Vodacom Congo subsidiary Vodacash is launching M-Pesa Rallonge in the DRC, giving mobile banking clients access to financial aid via their cell phones.
M-Pesa Rallonge is intended for consumers who have no or insufficient funds. Similar to Kenya’s Mpesa Fuliza, it gives users access to instant loans that they can use to top off their balance in order to complete a transaction, such as sending money without incurring withdrawal penalties, buying goods, paying for other packages or using credit, or renewing cable subscriptions.
Customers that regularly use M-Pesa and have a valid premium account are eligible for the offer. The limit of the loan, which is presently only available in Congolese francs, is between $50,000 and $100,000 FC. However, it is subject to interest fees and penalties for breaking the terms and conditions.
“M-Pesa continues to provide the DRC with solutions that can benefit the population and promote digital and financial inclusion. Together we can drive economic development and provide services to those in dire need of access to financial services in rural and remote areas,” said Hashim Mukudi, Managing Director of Vodacash.
M-PESA is Africa’s most successful mobile money service and the region’s largest fintech platform, providing financial services to millions of people.
M-PESA provides approximately more than 51 million customers across seven countries in Africa with a safe, secure, and affordable way to send and receive money, top-up airtime, make bill payments, receive salaries, and access short-term loans.
Established on March 6, 2007, by Vodafone’s Kenyan associate, Safaricom, M-PESA has more than 604,000 active agents operating across the Democratic Republic of Congo (DRC), Egypt, Ghana, Kenya, Lesotho, Mozambique, and Tanzania.
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