ABHI, an embedded Fintech company, and Telemart, a leading e-commerce marketplace, have partnered to provide Buy-Now-Pay-Later smartphone financing to thousands of ABHI app users across Pakistan.
As the world rapidly transitions from physical to digital, smartphones have become an essential tool for accessing information and communication. With the increasing reliance on technology, owning a smartphone has become a necessity rather than a luxury.
The BNPL facility enables low- and middle-income workers, who may not have been able to afford a smartphone upfront, to buy smartphones in convenient monthly installments (EMI) with their earned salary and empower themselves digitally. This will drive the masses towards online communication, education, content consumption and creation, e-commerce, digital payments and more.
To facilitate these loans, Telemart uses an advanced technology in collaboration with a global technology company to block the smartphone in case of default or non-payment by the customers. This technology secures the loan for Abhi while reducing the risks associated with BNPL for smartphones in a country like Pakistan.
On the day of the signing, Mr. Sarkhail Bawany, Head of Product at ABHI emphasized the importance of the partnership saying, “Providing BNPL smartphone finance and digitally empowering the masses will have a transformative impact on our society and economy. By making smartphones more accessible to thousands of users, we can create a more opportunistic society in the digital age.”
Mr. Hamza Abdul Rauf, co-founder of Telemart commented, “Pakistan ranks very low in smartphone penetration and financial inclusion. With an initiative like this, we can contribute to increasing both smartphone penetration and financial inclusion for Pakistan, while empowering and enabling the masses with technology.”
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