San-Franscisco based financial technology firm, PayJoy, is set to launch phone loan services in Kenya in partnership with gadgets distributor Allied Group to tap into the growing demand for smartphones.
The fintech, started by ex-Google employees in 2015, will allow people to access smartphone payment plans in mobile retail stores run by Allied Mobile once its services are unveiled locally in the second quarter of the year, PayJoy.
Allied Group will use PayJoy’s Checkout, a paperless finance system for customers who are unbanked or without access to formal credit. PayJoy last week launched in Tanzania in partnership with Vodacom and Commercial Bank of Africa Ltd (CBA) where customers are expected to apply for smartphone loans through M-Pawa, an M-Pesa product.
“We look forward to bringing PayJoy’s next-generation solution to Africa, and more importantly connecting the next billion. We feel Allied Mobile is a fantastic partner considering their expertise as a value-adding independent specialist distributor in mobile devices,” said PayJoy chief executive Doug Ricket.
PayJoy said the partnership aims at bridging the gap in internet adoption in Africa where most people are not able to access internet through mobile phone for lack of enabled gadgets.
Allied Group has retail outlets across 38 markets.