Credit Mall, a subsidiary of the Teachers’ Fund, established to provide consumer credit to members of the Ghana National Association of Teachers (GNAT), has launched a smartphone financing initiative aimed at making smartphones more accessible to Ghanaians.
Why This Initiative Matters
Despite Ghana’s expanding digital landscape, smartphone accessibility remains a significant challenge. As of 2020, there were approximately 15.6 million smartphone users, accounting for only 50% of the population. This considerable gap in digital inclusion hampers the growth of the startup ecosystem by limiting the pool of potential users and customers for digital services and products. Furthermore, low digital connectivity restricts access to essential services like financial tools, e-commerce, and other digital innovations, ultimately slowing economic progress.
How Credit Mall’s Smartphone Financing Works
Dubbed Ascend Smartphone Financing, the initiative enables individuals to purchase Android smartphones with a 10% down payment and pay the remaining balance over six months. To qualify, customers only need a Ghana Card and a mobile money account. This marks a shift from Credit Mall’s traditional focus on government employees, broadening its reach to the general public.
To manage risks, the platform features a phone-locking system. If a customer defaults on payments, the smartphone can be remotely locked, limiting its functionality until payments are resumed.
Currently, the scheme offers Android devices from brands like Samsung, Tecno, and Infinix, with plans to include iPhones in the near future. With this initiative, Credit Mall aims to drive smartphone adoption in Ghana, bridging the digital divide and fostering greater digital inclusion.
