UAE-based fintech startup Cashew announced a partnership deal with telecom major du to offer buy now, pay later (BNPL) solutions on device financing for the latter’s customers.
The telecom device financing scheme will spread over a 24-month period.
“With the cost of new technology rising rapidly, many consumers have been looking for a simple solution to continue to upgrade their hardware in an affordable manner. Our partnership with du marks a new chapter for both our industries to find a way to make technology more accessible to a broader range of consumers,” said Cashew co-founder and CEO Ammar Afif.
“Another important component of this deal is the terms of the payoff. Because of our deep financial relationships, we are able to offer a longer, interest-free option for consumers than what is commonly done in the BNPL space,” Afif said.
This would enable consumers to pay a lower monthly fee than they would otherwise have the option to do, he said.
Cashew co-founder and chief product officer Ibtissam Ouassif said together with du, the venture has created a tremendous product that helps the telecom major and its customers grow.
Karim Benkirane, du chief commercial officer, through the partnership with Cashew, the company’s customers were now able to purchase devices that were originally out of their immediate price range without additional cost to them.
“We look forward to providing new opportunities for our customers through our partnership with Cashew,” he said.
Cashew, one of the region’s leading BNPL payment providers, offers consumers flexibility and financial opportunity to increase their purchasing power.
With its partnerships with regional banks in the various locations where it operates, the startup is able to offer a wider range of products such as longer tenure and higher ticket BNPL options for consumers.
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