Equity Bank has partnered with Samsung and Alcatel to offer smartphone loans for clients using the Equitel mobile phone service network.

This platform was created to enable customers buy dual SIM handsets. Equitel through the “Eazy Loan Plus” will lend borrowers from ksh100 to Sh3million.Customers will additionally have a payment plan that will give users a payback period of between one and 12 months.

Equitel had more than two million subscribers in the first quarter of 2016 who transacted Sh62.5 billion through the network.This large group will benefit from this smartphone loans.

The phones are available in select branches and in the event that the preferred phone model is not in stock Equity will make the device available within 24 hours to the customer’s branch.

However, the  value of Equitel loans stood at Sh14.1 billion over the same period. The latest quarterly statistics report from the Communications Authority of Kenya shows the number of transactions processed through Equitel stood at 44.7 million, up from 42.7 million in the first three months of 2015.

This will enable most people who can’t afford the lump sum amount to get a smartphone, to get one and pay in installments.

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