US firm set to help Tanzanians with phone loans
What you need to know:
- Tanzania 4G smartphone penetration is estimated to be at around 20 percent, with the whole 80 percent being an opportunity to leverage.
Dar es Salaam. A US-based digital microfinance provider has started operations in Tanzania to provide loans for smartphones.
Known as Y9, the company is leveraging technology and innovation to offer digital financial services, the firm’s chief executive officer Ms Faith Pella said.
She said 4G smartphone penetration in Africa is still low for digital inclusion to have an impact, but they see an opportunity through their loans to simplify access and make smartphones more affordable for many people.
“To date, the response has been very encouraging, and we are certain of the growth and impact that we will achieve in the market. Technology and innovation in social and economic activities are what will bring about meaningful digital and financial inclusion,” she said.
Tanzania 4G smartphone penetration is estimated to be at around 20 percent, with the whole 80 percent being an opportunity to leverage.
“I decided to come up with the idea of digital microfinance in the country. The decision came very easily. Social and economic sustainability is what I stand for. I knew that I had to be part of this journey to bring actual change and transformation to the country and across Africa,” she said.
