NAIROBI, Kenya June 28- Telkom Kenya and Lipa Later have partnered to provide a product financing solution where customers will be able to acquire smart mobile devices and pay in monthly installments.
With this partnership, both companies are looking to make these devices more accessible to consumers as they seek to grow internet penetration.
“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 due to its strategic potential to progressively address digital inclusion; ensuring the benefits of the Internet and digital technologies are available to more Kenyans, consequently empowering the digital economy, “said Telkom CEO, Mugo Kibati.
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.
“We are delighted to kick start this partnership with Telkom that will enable both our customers to get and stay connected by acquiring mobile and data devices affordably. Consumers can walk into any Telkom store, sign up with Lipa Later, get a credit limit in less than 5 minutes, pick a device of their choice at zero deposit, and get connected to mobile and data services, and pay for the same in upto 12 monthly installments,” said Lipa Later CEO, Eric Muli.
Through this partnership, consumers will be able to 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 is projected to reach $3.98 Trillion by 2030, growing at a compound annual growth rate of 45.7% from 2021 to 2030.
Retailers are now offering Buy Now Pay Later solutions that enable their customers to purchase essential goods by choosing an affordable financing plan and paying in installments instead of the entire cost all at once.
The increase in the adoption of online payment methods across developing nations is also accelerating the growth of the buy now pay later payment market.
