MTN MoMo South Africa has introduced a Handset Rent-to-Own solution aimed at increasing access to 4G and 5G smartphones for users who may be unbanked or underserved.
Kagiso Mothibi, CEO of Fintech at MTN SA | image supplied
Flexible, no-credit-check financing
The offering allows customers to acquire smartphones starting from R10 per day, with no credit checks or paperwork required.
The process uses AI-driven affordability assessments tailored to South Africa’s informal economy. Customers can select payment plans ranging from three to twelve months, after which the device is owned outright.
Partnership and technology
The solution is powered by MTN’s fintech platform in partnership with Airvantage. It follows MTN’s previous initiatives like Smartphone For All and Shesh@ 5G SIM Delivery, targeting challenges around smartphone affordability and digital inclusion.
Customer-focused approach
Kagiso Mothibi, CEO: Fintech SA at MTN South Africa, said: “This offering empowers users, especially the unbanked and underserved, to own a 4G or 5G smartphone affordably, from as little as R10 a day, with no credit checks or paperwork required.”
Tandi Kuper, CEO of Airvantage, added: “Together with MTN, we’re using data science and fintech to democratise access to smartphones. It’s technology with purpose, at scale.”
How to access the service
- Download or open the MTN MoMo App
- Select Handset Rent-to-Own
- Apply via a few simple steps
- Pay a deposit
- Choose a payment plan
- Receive the device
- Own it after final payment
The launch currently features 4G Samsung smartphones, with plans to include more brands.
