Vodacash is launching its new service M-Pesa Rallonge in the DRC to allow customers to financial assistance from their cell phones.
M-Pesa Rallonge is a new service dedicated to M-Pesa users with zero or insufficient balances. Users will be able to take advantage of this service to get an instant overdraft and top up their balance to make a transaction, such as:
- Send money without withdrawal fees
- Purchase Credit for oneself
- Purchase Packages for oneself
- Purchasing Products;
- Resubscription to cable channels such as Canal+, Startimes, Easy TV, and Bleusat, except DStv, which only supports payment in dollars.
As you might have already guessed, this is the same product as M-PESA’s Fuliza in Kenya, which allows customers to access credit when their balance is zero or insufficient for completing certain transactions. It has been around since 2019 and has since surpassed M-Shwari and KCB M-PESA in terms of revenue. The product has further seen its charges reduced substantially to cushion users from the harsh economic times.
Customers with an active premium account who make regular transactions via M-Pesa will be eligible for the offer. The overdraft is currently only available in Congolese francs, and its limit ranges from 50 to 100 thousand FC, subject to interest charges and penalties for violating the terms and conditions.
M-Pesa is the market leader in the Central and East African regions and the DRC. With a wide range of value-added products and services tailored to the purchasing power of the Congolese population, M-Pesa is the largest mobile money brand with a substantial 61% market share, a 10% contribution to GDP, and over 6 million customers. M-Pesa also has the largest distribution coverage to ensure service availability to beneficiaries and a rich ecosystem of products to encourage customers to make more digital transactions.
According to Hashim Mukudi, Managing Director of Vodacash, “M-Pesa continues to provide the DRC with the 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.”