Need cash fast? Nedbank says it can now get you a loan in five minutes — from application to money in your account.

The bank has teamed up with banking technology company JUMO to launch Nedbank Quick Loans, a digital lending product that uses artificial intelligence (AI) to approve and pay out small, short-term loans almost instantly.

Customers can apply for amounts starting from R500 through the Nedbank Money App, with repayment terms ranging from one to 12 months. The entire process — application, credit check, approval, and payout — takes about five minutes, according to the bank.

“We’re excited to launch Nedbank Quick Loans, designed with our clients’ need for speed, convenience, and flexibility in mind,” said Mutsa Chironga, Managing Exec for Personal Banking at Nedbank. “In just five minutes, clients can apply on the Nedbank Money App, and have funds paid into their account, helping them access cash when they need it most.”

The loans are powered by JUMO’s AI-driven lending technology, which assesses applications and makes credit decisions within seconds. JUMO, a London-based fintech with deep roots in Africa, has built its reputation on using machine learning to serve customers who have little or no formal credit history.

JUMO chief executive Paul Whelpton said the partnership is about expanding access to finance. “I’m excited for what’s unfolding through our partnership with Nedbank,” he added. “JUMO’s banking technology empowers inclusive, intelligent finance and our focus with Nedbank will be on building an enabling and sustainable ecosystem together.”

The launch comes at a time when many South African households are under growing financial pressure from rising living costs. Traditional loan applications often involve lengthy paperwork and days of waiting, which can be a problem for someone who needs a few hundred rand urgently.

The product is structured to be simpler and more transparent than typical loans. There are no monthly service fees and no bundled insurance products — practices that have often made small loans confusing and expensive for borrowers. Interest rates are competitive, though the bank didn't disclose specific rates.

JUMO estimates that the technology behind Quick Loans could help reach more than 20 million South Africans who are currently underserved by traditional lenders. That’s a huge chunk of the population — roughly one in three people — who struggle to access credit from mainstream banks because they lack a conventional credit record or steady formal income.

The partnership reflects a growing trend in South Africa’s banking sector: established banks teaming up with nimble fintech companies to reach new customers. Nedbank, one of the country’s “Big Five” banks, is betting that speed and convenience will help it compete in the fast-growing digital lending space.

Both Nedbank and JUMO insist the focus is on responsible lending. The AI system is designed to assess affordability and prevent borrowers from taking on debt they can't repay. But critics of instant loans often warn that easy access to credit can trap low-income borrowers in cycles of debt, especially when loans carry high interest rates and short repayment periods.

For now, the service is available only through the Nedbank Money App. Customers need to be existing Nedbank clients to apply.

  • Loan amounts start from R500
  • Repayment terms: 1 to 12 months
  • Application-to-payout time: about 5 minutes
  • No monthly service fees or bundled insurance
  • JUMO says 20 million+ South Africans are underserved by traditional lenders