By Neo Kolane
Vodacom Lesotho, through the Vodacom Lesotho Financial Services (VLFS,) has introduced a new feature called M-Pesa Junior Account targeting children.
M-Pesa, the mobile money transfer, operates under an independent company known as VCL Financial Services. The M-Pesa Junior Account caters for the needs of children aged 10-17 to foster good money habits from a young age.
In an interview with theReporter this week, Vodacom Lesotho’s M-Pesa commercial manager Thato Mathule explained that the new feature was introduced after Vodacom Lesotho launched a major network and systems upgrade.
Mathule said the systems were upgraded to bolster the overall network reliability with a view to improving customer experience.
Thereafter, Mathule said, VLFS started to push for a M-Pesa Junior Account that caters for the needs of its client base and their children. The aim is to make financial products and services accessible and affordable to clients.
“We need to start engaging young people on financial savviness to empower them for the future,” Mathule said.
She noted that the two accounts are still accessible through the same USSD code. Even in terms of general functionality, they are still the same.
The main difference is that parents or guardians sign up for minors when registering for the service. The limits are M2, 500 daily usage and M7, 500 monthly.
Mathule explained that minors are restricted from certain services/options such as Mokhatlo Savings, betting and loans because VCLFS wants them to be responsible when they use money.
She stated that parents and guardians have started registering and the company is happy that they do not give children pocket money anymore.
“The requirements are an ID, birth certificate of the child and a M-Pesa minor registration form which is accessible on the Vodacom Lesotho website or any Vodacom Shop.
“Currently, for the registration to take place, the forms need to be taken to a Vodacom shop so that the customer’s profile is captured.
“VCLFS is working on bringing that service closer to customers, and this will be communicated in good time. Parents are happy that they are receiving financial solutions that will cater for them and their children. Also, this means the under 18 will have to have his/her SIM CARD registered,” Mathule added.
