M-Pesa launches overdraft service in the DRC

M-Pesa launches overdraft service in the DRC

Vodacom Congo subsidiary Vodacash is launching its new service M-Pesa Rallonge in the DRC, granting mobile banking customers access to financial assistance from their cell phones.

M-Pesa Rallonge is aimed at customers with zero or insufficient balances. It offers them access to an instant overdraft which they can use to top up their balance to make a transaction, including sending money with no withdrawal fees, purchasing products, credit or other packages, or renewing subscriptions to cable channels.

Hashim Mukudi, Managing Director of Vodacash, said: “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.”

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.

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.

Sign-up to our weekly newsletter

Keep up-to-date with all the latest news, articles, event and product updates posted on Developing Telecoms.
Subscribe to our FREE weekly email newsletters for the latest telecom info in developing and emerging markets globally.
Sending occasional e-mail from 3rd parties about industry white papers, online and live events relevant to subscribers helps us fund this website and free weekly newsletter. We never sell your personal data. Click here to view our privacy policy.