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New financing program for Rwandans to buy smartphones on credit

By IGIHE
On 24 November 2022 at 11:25

MTN Rwanda, in collaboration with Bank of Kigali, have launched ‘Macye Macye’, a Device Financing program that will be funded by the Bank of Kigali and allow MTN Rwanda customers to purchase smartphones and tablets on credit from any MTN Service center, franchisee shop, or other retail distribution point.

Customers can now own a smartphone of their choice for as low as Rwf200 per day by dialling *182*12# and going through a simple onboarding process. Each device purchased under the device financing program will be bundled with free data, talk time and SMS from MTN. Customers can choose to pay for their devices in daily, weekly, or monthly payments. All payments will be made via Mobile Money.

MTN customers will be prequalified using a credit score that will be based on customers’ purchases of various telecommunications services such as Voice, Data, SMS, and Mobile Money over the last twelve months.

The service is in line with MTN Rwanda’s commitment to offer its customers unmatched personalized services that meet their needs as enshrined in MTN’s overall mission to lead the delivery of digital solutions for Rwanda’s progress.

“Smartphone affordability has been a barrier to our customers being able to access the mobile internet. Our partnership with Bank of Kigali sets to increase affordability and lighten the burden to avail smartphones to all, which underpins MTN Rwanda’s belief that everyone deserves the benefits of a modern connected life.

Additionally, with ‘Macye Macye’, we are committed to creating a more connected world to enable more people to access the power of the Internet and bridge the digital divide in the country, where approximately 75% of the population do not own a smartphone. This is yet another milestone that will allow MTN to enrich the lives of our customers as well as to accelerate Rwanda into an innovative digital economy with Accessible and Affordable Internet services,” said Mapula Bodibe, MTN Rwanda Chief Executive Officer.

As the financing partner, Bank of Kigali Plc will offer lending services to eligible customers in the smartphone financing scheme whose credit scoring will be in line with BK’s credit qualification criteria.

Commenting on the development, the Chief Executive Officer for Bank of Kigali, Dr. Diane Karusisi said: “We are very delighted to partner with MTN Rwanda for the device financing program which we believe will further accelerate smartphone penetration and empower communities. At Bank of Kigali, we are constantly innovating to create digital products and campaigns that will allow us to serve Rwandans seamlessly, and this program speaks to our belief that everyone should easily access digital financial services.”

Speaking at the launch, Yaw Ankoma Agyapong, MTN Rwanda’s Chief Consumer and Digital Officer noted that giving more people affordable opportunities to own smartphones, will go hand in hand with the need for reliable internet access to enter the digital world.

"Devices and internet solutions go hand-in-hand; we cannot have one without the other. So, to all our customers, we are saying ’Gahunda ni MTN 4G’, as we offer affordable 4G packages that are convenient to use for browsing, streaming, and downloading. To our customers who have been on the fence on whether to transition to our 4G network, now is the time,” he said.

Interested buyers have various plans to select from:

Single device plan: Spend all your credit earned on one single smartphone. This plan is for individuals buying smartphones for their own use.

Family device plan: Spend all your credit earned on multiple Smartphones. This plan is for individuals buying smartphones for themselves and other family members.

Upgrade device plan: Bring your current device and trade it in; use the value given for your old device to top up your credit eligibility and get a higher-valued Smartphone.

Community device plan: Get special community credit scoring as a member of a SACCO, cooperative, or association.

About MTN Rwandacell PLC

MTN Rwandacell Plc (MTN Rwanda) is the market leader in mobile telecommunications in Rwanda. Since 1998, it has continuously invested in expanding and modernizing its network and leading digital solutions for Rwanda’s progress.

The telecom offers various services to subscribers, including innovative propositions such as personalized voice and data offers for individuals and corporates with a clear vision to lead the delivery of a bold and new digital world to customers.

About Bank of Kigali PLC

Bank of Kigali Plc is the largest commercial bank in Rwanda, by total assets. In 2017, Global Credit Ratings affirmed Bank of Kigali’s long-term and short-term national scale ratings of AA-(RW) and A1+(RW) respectively with a stable outlook.

The Bank has won several back-to-back international and regional banking awards from Euromoney, The Banker, Global Finance Magazine, and EMEA Finance. Bank of Kigali has been recently awarded “Best Bank in Rwanda 2022” by Global Finance.

The device financing is expected to accelerate smartphone penetration in Rwanda.

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