Denis Opudo
San Francisco’s fintech startup (PayJoy) confirmed the ongoing partnership negotiations between them, CBA and Vodacom to support smartphone financing in Tanzania. The collaboration will foster consumer protection via alternative forms of credits and provision of a fordable loan. The strategic partnership incorporates players’ experiences, financial services, and technology specialists.
According to the company report, consumers will be able to make loan payments via M-Pawa. The initiative is derived from M-PESA banking system that enables Safaricom subscribers to borrow and save money through their mobile phones. Customers can collect their Smartphone from over 350 Vodacom outlets across Tanzania after completion of verification process. The unique Smartphone will possess the Pay Joy Lock patented software which blocks Smartphone apps for cases of non-payment. However, Pay Joy Lock feature still allow for internet connectivity, access to M-PESA menu and making emergency calls.
Doug Ricket, PayJoy’s CEO and co-founder, t noted that the collaboration between Vodacom and CBA aids in the realization of the company mission. He added that the company mission entails making smartphones and consumers financing flexible to many users. The agreement will encourage economic growth in disciplines associated with internet connectivity throughout the country.
The Chief Executive Officer for Vodacom Tanzania, Hisham Hendi, explained that the collaboration between CBA and Pay Joy benefited Vodacom Company. For instance, the move is in line with long-term ambition of Vodacom aimed at digital inclusion and financial acceleration. The estimated Vodacom customers in Africa sum up to about 71 million people. He further added that the collaboration enables the company to connect many people for a better life today and a bright future tomorrow.
Besides, CBA and Vodacom, Play Joy is also finalizing collaboration with Allied Mobile to bring more smartphones to the continent.
