NuovoPay, a solution pioneering in de-risking device financing for OEMs, telecom carriers and device financing institutions has now joined hands with Angaza, a leading provider of software technology designed specifically for last-mile distribution businesses.
Growing Demand for Smartphones
The global market for affordable smartphones is steadily expanding, with Africa observing a large spike in demand for smartphone devices in late 2020. Nearly 22.9 million smartphones shipped to Africa in Q3 2020 alone despite COVID-19 restrictions, according to research from Global Market Intelligence firm, IDC. The demand for affordable technology in Africa, most notably for smartphones, is colossal and can be largely attributed to growing e-learning needs.
Smartphone technology is known to provide multi-fold benefits such as curbing the digital divide, and providing equal avenues of knowledge and communication in underserved markets. Average households in the African continent do not have access to multiple digital devices, and affordable smartphones are often the most cost-effective way to access the internet and enable e-learning.
While the demand for affordable smartphone technology is humongous, the distributors who can make these devices available are often torn between the risk-reward factor. In a majority of last-mile and remote markets, low-income individuals interested in purchasing a smartphone do not have the cash to pay for the device upfront. Additionally, device leasing models that attempt to mitigate this challenge can seem risky for distributors due to the absence of a centralized credit system.
Angaza + NuovoPay
Angaza enables distributors to sell any product, ranging from solar home systems to feature-rich smartphones, through a variety of convenient billing models (including pay-as-you-go) that eliminate the need for traditional credit or other conventional banking services. These payment methods help mitigate up-front product costs for distributors, expanding access to life-changing devices that are in high-demand within last-mile and emerging markets.
By partnering with NuovoPay, Angaza can now lower last-mile distributors’ risk of selling smartphones on the pay-as-you-go financing model. NuovoPay’s remote locking technology for smartphones enables distributors on the Angaza sales solution to monitor payments and take action accordingly, helping them de-risk device financing. By providing opportunities for distributors to confidently lease smartphones, low-income individuals in emerging markets can access smartphone technology at lower upfront costs.
How NuovoPay’s Locking Technology works with Angaza’s Sales Platform:
- Smartphone distributors can lease out Android smartphones to end-users without the need for an underlying credit score or banking history.
- End users are able to use their leased Android smartphones by paying a monthly fee.
- Using NuovoPay, Angaza’s partner distributors can send out payment reminders to Android smartphones and keep track of upcoming payments on the Angaza platform.
- If the end-user misses their monthly payment, access to the smartphone is remotely blocked using NuovoPay’s remote locking technology. This serves as a remote recovery mechanism for leased devices.
- End users can continue using the smartphone after the payment is completed.
With this partnership, Angaza and NuovoPay can further their mission to increase accessibility of smartphone technology in emerging markets, while emphasizing financial inclusion for low-income consumers who lack access to a conventional credit system.
“We are excited to have joined hands with Angaza in the hope to serve the customers in emerging markets with smartphone technology. This is while ensuring that the smartphone distributors have a seamless device financing and pay-as-you-go experience,” commented Mr. Harishanker Kannan, the Co-Founder and CEO of ProMobi Technologies.
NuovoPay is a cloud-based finance recovery product that enables telecom carriers, device financing companies and financial institutions to de-risk the device financing model with its remote locking technology. NuovoPay is on a mission to empower finance companies, telecom carriers and resellers to build a sustainable device leasing model. With its remote device locking technology, NuovoPay streamlines the process of protecting the leased devices against non-payments or theft assuring effortless payment requisition. Leasing companies or telecom carriers can leverage NuovoPay capabilities to enable utmost device security and save physical device recovery costs.
NuovoPay Website: https://nuovopay.com
NuovoPay LinkedIn: https://www.linkedin.com/company/nuovopay/
Angaza creates the technology that enables businesses to offer life-changing products to anyone, anywhere. With a technology solution designed for emerging markets, Angaza is revolutionizing last-mile distribution by removing upfront price barriers, enabling 1 billion consumers in emerging markets to pay for life-changing products like solar home systems, smartphones, water pumps and clean cookstoves, in affordable amounts.
To learn more, visit: https://www.angaza.com/