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.
“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.
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