ABHI, an embedded fintech company, has teamed up with Telemart, a leading e-commerce marketplace in Pakistan, to provide buy-now-pay-later smartphone financing to thousands of ABHI app users across the country. This partnership 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 with their earned salaries and digitally empower themselves.
Smartphones have become an essential tool for access to information and communication in today’s world. With the increasing reliance on technology, owning a smartphone has become a necessity rather than a luxury. The BNPL facility will drive the masses towards online communication, education, content consumption and creation, e-commerce, digital payments, and more.
To facilitate this lending, Telemart is using 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.
Mr. Sarkhail Bawany, Head of Product at ABHI, emphasized the importance of the partnership, stating that “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, expressed his thoughts on the initiative, saying, “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.”
This partnership is expected to contribute towards the growth of the digital economy in Pakistan, as more people gain access to smartphones and other digital devices. With greater access to technology, people will be able to participate more actively in online communication, education, and commerce, leading to increased economic growth and development for the country.
Overall, this initiative is a step towards bridging the digital divide in Pakistan and creating a more inclusive and empowered society in the digital age.
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