Tanzania Smartphone loan company ‘Y9’ expands

Dar es Salaam. A new microfinance company yesterday launched five new branches in Dar es Salaam to boost service delivery, as it targets to reach more Tanzanians.

Dubbed Y9 Microfinance, the company provides financial services to the unbanked and access to insurance and health products through mobile phones.

The five branches are located at Makumbusho, Mbezi Louis, Tandika, Kigamboni and Buguruni.  

These branches will increase convenience to customers who can’t afford a direct purchase of a smartphone and are looking for financing options.

Speaking during the launch, Y9 CEO Faith Pella said the move is in line with its strategy to grow Y9 Microfinance business by taking the smartphone loan services closer to its customers.

“We are offering 4G smartphone loan services to different groups including the employed, entrepreneurs and individuals” she said.

“We are delighted to inform our customers that they can now access our services conveniently at our Y9 centers across Dar es Salaam and we will continue to open up in every region to reach more customers in the country,” She continued.

This device financing compliments the partnership between Y9 and Samsung that aims at offering affordable yet quality smartphones to Tanzanians.

“Customers can now easily get a smartphone for a downpayment of Sh40,000 through Y9 Microfinance and pay as low as 2,000 per day as loan repayment, “ The Y9 CEO stated.

“We have started with smartphone financing, and we are layering more products and services in order to give our customers quality financial services that will be available in our Y9 application.

“Y9 is committed to delivering meaningful financial inclusion through digital financial services that will impact the social and economic life of people of Tanzania.”