An innovative and ground-breaking Shariah-compliant smartphone financing program has been launched by Telemart, a top online retailer in Pakistan, in collaboration with NRSP Microfinance Bank, one of the country’s top microfinance institutions.
As per details, the partnership, according to Telemart and NRSP, is aimed at addressing the current financial challenges and low financial inclusion through smartphone-based financing by offering a seamless and accessible way for customers to purchase their desired smartphones on easy monthly installments.
“In the face of extreme inflation and limited access to financial services, Telemart, in collaboration with NRSP Microfinance Bank, is proud to offer a solution that makes smartphone ownership a reality for micro entrepreneurs across Pakistan.” Telemart said in a statement.
“The new financing option provides a flexible and convenient way for customers to purchase the latest smartphones from Telemart on easy monthly installments, without the need for a credit or debit card,” it added.
Anybody can apply for smartphone financing of up to 12 months through this arrangement if they have a valid CNIC and a valid source of income. This unique initiative aims to provide everyone with the opportunity to own the latest smartphone technology. Telemart, according to the company statement, is using a state-of-the-art technology in partnership with a Global Tech company to block the smartphones in case of default or non-payment from the customers.
The launch of this project is currently in its pilot phase facilitating customers in Karachi, Lahore, Islamabad, Rawalpindi and Bahawalpur. However, within 2 months, the scope of this project will be extended to multiple cities across Pakistan. The smartphone financing option is available through both Telemart’s website (www.telemart.pk) and its offline stores, providing customers with the convenience of choosing their preferred method of purchase.
