Nedbank has partnered with mobile financial technology platform Jumo to launch Quick Loans as demand for short-term credit surges amid consumers’ struggle to build emergency savings.Mutsa Chironga, managing executive of personal banking at Nedbank, said the launch forms part of the bank’s broader digital innovation strategy focused on leveraging intelligent technology to create more responsive, customer-centric financial solutions aligned to the realities South Africans face.“Because Quick Loans is powered by Jumo’s AI-enabled capabilities, it is able to assess affordability in real time using alternative financial data and predictive analytics to create a more holistic view of consumer financial behaviour,” said Chironga. “This enables faster decision-making while responsibly expanding access to formal credit for consumers who may not always fit traditional lending criteria.”Quick Loans, currently available to Nedbank’s clients only, will see consumers apply for loans of R500-R50,000, with repayment terms of one to 12 months. The launch comes after research by Nedbank, the country’s fourth-largest lender, that shows consumers’ growing preference for smaller loan amounts over shorter terms for more manageable borrowing solutions. The survey reveals that consumers also prefer loans that offer speed, simplicity and greater financial control amid ongoing economic pressure.“The findings show that consumers are approaching debt more cautiously, prioritising shorter repayment periods and borrowing only what they need for essential expenses such as education, emergencies and short-term cash flow pressures,” said Chironga.“What we are seeing is a more deliberate and considered approach to borrowing, with consumers prioritising smaller, manageable loans without compromising long-term financial stability.”The Nedbank study also shows that 31% of respondents prefer loan amounts of R10,000-R20,000, with only 23% willing to borrow less than R10,000. The bank said this suggests a deliberate approach to borrowing only what is needed rather than overcommitting.Jumo, a fintech with advanced digital and AI capabilities, has been partnering with blue-chip companies and banks to roll out financial services in many parts of Africa.The company, established in 2015, has partnered with MTN Mobile Money Zambia to launch a mobile overdraft facility in the country.Some of its key partnerships also include Mukuru, in which they roll out fast loans. Jumo has disbursed about $10bn in loans in Ghana, Kenya, Tanzania, Zambia, Uganda, Ivory Coast, South Africa, Benin and Cameroon since bursting onto the scene.The company in February appointed Paul Whelpton as CEO, replacing founder Andrew Watkins-Ball. One of the key executives at the company is Bradwin Roper, who is responsible for payments and partnerships.Roper was poached from MTN, where he served as CEO of the group’s fintech business in South Africa.