MTN partners Sterling Bank on smartphone financing scheme

Sterling Bank launches car loan scheme for SMEs
sterling bank plc

MTN partners Sterling Bank on smartphone financing scheme – In a bid to provide more Nigerians with access to the benefits of a digital world, MTN Nigeria in partnership with Sterling Bank and PayJoy recently launched a Device Financing Scheme (DFS) to provide customers (who meet their requirements) with the opportunity to purchase smartphones of their choice and pay over a period of six months.

Speaking at the launch, Adekunle Adebiyi, sales & distribution executive, MTN Nigeria, said “MTN wants every customer to benefit from the modern, connected life and it is through partnerships like this that we will see the kind of change that we want to see.”

Under the DFS, customers could purchase smartphones ranging from N25, 000–N400, 000 at current purchase prices plus a 20 percent interest. The pilot scheme will start with Samsung smartphones but will be expanded to include other Original Equipment Manufacturers, OEMs.

The Device Financing Scheme aims to drive the adoption and uptake of smart devices through the provision of affordable credit facilities to eligible customers.

The maximum loan tenure under the scheme is 6 months with pocket-friendly monthly instalments and is open to all customers who meet their credit requirements.

The loan for the smartphone purchase will be disbursed using Sterling Bank’s Spectra platform, with the Samsung devices secured by PayJoy’s security lock technology and insured for theft, job loss and damage.

According to Shina Atilola, group head, strategy and new business at Sterling Bank, “Paying upfront for everything you need can be limiting. However, the launch of DFS will provide customers with an affordable, convenient way to fulfil an important goal – living a better, smarter and more digitally connected life.”

For more information on this scheme, interested customers can visit any MTN service centre or Sterling bank branch for more details.


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