Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Enterprise

Vodacom Launches VodaLend Business Advance for SMEs

JOHANNESBURG -- Vodacom has launched a new business financing product for small to medium sized businesses, called VodaLend Business Advance. This digital proposition will ensure that SMEs have access to the funding they need to grow.

Access to funding has been identified as a major stumbling block in the current SME landscape in South Africa. SMEs are often forced to source funding in their personal capacity either from friends or family. In the interest of stimulating economic growth, Vodacom hopes to provide such businesses with quick and easy access to business funding.

“Small and medium-sized businesses are the backbone of South Africa’s economy and contribute significantly to employment in the country as well as the gross domestic product (GDP) which is why ensuring their growth and success is vitally important,” says Vodacom financial services chief officer, Mariam Cassim.

“Providing access to SME funding not only benefits the business owner by allowing them to grow their business but also creates job opportunities and positively impacts the economy as a whole.”

VodaLend Business Advance’s qualifying criteria requires SME’s to be registered and operational for at least 12 months with an annual revenue of over R500 000 and have a good credit standing. The size of the advance varies from R10 000 to R1.5 million and is repayable over 6-12 months.

The application process is fully digital and could take a business owner less than 10 minutes to complete. This means no need for printing out long application forms or taking time out to go into lending institutions with the hope of obtaining a business advance. This can now be done in the comfort of your office, your home or on the go.

Once the application is submitted with all the required information, a decision is immediate and, if successful, the money is transferred into the business account within a day.

Over and above the short-term finance, qualifying SMEs will also receive Business Legal Assist, at no further cost that will support the companies in their day-to-day business legal questions for the duration of the advance term.

“Vodacom Financial Services intends to go beyond just providing funding and is looking to be a partner in growth for SMEs. With the trust we have built as a leading telco, we want to ensure financial inclusion for all within the financial services space and will continue to deliver best-in-class services and products,” adds Cassim.

Vodacom Pty. Ltd.

Innovation hub

Story

The state of funding for Africa's tech startups

The estimated value of startup funding in Africa during 2020 was $1.3 billion, plus about $1.12 billion worth of disclosed M&A, according to a new Briter Bridges report.

Story

Hot startup of the month: Ghana's Sumundi

Sumundi, a Ghana-based startup, has developed an online and offline based retail management and point-of-sale platform for physical retailers.

More Innovation hub

Industry announcements

More Industry announcements

Latest video

More videos

AfricaCom perspectives

Story

AfricaCom Interview: Onica Makwakwa on closing the digital gender gap

The Alliance for Affordable Internet's head of Africa, Onica Makwakwa, shares her views on how to narrow the digital gender gap and the challenges keeping women offline on the continent.

Story

AfricaCom Interview: Tunde Fafunwa on how the ACIP is fighting COVID-19

Tunde Fafunwa from the UN Economic Commission for Africa explains how the Africa Communication and Information Platform (ACIP) is helping Africa's battle against COVID-19.

Story

AfricaCom Interview: Temidayo Oniosun on Africa's space and satellite industry

Space in Africa founder, Temidayo Oniosun, shares his views on the challenges and opportunities in the African space and satellite industry.

More AfricaCom perspectives

Partner perspectives

How mobile operators in Africa can address signalling threats and secure the network
By Katia Gonzalez, Head of Fraud and Security at BICS

SD-WAN and satellite – how MNOs and telcos can enjoy the best of both worlds
By Ofer Asif, SVP BizDev, marketing and strategy at Spacecom

Africa's mobile operators need better roaming monetization for growth
By Damion Rose, product manager for Mobile Signaling and Roaming Solutions at BICS

All Partner Perspectives

Upcoming events

Africa Tech Festival
November 8-12, 2021
Cape Town, South Africa
More Upcoming events

Flash poll

All polls

Like us on Facebook

Slideshows

AfricaCom 2019 Preview

Slideshow archive

Newsletter Sign Up


Sign Up