Customers buying Samsung Electronics’ phones have up to a year to pay for the gadgets through a purchase agreement with Nairobi-based credit company Odyssey Capital.
Samsung made the announcement during the launch of four of its devices last week. Through Odyssey Capital’s Lipa Later credit facility, service users are allowed to pay for the phones in instalments over a period of between six months and a year.
Approval of the facility is estimated to take no more than 24 hours and the consumer is then advised to pick their device before starting to make the monthly payments at an interest rate varying between four and six per cent.
Claudia Gakundi, Odyssey Capital Business Development Manager, said the facility is open for both salaried and self-employed individuals.
"After identifying the device they would like to buy, consumers can head to Lipa Later website to apply for the facility where they will be requested to either send their last six months M-Pesa statements, for salaried individuals, or bank statements for the last six months for the self-employed,” she said.