Mogo enters smartphone financing market to expand access to quality gadgets in Kenya

By Samson Kurgat | Nairobi, Kenya,

Asset financing firm Mogo has ventured into smartphone financing in Kenya, a move aimed at expanding access to quality mobile devices for low- and middle-income earners. The initiative allows customers to acquire smartphones and pay in small daily instalments over a period of up to 12 months.

So far, the company has financed more than 45,000 devices from Transsion brands such as Tecno, Infinix and Itel. Mogo Kenya’s Head of Sales for Device Financing, Fred Muoka, said the plan is helping bridge gaps in education, entrepreneurship and financial inclusion. “A reliable smartphone is now essential to participate in today’s digital economy,” he noted.

The process, which takes less than half an hour, requires customers to present their national ID and a six-month M-Pesa statement before approval. Once approved, buyers pay a deposit of 23 to 35 percent, with the balance settled through manageable daily payments.

The entry of Mogo into the market comes amid growing demand for affordable smartphones in Kenya, where over 42 million people now use internet-enabled devices. With handset prices having nearly tripled since 2019, financing options such as “lipa mdogo mdogo” have become increasingly popular. The Central Bank of Kenya’s 2024 Financial Access Survey shows these accounts rose from 580,000 in 2021 to over 1.7 million last year, underlining the growing appetite for flexible digital access solutions.