Vodacom Financial and Digital Lifestyle Services Unveils VodaLend Personal Loans to Address Financial Needs in South Africa
In response to the challenging economic climate facing many South Africans, Vodacom Financial and Digital Lifestyle Services is introducing VodaLend Personal Loans. The initiative aims to offer a responsible credit solution, providing individuals with access to additional funds when needed.
In collaboration with Old Mutual Finance, a registered credit provider, VodaLend Personal Loans offers both customers and non-customers the convenience of securing a personal loan of up to R250,000.
Mariam Cassim, CEO of Vodacom Financial and Digital Lifestyle Services, emphasizes the importance of this new offering: “We recognize the financial strain that many consumers are facing due to the high cost of living and other economic pressures. Through VodaLend Personal Loans, we aim to provide an accessible, trusted, and reliable financial solution, backed by a reputable partner, to support customers in achieving their personal goals and financial well-being.”
Recent data from the National Credit Regulator’s Consumer Credit Report for Q1 2023 highlights a notable increase in loan advances from non-banking institutions, indicating a shift by consumers towards non-traditional financial service providers for their finance needs.
With VodaLend Personal Loans, customers can conveniently apply for a loan online and expect provisional approval within minutes of submitting all required documentation. Once approved, customers will receive their funds directly into their bank accounts within 24 hours of concluding their loan agreements. The seamless online application process offers real-time responses and provides customers with the flexibility to manage their accounts at their convenience. Importantly, this solution is available to both Vodacom and non-Vodacom customers.
Andre Keller, CEO of Old Mutual Finance, underscores the benefits of the partnership with Vodacom: “This integrated partnership with Vodacom ensures that consumers’ interaction with both brands is simple, convenient, and tailored to their specific financial needs. At Old Mutual, we strive to offer our customers various origination channels and platforms for personal loans. Partnering with Vodacom allows us to further expand our footprint and digital reach, making borrowing accessible and easy to understand. We remain committed to being a responsible lender by providing consumers with the right financial education tools to help them achieve financial freedom.”
Mariam Cassim concludes by highlighting the broader impact of the partnership with Old Mutual and the expansion of Vodacom’s financial ecosystem: “Our collaboration with Old Mutual represents an exciting step in expanding our financial ecosystem and complementing our existing digital offerings. Through initiatives like VodaLend Personal Loans, Vodacom aims to provide more customers with access to financial services, fostering financial inclusivity on a broader scale. This has the potential to accelerate economic growth and positively transform lives.”