ICT Africa Headline News

Zimbabwe: TN Bank Avails Phone Facility

01 March, 2013

Source: The Herald

ECONET Wireless customers will soon be able to lend money from a facility set up at TN Bank by the cell phone company to buy high end smartphones and tablets. Under the scheme, financing for up to 25 000 phones and tablets will be availed each month.

An Econet official said loans will be made available to customers towards the upgrade of their phones, which they can get from Econet Shops.

"We decided to start the scheme after realising that many of our customers were not enjoying the full capacity of our 3G and WiMax services because their phones were not up to date. For our clients to really enjoy high speed data services, they must have the most up-to-date phones and tablets such as the Apple iPad, which are generally quite expensive," said the official.

Due to its strong balance sheet, Econet is able to extend loans to its customers but it needs a bank as an intermediary.

Any Econet customer can apply for a small loan to buy a phone. If approved by the bank, the customer can pay for the phone in 24 monthly instalments. The interest rate will also be lower than those charged by local banks.

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