Access Bank, Slot Systems Limited, and Samsung have partnered on financing that provides a convenient and affordable means of acquiring mobile devices.
Through this scheme, Access Bank’s salaried customers will be able to own one of the latest Galaxy S22 Series phones without making any initial deposit.
The Galaxy S22 series comes in three models, Galaxy S22 hands-on, Galaxy S22 Plus, and Galaxy Ultra. While the Galaxy S22 Ultra comes with the most advanced features including an S Pen in tow, the Galaxy S22 and S22 Plus serve as more approachable and user-friendly devices, with familiar design and a more affordable price tag.
But the price tag is exactly why the partnership between Samsung, Access Bank and Slot is important. The partnership enables consumers to tap into the device finance scheme of Access Bank.
L-r: Samsung Galaxy S-Series Ambassador, Ebuka Uchendu, Executive Director, Access Bank, Victor Etuokwu, Head of Retail, Samsung Nigeria, Joy Tim-Ayoola, Managing Director, Slot Systems, Nnamdi Ezeigbo and Branch Manager, Samsung Nigeria,Nathan Lee at the formal announcement of device financing agreement between Samsung Nigeria, Access Bank and Slot Systems for Galaxy S22 Series in Lagos…
“Device Finance” is a small asset financing digital loan product for salary earners who meet the bank’s lending risk acceptance criteria. The loan allows customers to purchase goods and services under an installment payment arrangement.
In essence, the scheme allows Access Bank’s salaried customers to get a loan with a 50 per cent discount. The original interest rate is 27 per cent but, with the discount, customers will pay a reduced interest rate of 13.5 per cent per annum and 1.1 per cent monthly. The repayment period for “Device Finance” is 12 months.
“This is the coming together of two world class institutions,” said Victor Etuokwu, director, personal banking, Access Bank.
To purchase any of the models, customers will need to walk into any of the 75 Slot retail outlets. The price of the devices ranges from N650,000 to N895,000.
“We believe in collaboration for value. As the largest retail banking institution in Africa, Access Bank is now a bank of the people,” said Nnamdi Ezeigbo, CEO of Slot.
Ezeigbo also said customers can swap their old phones for any of the models of the Galaxy S22. To qualify for the device loan, customers must earn a minimum salary of N40,000. And they do not need to make any down payment to collect the device from Slot.