Browsing: South Africa’s fintech market

Vodacom Financial Services has introduced a new product called VodaLend Cash Advance, which provides customers with fast and safe access to money when they need it most urgently.

The VodaLend Cash Advance is the most recent addition to the suite of financial services offered by VodaLend, which also includes the VodaLend Compare service, the Voucher Advance service, and the Airtime Advance service.

  • Vodacom Financial Services established VodaLend Cash Advance to enable consumers fast, secure access to cash
  • This new feature is geared toward unbanked consumers who require quick and hassle-free access to funds for various reasons
  • The financial services are exclusively offered to Vodacom customers through the VodaPay super app

This new feature is geared toward unbanked consumers who require quick and hassle-free access to funds for various reasons, such as an unexpected trip to the doctor or topping off a pre-paid electricity account just before payday.

The financial services …

South Africa’s fintech market has been growing fast over the last five years.

According to German consumer data company Statista, it is projected that the largest segment will be digital payments, with a total transaction value of US$14,340 million in 2022.

  • With a population of over 60 million and a high mobile penetration rate of 180 per cent, there’s a ready market for the money lending business in South Africa
  • Financial inclusion in the country is still a challenge as 32 per cent of the population has no access to financial services, including bank accounts and loans
  • South Africa’s banking sector has largely been controlled by four major banks with a market share of over 80 per cent but digital lenders are catching up fast
South Africa's Finance Minister Enoch Godongwana
South Africa’s Finance Minister Enoch Godongwana. NCA regulates digital lenders in the country. (Photo/Business Tech).

With a population of over 60 million and a high