PayJoy, a fintech startup from San Francisco, announced this week that it has partnered with Vodacom and CBA to bring smartphone financing to the country of Tanzania. The company said this strategic collaboration will use the parties’ experience and expertise in financial technology and services to support consumers by providing them with affordable loans and alternative forms of credit scoring.
“Through this collaboration, consumers will be able to apply for smartphone loans through M-Pawa, the revolutionary banking product for M-PESA customers that enables consumers to save and borrow money through their mobile phones. Once the consumer is approved, they will be able to pick up their new smartphone at more than 350 Vodacom retail stores across Tanzania. The smartphone will integrate PayJoy Lock, a unique patented software that blocks smartphone applications in the event of non-payment but still allows consumers to stay connected to the mobile network, make emergency calls and access M-Pesa. for payments.
While sharing more details about the partnership, PayJoy CEO and Co-Founder Doug Ricket said:
“Today’s announcement with Vodacom and CBA is another step towards realizing our mission to make smartphones and consumer credit accessible to more people. Our technology enables Vodacom and CBA to offer structured financing options to customers who do not have access to credit and therefore cannot afford a smartphone. This agreement will put the internet and all the tools offered by smartphones in the hands of more people in Tanzania, enabling the growth that comes from a more connected population. “
Hisham Hendi Vodacom CEO for Vodacom Tanzania, added:
“This collaboration with PayJoy and CBA once again demonstrates Vodacom’s ambition to support and accelerate the financial and digital inclusion of our 71 million customers in Africa. The collaboration with PayJoy represents a commitment to our goal of connecting everyone to live better today and build a better tomorrow.
PayJoy has also formed a partnership with Allied Mobile to bring more smartphones to Africans.