Watu Simu, the smartphone financing company, has announced that it has sold over 1 million mobile devices in Kenya. The company works by providing end user with smartphones that they have to pay for in weekly installments over 52 weeks. At the moment, Watu Simu works with Samsung and those are the devices you can get financed and repay in weekly installments.
The company says the millionth customer purchased a smartphone at the end of October. This comes about 23 months after the company entered the mobile device asset financing market. This shows the appetite for this solution in the market. This is not the only solution on the market as we have Lipa Mdogo Mdogo by Safaricom, Lipa Later among others.
Speaking on this milestone, Watu Simu’s Head of Growth, Mr Kevin Michuki, said, the firm is actively working to bridge the digital divide in Kenya and Tanzania by financing the acquisition of quality smartphone devices for diverse clients. With average smartphone device costs ranging between Ksh 45,000 and Ksh 80,000, Watu Simu solutions are coming in handy for discerning customers seeking to acquire quality devices to power their economic production ventures.
“At Watu Simu, we are celebrating this millionth customer milestone as it confirms the growing demand for sustainable financing models such as Buy Now, Pay Later products in the race to bridge the digital divide,” Mr Michuki explained.
He added, “Our customer base data confirms that most devices acquired have been deployed in active economic production sectors. More than 70% of our clients are involved in digital enterprises, including ride-hailing, online delivery and marketplaces, among other gigs that require smartphones for efficient operations.”
Device financing is a positive development as it means more people can get good quality products for use. The issue with this sector especially in Kenya has always been the accusation by some of its customers claiming that the devices tend to be overpriced and some of the companies are aggressive when repayments are not made on time. They normally end up locking your device which you will not be able to use until you make your weekly payment.
Digital Economy Contribution to GDP
A recent report by the GSMA confirms that Kenya’s digital economy will contribute Ksh 662 billion to GDP by 2028. The report, Driving Digital Transformation of the Economy in Kenya, projects that this growth, driven by strategic policy reforms, will accelerate digitalisation in critical sectors such as agriculture, manufacturing, transport, and trade. The report also forecasts the creation of 300,000 new jobs and increased tax revenues by KSH 150 billion.
According to a Communications Authority of Kenya Report, the country’s telecommunications subsector experienced significant growth during the 2023/24 Financial Year, attributed to the expansion of telecom infrastructure and increased adoption of smartphone services.
How to Get a Phone Trough Watu Simu
If you want to get a phone through Watu Simu, you will need the following in order to qualify for financing:
- An original National ID
- No active loans with Watu
- Be at least 18 years old
- An active mobile money transaction line
- Next of kin contact details (the contact must be available/online for verification)
- A minimum down payment amount for the selected device
Watu Simu’s Onboarding Process
The onboarding process taks about 20 minutes and all you have to do is:
- Visit any store where Watu Simu is available.
- Select any Samsung Galaxy smartphone supported by Watu. You can aks the retailer you are buying from for the list of supported phones.
- Get a pre-approval on your application.
- Make your down payment.
- Wait for the verification process to be completed (5-10 minutes).
- Once verified, the phone is activated, and you can leave with your new device!
What is the Pay Bill Number for Watu Simu
- Pay Bill number: 650880
- Account number: Borrower’s National ID number.
You can contact Watu simu through 0800 722 245
Also Read: The Samsung Galaxy S24 FE is Now Available in Kenya for Ksh 91,000
