JOHANNESBURG, South Africa—Nigerian mobile-phone users have been given an easier route to gaining access to GSM technology thanks to a new loan scheme introduced by local financial institution, First Bank.
The product is referred to as the First GSM Acquisition Loan (FGAL) and is available in three broad categories. The first is open to First Bank account holders, the second to small businesses that have an established relationship with the bank, and the third is tailored for corporate and public sector clients regardless of whether they are account holders.
Moyo Ajekigbe, First Bank executive director in charge of retail and consumer banking, said customers taking advantage of the product would have the choice of being able to finance either a portion or the entire cost of the handset and Subscriber Identity Module (SIM) card.
The product is part of a three-way agreement between the end user or account holder, the bank and Econet dealer Tehila Communications.
