside the formal credit system. Many of these individuals earn irregular incomes, lack formal documentation, or have no traditional credit history — limiting their access to banking services and affordable lending options.