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Redeem Financial Services

in partnership with VCL Financial Services launches an overdraft facility.

In its latest move to expand the scope of financial services offered over its mobile money platform, VCL Financial services in partnership with Redeem Financial Services has launched an overdraft facility named Ntlatse.

Ntlatse is a short term loan (overdraft), accessible on the M-Pesa platform, which tops up a customer when they have insufficient funds while doing a transaction. These transactions include send money, pay bills or pay merchant. While Ntlatse is available to all M-PESA customers, customers will have to sign-up(opt-in) to use the service and can opt out at any time.

Users can access and sign up by using the USSD code *200#, and continue with services they intended to perform, after which an overdraft will be automatically applied in the case where they do not have enough funds in their accounts to complete a transaction. However, the awarding of limits will depend on a customer’s credit viability and how long they have been using M-Pesa. A customer needs to have been using M-Pesa for a minimum period of at least 3 months to quaiify. To repay Ntlatse, customers simply deposit money into M-Pesa account or receive M-Pesa, after which their Ntlatse balance will be deducted automatically.

Customer behavior differs on M-Pesa, and each customer’s behavior determines their individual score in our assessment, which in turn determines how much, and how often a customer may receive top-ups from Ntlatse.