Vodacom’s cash advance for SMMEs drives financial inclusion
by TINTSWALO BALOYI
JOHANNESBURG – SMALLER, unregistered businesses in need of quick access to short-term cash advances have received a major boost after the introduction of VodaLend Business Cash Advance.
A product of Vodacom Financial Services, it provides finance between R3 000 (US$217,19) and R350 000 to customers using VodaPay point of sale (POS) devices.
Business Cash Advance complements VodaLend’s range of lending products aimed at the small, micro and medium enterprise (SMME) sector.
Mariam Cassim, Vodacom Financial and Digital Services, Chief Officer, said Business Cash Advance would further underpin the financial security of partner SMMEs.
“It often happens that a small business has intra-month cash flow challenges,” Cassim said.
“While the business is liquid over the long-term, occasionally it finds itself unable to meet short-term cash requirements. This is where our Business Cash Advance product comes into play.”
Business Cash Advance provides funding for partner SMMEs that trade using VodaPay’s POS devices, including VodaPay Max, E-Commerce Switch and VodaPay Chop-Chop QR code.
Funding is offered to the SMME based on its monthly turnover and, if accepted, is paid to the company within 24 hours.
Start-ups and SMMEs are the backbone of the South African economy, whose mainstream is struggling to create jobs.
“This is another small step by Vodacom Financial Services to further build and stabilise the SMME sector – a key component to long-term growth of our economy. This sector is also vital to job creation in an environment where unemployment is unacceptably high,” Cassim said.
– CAJ News
