Microfinance firm gets closer to unbanked people

Y9 Microfinance Tanzania, a subsidiary of Y9 Inc., launched a unique service yesterday to fulfil its vision of bringing financial services closer to the unbanked. This service offers individuals the opportunity to own a 4G smart feature phone embedded with microfinance services at an affordable price. In a statement released yesterday, the firm stated that for an affordable price, individuals can now own a 4G smart feature phone built-in with the latest technology, such as a contactless payment system and all popular applications. According to Y9 Tanzania’s chief executive, Mr Ashok Kavinattamai, the firm’s vision is deeply rooted in empowering Tanzanians through digital and financial inclusion. “We aim to bridge the gap, ensuring that everyone, regardless of their economic status, can leverage the benefits of connectivity and financial access,” he said.

Device Financing Services open avenues for individuals who may have found the upfront cost of smartphones prohibitive. By adding reasonably priced 4G smart feature phones to its product portfolio, such as cash loans, utility loans, and salary loans, Y9 Microfinance aims to empower a wider audience, enabling them to harness the power of the internet, digital services, and mobile connectivity for personal and financial growth. Mr Kavinattamai highlighted this evolution, adding, “Our experience with providing 4G smartphones demonstrated the demand for advanced mobile technology. However, we recognised the need to reach an even broader audience. The Device Financing Service is our response to this, ensuring that no one is left behind in the digital revolution.” Y9 Microfinance Tanzania Limited is a subsidiary of Y9 Inc., USA. Y9 Microfinance, operating and regulated in Tanzania as a microfinance institution, offers a comprehensive range of financial solutions to individuals, SMEs, and large corporations.

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