Nedbank, one of South Africa’s largest banks, is turning to artificial intelligence to expand lending to millions of customers who have traditionally fallen outside the reach of formal credit.
The Johannesburg-based lender has partnered with JUMO, a fintech infrastructure company, to launch Nedbank Quick Loans, an AI-powered lending product embedded within the Nedbank Money App. Customers can apply for loans from as little as R500 ($27) and receive credit decisions within minutes, with repayment terms ranging from one to 12 months.