Vodacom unveils unsecured loans platform

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 13 May 2022
Mariam Cassim, CEO of Vodacom Financial Services.
Mariam Cassim, CEO of Vodacom Financial Services.

Vodacom’s financial services unit has launched VodaLend Compare, a marketplace for unsecured personal loans.

VodaLend Compare allows users to compare personal loans offered by financial institutions, such asNedbank, African Bank and Finchoice, based on individual risk profile and affordability.

The personal loan products range from R500 up to R350 000, with repayment options starting from three months to 72 months.

Vodacom, which has been growing its financial services business, says the platform is a one-stop market to source emergency loans.

“VodaLend Compare is designed to respond to consumers who may need a financial boost quickly for personal use, such as emergency medical expenses, unplanned relocation costs or home renovations, without a tedious application process,” says Mariam Cassim, CEO of Vodacom financial services.

“Providing customers with unsecured personal loans can help individuals meet their different personal goals and achieve financial freedom more easily, compared to other types of loans where collateral is required as security.

“Customers also have peace of mind knowing their debt is being serviced through a secure capability offered by the VodaPay environment.”

Vodacom has been aggressive in making a play in financial services, after the company turned the previously loss-making unit into a cash cow.

The telco already offers loans to small, medium and micro enterprises, and also launched VodaTrade, targeting small enterprises, assisting them to unlock business opportunities and transact securely.