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[South Africa] Vodacom offers access to personal loans through new digital financial solution

[South Africa] Vodacom offers access to personal loans through new digital financial solution

Vodacom Financial and Digital Lifestyle Services is launching VodaLend Personal Loans with the aim of providing a responsible credit solution for South Africans who need to secure extra funds in a tough economic climate.

 The new offering, in partnership with Old Mutual Finance, a registered credit provider, gives customers and non-customers alike convenient access to a personal loan of up to R250 000.

"We understand that the high cost of living and other economic pressures are taking their toll on consumers. Through VodaLend Personal Loans, we are offering an accessible, trusted and reliable financial solution backed by a reputable partner, which can support customers in achieving their personal goals and financial well-being," says Mariam Cassim, Chief Executive Officer of Vodacom Financial and Digital Lifestyle Services.

The National Credit Regulator's Consumer Credit Report for Q1 2023 highlights that loan advances from non-banking institutions have increased to 9.3% from 8% at the end of last year, reflecting the shift by consumers to non-traditional financial service providers for their finance needs.

With VodaLend Personal Loans, customers can apply for a loan online and will be notified of provisional approval within minutes of submitting all the required documentation. Approved customers will receive their funds directly into their bank account within 24 hours of concluding their loan agreements. The swift, convenient online application not only allows for real-time responses but also provides customers with the ability to view and manage their accounts at their convenience. The solution is available to both Vodacom and non-Vodacom customers.

"This integrated partnership with Vodacom will ensure that consumers' interaction with both brands is simple, convenient, and tailored to their specific financial needs. At Old Mutual, we offer our customers a variety of origination channels and platforms for personal loans, therefore, partnering with Vodacom allows us to further expand both our footprint and digital reach. Ultimately, we make borrowing accessible and easy to understand while ensuring we remain a responsible lender by providing consumers with the right financial education tools to help them achieve financial freedom," says Andre Keller, Chief Executive Officer of Old Mutual Finance.

"Our partnership with Old Mutual is another exciting step in expanding our financial ecosystem and building on our other digital offerings, such as VodaSure Insurance, VodaLend Compare and VodaLend Cash Advance. By providing more customers with access to financial services, we are fostering financial inclusivity on a broader scale, which has the potential to accelerate economic growth and transform lives," concludes Cassim.


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