Telkom Kenya said on Tuesday that it had formed a partnership with the Buy-Now-Pay-Later startup, Lipa, Later to provide Kenyans with a method of financing that enables them to buy smartphones.
Customers will be able to buy smartphones with payments spread out over three months at 0% interest, followed by payments spread out over 12 months at 4% interest, followed by a grace period of 30 days, and transactions of up to Ksh500,000 at every Telkom Shop across the nation.
This agreement is something that Telkom is delighted to announce because it reflects our stance that having access to mobile data should be a basic human right. The reason for this is due to its strategic ability to tackle digital inclusion in a progressive manner guaranteeing that the advantages of the digital technologies and the Internet are available to a more significant number of Kenyans and, as a result, strengthening the digital economy, said Mugo Kibati, Chief Executive Officer of Telkom.
The Global Systems for Mobile Communications Association says that the mobile industry and ecosystem players have many chances to make smartphones more affordable for these consumers.
Consumers will now have access to select mobile phones from various manufacturers, including Nokia, Itel iPhone, Realme, Huawei, Oppo, Ulfeone, Tecno, Xiaomi, Vivo, Bontel, and Bontel as a result of the partnership.
In 2020, the market size of the Buy Now Pay Later industry was assessed at USD90.69 Billion, and it is anticipated to reach USD 3.98 Trillion by 2030, expanding at a rate of 45.7% per year between 2021 and 2030