Grameenphone and Bank Asia introduces device financing for 4G handsets in Bangladesh

Grameenphone, in partnership with Bank Asia has introduced a 4G device financing scheme named ‘Loan Diye Phone’ which will enable Grameenphone customers to buy 4G handsets of their choice. Under this scheme, Bank Asia will provide loans to customers to buy 4g devices with a nine-month repay time. The program was held at Grameenphone Center, Mirpur on July 4th.

Device Financing is a new concept in Bangladesh where only 19% of the population has access to banking services. Since the minimum benchmark for personal loans from banks is BDT 50,000, this partnership between Grameenphone and Bank Asia will allow customers to purchase handsets priced below the aforementioned range. Eligible Grameenphone customers will be communicated directly with the details of the offer. General bank rules will be applicable.

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Yasir Azman, Deputy CEO and CMO of Grameenphone said, “GP has been playing an integral role in developing an ecosystem that supports the realization of Digital Bangladesh. The availability of smart devices for our customers is crucial in harnessing and experiencing the true benefits of the internet and digital services. Our customers often require financial assistance to purchase quality smartphones that meet their needs. GP and Bank Asia have come up with this innovative financing offer considering the affordability of the underserved community and our commitment to empowering society by helping our customers connect with what matter most to them. We expect that this initiative will allow customers to benefit from wider selection of devices against easy payment options. Furthermore, if the financing terms benefit the customer we may choose to scale the initiative to a wider customer base.”

Muhammed Zahirul Alam, Deputy Managing Director of Bank Asia Limited quoted, “This is a great opportunity for two reputed organizations coming from different industries in order to serve the underserved from different corners of the country for access to formal financial services as well as digital services. A very unique innovation for achieving financial and digital inclusion together”

Cignifi Bangladesh Private Ltd. (a subsidiary of Boston HQ Cignfi Inc) a pioneer in financial and big data technology is enabling the initiative in collaboration with Grameenphone and Bank Asia.

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