Silicon Valley technology company PayJoy has partnered with pan-African mobile network operator MTN, distributor TD Mobile and financial institution Sterling Bank to offer a technology-driven financing solution that enables Nigerians to buy mobile devices on installment.
The solution leverages the patented PayJoy Lock which enables “pay-as-you-go” access to the phone. Samsung is the first smartphone brand to sign up for the offering, which will be available at selected MTN stores in Lagos, Abuja and Port Harcourt.
“Our mobile locking technology enables financial inclusion for people who cannot access credit through the formal financial system and gives people in Africa and other developing markets access to technology and tools they could not otherwise afford,” says PayJoy’s GM for Africa, Dominique Friedl. “Our unique patented software disables the smartphone in case of non-payment but still allows consumers to remain connected to the mobile network.”
Gozy Ijogun, MD of TD Mobile, adds that the PayJoy solution offers a great opportunity to boost smartphone penetration in Nigeria and helps close its digital divide. “We are delighted by this development because it will empower Nigerians to own devices that were once beyond their budgets.”
MTN Nigeria’s senior manager: data and devices Abiodun Ajayi, says the network operator offers a range of value-added services and incentives to help customers make the most of a new smartphone acquired through the financing scheme. These include 2GB free data every month and access to a suite of MTN offerings such as MTN Pulse, MTN Music Plus and many others.
Sterling Bank’s group head of strategy and innovation, Shina Atilola, says: “The scheme is open to all Nigerians and you do not necessarily have to be a salary earner to qualify. This is one of the surest and most convenient ways to own a high-end smartphone without burning a hole in your pocket.”