MTN Ghana Partners Mobile Money Ltd & Access Bank Ghana to Launch Device Financing Service

MTN Ghana has announced a new partnership with Mobile Money Ltd and Access Bank Ghana PLC to offer a groundbreaking device financing service for its customers. The initiative, named “MTN Pick and Pay Later,” enables customers to select a smartphone, make an initial payment, and pay off the remaining balance in installments over either 4 or 6 months via Mobile Money (MoMo).

The selection of smartphones available to customers will be determined by their creditworthiness, assessed through a credit scoring engine on the MTN network. To access this innovative service, customers can dial *170#, select Financial Services, and then choose “Device Pick and Pay Later” under the Loans section.

Chief Commercial Officer for MTN, Mr. Noel Kojo-Ganson, emphasized the company’s commitment to ensuring everyone benefits from a modern, connected life, including access to high-speed internet services through quality smartphones. He noted, “This initiative is intended to help customers who want smartphones but may have limited cash for upfront purchases. The collaboration with Mobile Money Ltd and Access Bank is crucial for reducing communication costs.”

In this partnership, Access Bank will provide financing options for customers to purchase smartphones, enabling access to digital banking services and ensuring continuous online connectivity. This aligns with the bank’s goal of promoting financial inclusion and supporting a cash-light economy, making it easier for customers to afford smartphones and access digital services.

Group Head of Retail Banking at Access Bank Ghana, Matilda Asante-Asiedu, highlighted the significance of the initiative: “Only 13% of the eligible population have access to borrowing, leaving a substantial gap for those who qualify but do not have access to finance. This partnership reflects Access Bank’s vision of providing innovative solutions to the markets we serve, empowering individuals to support their lifestyles in a world that is rapidly becoming more digital, all through the convenience of a mobile phone.”

The “Pick and Pay Later” service is supported by other partners, including Hollard Insurance, PaySwitch, and Atlantic Phones, all of which provide various services to enhance the customer experience. With a wide range of smartphone options available, from entry-level to mid-tier 4G phones, the MTN “Pick and Pay Later” service aims to meet customers’ needs and support their ability to transact anytime and anywhere.

Through this collaboration, MTN Ghana, Access Bank, and their partners are committed to reaching the unbanked population and promoting the adoption of digital financial solutions.