Phone financing in Kenya is among the widely adopted forms of credit to those with budgetary constraints when shopping around for phones. With this option, one can obtain hire purchase phones such as Safaricom phones on loan, lipa polepole phones or M-kopa phones.
Another option for acquiring smartphones is through the use of phone trade-in programs available in Kenya.
Besides the above, there are other services with which one can buy phones on loan in Kenya. Such include:
1. Eazzy Simu loan
Eazzy Simu loan is a phone on loan product from Equity bank that provides access to phones on credit through its Equitel platform.
Eligibility for the Eazzy Simu loan requires one to hold an account with Equity bank accessible through an Equitel line or the Eazzy banking app.
Qualified users of the service can check their loan limit via two options i.e
Equitel menu by navigating to ‘My Money’>‘Eazzy loan’>‘Get Loan’>‘Account’>’Other loans‘>Pin>’Eazzy Simu loan‘>’Loan limit‘
Eazzy app by clicking ‘Request loan’ then enter your PIN, select the account to deposit the loan, select the loan type as ‘Smartphone’ then get loan limit.
The loan limits assigned will enable one purchase phones in accordance to his/her limit through any nearest equity bank or authorized agents such as fast mobile connections (Nairobi), Image connections (Machakos) and Twixt Technologies (Nairobi & Nakuru)
In the event that your loan limit is zero, you are advised to grow your limit by transacting frequently through the Eazzy app or Equitel line.
To apply for the Eazzy Simu loan, you can either do so via:
Equitel menu through ‘My Money’> Eazzy loan> Get Loan> Account> Other loans> Pin> Eazzy Simu loan> Loan limit> Amount> Vendor Till Number> Pin> Send
Eazzy app by clicking ‘Request loan’ then enter your PIN, Select account to deposit the loan, Select loan type as ‘Smartphone’ , Enter the amount as per your loan limit, Select your preferred repayment period ( between 1-6 months) , Select merchant, Confirm the loan details summary, Request loan and Confirm OTP.
2. Lipa MdogoMdogo
Lipa Mdogo Mdogo is a partnership between Safaricom and Google to offer smartphones on credit via daily installments of Ksh20.
The service is available via the ussd code *544# under the Lipa MdogoMdogo menu option.
However, applicants to the service should ensure that they meet the qualifications before they are granted access to the services. These requirements include: being a Safaricom subscriber for 12 months, own a 2G/3G smartphone and must be in good standing with all lenders.
Successful applicants will be required to visit any Safaricom shop and present their voucher reference number as well as provide their national ID and make a down-payment of Ksh1000 in-order to receive the phone.
The repayment duration for Lipa Mdogo Mdogo phones is 9 months with installment options of daily, weekly, partly or full repayment via M-Pesa.
Failure to make repayments will result in Safaricom locking your device on the 4th day while the outcome of prolonged default will bar all outgoing calls/SMS on the 7th day.
Persistent non-payment for 30 days will lead to disqualification from the service and details forwarded to CRB.
3. Beba Sasa Lipa Pole Pole
This is a smartphone credit facility provided through the partnership between Safaricom and KCB that enables the access of smartphones on loan at any Safaricom shop.
To make an application for the service, you are required to browse the list of available phones and their prices, fill in the application form accessible either by downloading or obtaining it from a Safaricom shop.
Fill in the form, scan and send it to the email address email@example.com whereby KCB will review it and advise on its approval status within 24 hours.
Successful approvals will be require the applicants to collect the smartphone at any Safaricom shop and they should also provide a National ID as well as a KCB credit card for verification purposes.
M-Kopa is a company that provides provides a variety of products including mobile phones on a pay-as-you go subscription model which allows users to get a phone and pay daily installments of Ksh60
Interested applicants are required to go to any Safaricom shop or M-Kopa outlet with a national ID, make a down-payment of Ksh3,500 via M-Pesa and collect their desired phone.
Onward, you will be required to make daily repayment installments of Ksh60 to M-Kopa’s paybill number until the amount is fully repaid.
Failure to make repayment will result in your device being locked remotely
5. Aspira Kenya
Aspira Kenya is a buy now, pay later product financing option that allows users to make purchases and pay via installments.
This is possible through the partnership between Aspira and various stores that sell various products including smartphones.
To get started with Aspira, you are required to register to the service either through web or android/iPhone app.
6. Lipa Later
To qualify for a loan limit, you will be required to submit your 6-month M-Pesa statement to firstname.lastname@example.org or 3-month bank statement.
Once either of the above has been submitted, you shall be assigned a credit limit with which you will be able to use to shop at any of their partner stores.
To do so, you will be required to provide your national ID at the partner store whereby you will be receive a contract via SMS with the details of the items and the terms whereby the repayment period will be between 2-12 months.
Once you accept, you are free to leave with your item.
Flexpay also uses the buy now, pay later model for purchases in select merchant shops.
The payment duration is 90 days. However, you get the product after making full payments.
Miti is another Buy now, pay later service in Kenya that requires new members to make a deposit whereby they will be issued with a phone with the MITI app preinstalled which can be used for all future orders.
To become a MITI member, you need to fill in your details via the MITI website including your name, phone number, email address, date of birth, delivery location, national ID number, occupation and monthly income.
Orders placed via the MITI phone will be delivered to a nearby MITI agent within 2-4 days whereby the client will be contacted by phone to confirm the order. Payments can be done on delivery using the paybill 477788 and national ID as the account number.
Categories: Loan Articles