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 access to information and communication. With the increasing reliance on technology, owning a smartphone has become a necessity rather than a luxury.
The BNPL facility will enable low and middle-income employees, who may not have been able to afford a smartphone upfront, to purchase smartphones in easy monthly installments (EMI) with their earned salaries and digitally empower themselves. This will drive the masses toward online communication, education, content consumption & creation, e-commerce, digital payments, and more.
To facilitate this lending, Telemart is using a state of the art technology in partnership with a Global tech company to block the smartphone in case of default or non-payment from the customers. This technology secures the lending for Abhi while mitigating the risks associated with BNPL for Smartphones in a country like Pakistan.
On the day of signing, Mr Sarkhail Bawany, Head of Product at ABHI highlighted the importance of the partnership by saying, “Providing BNPL smartphone financing 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 at Telemart commented, “Pakistan ranks very low in terms of smartphone penetration and financial inclusion. With an initiative like this, we can contribute towards increasing both smartphone penetration and financial inclusion for Pakistan while empowering and enabling masses with technology.”
