Vodacom to offer unsecured loans up to R350,000 via VodaLend Compare

Vodacom is wading further into banking territory as it announced on Thursday the launch of a new unsecured loans service, VodaLend Compare, to compete with traditional banks, which dominate the market.

advanced R6.5bn in airtime, an increase of 14.3% over the previous comparable period. Airtime Advanced represented 45.5% of total prepaid recharges in the period. VodaLend Compare The platform will give customers up to nine personal loan offers from different providers — like Nedbank, African Bank, Finchoice and Boodle — with one application. This service follows on from Vodacom’s other offering, which advances funds to small- to medium-sized businesses.The new service appears to be the next big step in an attempt to up the attractiveness of its VodaPay super app, launched late in 2021.

These super apps and platforms are the biggest indicator of the collision course between mobile operators and banks, which are using the same strategy to offer clients a range of services in one place.

Source: News Formal (newsformal.com)

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