Somalia’s Hormuud Just Borrowed Kenya’s Smartphone Financing Playbook, But Made It Interest-Free
Hormuud Telecom partners with Get-Phone to finance 100,000 smartphones in Somalia, using EVC Plus mobile money and zero-interest Sharia-compliant terms...
✨ Key Highlights
Mogadishu, Somalia's largest telco, Hormuud Telecom, has launched the country's first structured smartphone financing program in partnership with Get-Phone Limited, mirroring Kenyan models but with a significant interest-free twist.
- A $19 upfront deposit with daily repayments of $0.60 to $1.60 for 6, 9, or 12 months.
- Key organizations involved are Hormuud Telecom and Get-Phone Limited.
- The program bundles devices with daily data and calls, and uses Hormuud's telecom-based credit scoring, with a pilot default rate below 4%.
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