Telkom Kenya on Tuesday said it has partnered with Lipa Later, a Buy-Now-Pay-Later company, to offer Kenyans a financing solution to purchase smartphone devices.
The solution will enable customers to purchase smartphones by paying over three months at 0 per cent interest and 12 months at 4 per cent interest with 30 days grace period and purchases of up to Ksh500,000 at any Telkom Shop countrywide.
“Telkom is excited to announce this partnership as it speaks to our belief that access to Mobile Data is a fundamental human right. This is because of its strategic potential to address digital inclusion progressively, ensuring the benefits of the Internet and digital technologies are available to more Kenyans, consequently empowering the digital economy,” Telkom CEO Mugo Kibati.
“Coupled with the easier access to smart mobile devices through this partnership with Lipa Later, our customers will also be able to enjoy affordable Mobile Data through our products.”
In Kenya, the uptake of smartphones continues to grow, with more people endeavouring to access the Internet, whether for entertainment or socializing. With this partnership, both companies want to make these devices more accessible to consumers through affordable monthly instalments.
According to the Global Systems for Mobile Communications Association (GSMA), there is ample opportunity for the mobile industry and ecosystem players to improve smartphone affordability among these consumer segments.
Through this partnership, consumers can access select phones from brands such as iPhone, Nokia, Oppo, Realme, Tecno, Ulefone, Vivo, Xiaomi, Huawei, Bontel and Itel.
The Global Buy Now Pay Later industry’s market size was valued at $90.69 Billion in 2020 and projected to reach $3.98 Trillion by 2030, growing at a compound annual growth rate of 45.7% from 2021 to 2030.
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