NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Despite the increasing prevalence of smartphones, these powerful pocket computers remain out of reach for many poor customers — particularly in regions like Sub-Saharan Africa, where penetration stands at only 34 percent. That may soon change thanks to companies like PayJoy, whose pay-as-you-go (PAYGo) financing products are putting smartphones in the hands of low-income customers in Latin America, Asia and Africa.

As part of CGAP’s global exploration of innovations in asset finance, we invite you to join us for a webinar on PAYGo smartphone financing featuring PayJoy’s Tom Jahnes. By partnering with retailers and financial institutions, PayJoy allows customers to purchase a smartphone on credit and pay in installments over time. Each payment provides the customer with 30 days of use, after which the company’s “lock” app deactivates the phone until the next payment is made. Similar to the model used by PAYGo solar home system lenders, lockout technology allows PayJoy to leverage the value customers place in their phone to motivate loan repayment.

This webinar will provide an overview of PayJoy’s global experience and an opportunity to dig into the implications that smartphone financing holds for the future of financial inclusion.