NAIROBI, Kenya
Airtel has partnered with afb, a consumer finance company, in a deal that gives the mobile phone company’s subscribers access to unsecured credit products. Over five million subscribers currently hooked to the Airtel network are expected to benefit with the service initially available in Nairobi and a planned countrywide rollout in the coming months.
afb launched operations in Kenya in October 2012 and offers convenient quick credit to average Kenyans. Unlike banks that offer credit based on the borrower’s account relationship status with the bank, afb lends based on the credit record of the individual, often serving credit to customers who would not qualify at a bank.
afb offers credit with no security such as savings or assets, and the credit is often available on the same day of the application. Right now afb credit is available at a number of retailers across Nairobi. The company, headquartered in Mauritius, will be seeking to leverage on the strong countrywide market footprint of Airtel to grow its market in Kenya even as it plans to roll out operations in the regional countries of Tanzania, Zambia and Uganda.
“We are confident that this service will enable Airtel subscriber’s access affordable and instant credit to purchase merchandise and comfortably pay for the same over a period of up to six months for certain products. This partnership will give customers financial freedom and flexibility, with some products allowing them to “shop now, and pay later,” said afb Managing Director for Mobile, Johan Bosini, during the launch event held in Nairobi.
Airtel Kenya Managing Director Shivan Bhargava said the partnership will diversify product offering and differentiation, thus ensuring that the subscribers get added value from the company. “This partnership will allow Airtel customers to easily access meaningful financial services from afb through convenient channels,” said Bhargava.
Apart from Kenya, afb is currently present in Mauritius and Ghana with plans to launch in Zambia later this year. afb is a consumer finance company that specialises in the provision of responsible credit products within Africa. Established in Ghana in 2009, afb is a high growth business with three core business divisions: Cards, Loans and Insurance.
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