Vodacom has joined in the thousands of companies offering efficient and secure cash loans to the public, they are on the roll to outdo ‘mashonisas’.

    On Tuesday, the 30th of August 2022, Vodacom released a media statement about the launch of a new service they will be offering.

    Vodacom Financial Services has officially launched VodaLend Cash Advance for underbanked customers.

    This new product will offer customers quick and secure access to money when they need it the most. It will also include VodaLend Compare, Voucher Advance, and Airtime Advance.

    With this new offering Vodacom aim to assist underbanked consumers with barrier-free access to funds for whatever reason they might need the money for, be it an emergency doctor visit or electricity top-up money.

    This service is exclusively available to Vodacom customers and can be accessed through the VodaPay super app.

    After seeing that there are still a lot of South Africans who get excluded from quick financial assistance due to their lack of formal credit records, Vodacom saw a gap and decided to provide their consumers with affordable access to lending products.

    With only 26 million South African consumers having a formal credit record, there is still a significant part of the population that doesn’t have access to formal financial services. VodaLend Cash Advance provides affordable access to lending products for those who need these services most, but who have historically been prevented from doing so due to high fees and difficult-to-navigate paperwork,” says Mariam Cassim, Chief Executive Officer of Vodacom Financial Services.

    Customers can access cash advances from as little as R50 and up to R500, with a flexible payment option of over 7, 14, 21, or 28 days.

    Part of the credit decision will be based on how the customer recharge and their overall payment behaviour.

    Once approved, the requested amount will be sent directly to the user’s VodaPay wallet. The money will be available instantly and may be used for in-app purchases, including buying prepaid electricity and water, paying bills, scan-to-pay in shops, and sending money to friends and family.

    The interest rate is said to be 400 percent cheaper than that of a mashonisa.

    The VodaPay super app is available for download from the Apple and Android app stores. To access VodaLend Cash Advance on VodaPay, click on Services on the Home Menu, and find VodaLend Cash Advance under Finance.

    For more information, visit https://vodapay.vodacom.co.za/vodapay/personal/home

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