Nedbank taps AI-powered lending to reach underserved South Africans

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.

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