Vodacom’s cash advance for SMEs promotes financial inclusion – CAJ News Africa
through TINTSWALO BALOYI
JOHANNESBOURG, (ACJ News) – Small, unregistered businesses that need quick access to short-term cash advances have received a big boost after the introduction of VodaLend Business Cash Advance.
A product of Vodacom Financial Services, it provides financing between R 3,000 (US $ 217.19) and R 350,000 to customers using VodaPay point-of-sale (POS) devices.
Business Cash Advance complements VodaLend’s lending product line for the Small, Micro and Medium Business (SMME) sector.
Mariam Cassim, CEO of Financial and Digital Services at Vodacom, said Business Cash Advance would further strengthen the financial security of SME partners.
“It often happens that a small business has cash flow issues during the month,” Cassim said.
“Although the business is liquid over the long term, it is sometimes unable to meet short-term cash flow needs. This is where our Business Cash Advance product comes in.
Business Cash Advance provides financing to SME partners who trade using VodaPay point-of-sale devices, including VodaPay Max, E-Commerce Switch, and VodaPay Chop-Chop QR code.
Funding is offered to SMME on the basis of its monthly turnover and, if accepted, is paid to the company within 24 hours.
Start-ups and SMEs are the backbone of the South African economy, whose mainstream struggles to create jobs.
“This is another small step for Vodacom Financial Services to further strengthen and stabilize the SME sector – a key element in the long-term growth of our economy. This sector is also vital for job creation in an environment where unemployment is unacceptably high, ”Cassim said.
– CAJ News