Dar microfinance firm inaugurates special smartphone financing program

In Tanzania, like in many developing countries, price is the biggest barrier to accessing technology. A smartphone that costs around $100 can take up to 60% of an individual’s monthly income. Situation is more pronounced for women, who often earn less than their male counterparts and are less likely to have access to credit. Lack of access to credit makes it hard for women to start and grow businesses, save for the future, and meet their everyday needs.

According to the World Bank, Tanzania has one of the lowest rates of financial inclusion in Africa, with only 16% of adults having access to formal financial services.

This situation is worse for women, who are more likely to be excluded from the formal financial sector. Furthermore, the gender gap in mobile ownership in Tanzania is up to 11% of the adult population while the gap in mobile internet use is noted to be 52%.

Y9 microfinance aims to address this problem by providing affordable financing for smartphones that come with 4G internet connectivity. The program targets women and other underserved groups who are excluded from the formal financial sector.

The microfinance institution has partnered with mobile network operators to provide affordable smartphone packages that come with 4G internet connectivity. Customers can choose to pay for the phones in installments over six to twelve months, making it easier for them to access technology.

“By providing affordable smartphone financing, we are not only addressing the gender gap in financial inclusion but also promoting digital inclusion. Access to technology is key to economic empowerment, and we believe that every Tanzanian should have the opportunity to be connected,” said Faith Pella, the CEO of Y9 microfinance.

The program has already seen a positive impact on the lives of many women who have been able to start and grow businesses, access education, and connect with family and friends, added Fredrick Mtui, the Head of Sales of Y9 microfinance.

Mtui said: “Our success comes down to understanding the needs of our customers and providing them with solutions that fit their budget and lifestyle.”

“I used to struggle to keep in touch with my family who live in a different part of the country. With the smartphone and 4G connectivity, I can now call and send messages to them anytime, anywhere,” said Grace Mwakyusa, a small business owner who recently acquired a smartphone through Y9 microfinance.

 Another beneficiary of the program, a food vendor, Amina Said, said, “The smartphone has opened up a world of opportunities for me. I can now access online resources and connect easily with my customers.”

The Y9 microfinance smartphone financing program has also created job opportunities for young people who are trained to sell and support the devices.

“I was struggling to find a job after finishing college. But when I heard about the Y9 smartphone financing program, I applied for a job and was hired as a sales agent. I now earn a decent income and have gained valuable experience in sales and customer service,” a sales agent for Y9 microfinance.

The program has also had a positive impact on the mobile network operators who have seen an increase in the number of customers using their services.

The Y9 microfinance smartphone financing program has demonstrated the importance of financial and digital inclusion in promoting economic empowerment and improving the lives of undeserved communities. The program is a step towards bridging the gender gap in financial inclusion and promoting sustainable development in Tanzania.

Source link

We will be happy to hear your thoughts

Leave a reply