Vodacom has launched a new voucher and lending service which allows Vodacom customers to buy vouchers at a discounted price or get an advance then pay later. Vouchers must be paid back within 30 days and they remain valid for three years. If clients fail to pay back the advance within that 30 days, they will be charged a service fee of R5 or R10 monthly -this depends on the value of the voucher.
For customers to be eligible for the voucher, they need to be active on the Vodacom network for at least six months and have a record of buying airtime and data bundles. The vouchers may be bought in advance through the My Vodacom app, to access it click on the My Account tab and select Vouchers. The USSD functionality will be introduced a bit later to accommodate all Vodacom customers.
The only brands that Vodacom users can get credit from so far is one of the biggest fast-food restaurants, Nando’s and biggest appliance store Hirsch’s.
The discount vouchers for Nando’s range from R25 to R75.
Whereas vouchers for Hirsch’s start from R250 to R1000.
Payments for the vouchers will be charged to the customers bank account using the card details that they provided and were approved by Vodacom. Vouchers may be purchased one at a time and additional vouchers can only be bought when the outstanding amount is paid.
In a statement Quinton Van Vuuren, Executive Head of Lending at Vodacom Financial Services said, “We, as a business are also mindful of the fact that South Africans face tough economic challenges. Our primary focus is to deliver seamless and rewarding experiences for customers and vendors in a cost-efficient way.”
As you know VodaLend is not Vodacom’s first advance lending service, they have been operating Airtime Advance for years and it has been a success.