Mobile money has become a vital tool for vulnerable populations in low- and middle-income countries, revolutionising how they save, invest, spend and manage their financial lives. According to the GSMA’s State of the Industry Report on Mobile Money (2024), it has also driven progress towards the UN’s Sustainable Development Goals (SDGs), enabling households to lift themselves out of poverty.
While mobile money can be accessed through basic feature phones, its true potential lies in the advanced functionalities offered by smartphones. Smartphone device financing is one way to bridge this gap and promote financial inclusion. By offering smartphone financing options, individuals previously excluded from the digital revolution can participate and benefit from all the opportunities mobile money offers.
Regional asset financier Mogo is one of the firms that have enabled Kenyans to acquire more than 100,000 affordable smartphones within just four months of launching its new device-financing product.
Through a partnership with Transsion brands, TECNO, itel and Infinix, Mogo offers flexible smartphone-financing plans payable over 12 months through instalments. The goal is to make quality smartphones accessible to more households, particularly those unable to afford large upfront payments.
“The impressive uptake shows that Mogo is meeting a real market need. Customers want reliable, affordable smartphones that allow them to run their businesses online and stay connected with their families. We are proud to make this possible,” said Head of Sales - Device Financing at Mogo Kenya Fred Muoka,
The highuptake has also been supported by Mogo’s expanding financial literacy programme, delivered through boda boda chairpersons who are trained on responsible borrowing and loan management.
These chairpersons, in turn, train their members, helping them understand how to remain financially healthy. In the past two months alone, Mogo has provided financial literacy training to more than 300 boda boda chairpersons in the Coastal region.
The financing process is fast. From selecting a device to receiving approval, the entire process takes less than 23 minutes. Customers then use the Mogo App to track their repayment schedule.
