As living costs rise, many South Africans are finding it increasingly difficult to build emergency savings, leaving them vulnerable when unexpected expenses arise.

Research by Nedbank reveals consumers' growing preference for smaller loan amounts over shorter terms for more manageable borrowing solutions. 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,’’ explains Mutsa Chironga, Managing Executive of Personal Banking at Nedbank.

‘’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.’’

At the same time, many clients, particularly self-employed individuals and those without traditional proof of income, continue to face barriers when trying to access formal credit through conventional lending models according to Nedbank.

In response to these changing financial realities, Nedbank has launched Nedbank Quick Loans. Nedbank has partnered with JUMO, a fintech with advanced digital and AI capabilities that have already enabled lending to millions across Africa. JUMO's AI-powered platform enables real-time decision-making, seamless digital onboarding and more inclusive access to short-term credit.

JUMO’s fully digital lending solution powered by Artificial Intelligence (AI), is designed to broaden access to short-term credit in a faster, more inclusive and frictionless way.

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 today.

‘’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,’’ adds Chironga. ‘’This enables faster decision-making while responsibly expanding access to formal credit for consumers who may not always fit traditional lending criteria.’’

Nedbank Quick Loans removes much of the friction traditionally associated with accessing credit. Available fully digitally without clients needing to visit a branch, the solution offers loan amounts ranging from R500 to R50 000 without the need to upload documents and offers clients repayment terms between 1 and 12 months. This new solution will be available to Nedbank clients from kick off and will be extended to new clients soon after that. Clients can apply and receive payout within 5 minutes.

The launch of Nedbank Quick Loans reflects a broader evolution in how credit is being designed and delivered in South Africa, which has become increasingly shaped by intelligent digital ecosystems, real-time lending and client-centric innovation.

‘’Speed today is not simply a product feature but a human need. Whether responding to an emergency expense or a need such as buying uniform or building materials, consumers need access to credit solutions that are fast, transparent and easy to navigate,’’ states Chironga.

‘’As Nedbank, we believe the future of lending will increasingly depend on intelligent digital ecosystems capable of delivering faster, more relevant and more inclusive financial solutions aligned to the realities consumers face every day,’’ he concludes.