Ixar Tech’s Smartphone Financing: No Paperwork, No Hassle – Just an ID & Deposit

In the picture: A customer who had just gotten himself a brand new Samsung A05 and a free Ixar Finsol shopping bag.

One of the things we cry about in Zimbabwe is the lack of financing options for most purchases, especially for electronics and home appliances. Well, Ixar Tech can help on the electronics financing bit, specifically smartphone financing.

Ixar Tech has launched a device financing scheme aimed at individuals without a formal credit history or proof of income. Of course, if you have one, that won’t hurt either.

This initiative allows customers to purchase smartphones on credit and pay for them over three to six months. Ixar Tech believes this will make technology more accessible to private sector employees and self-employed individuals. Which you can’t argue with.

This initiative allows customers to purchase smartphones on credit and pay for them over three to six months, making technology more accessible to private sector employees and self-employed individuals.

How the Device Financing Scheme Works

Ixar Tech’s financing program is simple to understand. Customers only need to provide an ID or passport and a deposit to qualify—no payslips, proof of employment, or residence are required. That deserves a Halleluyah. How many places can you go to that offer the same sweet terms?

The scheme currently offers select Samsung models, including the Galaxy A06, A16, A05s, and M15 5G, with fixed installment payments. Again, you can pay over three to six months.

At present, the financing option is available in Harare and Bulawayo, but the company has already seen significant uptake. According to Ixar Tech, since launching in March 2024, more than 2,000 devices have been financed under the program.

Overcoming Challenges and Expanding Services

Launching a credit-based financing scheme without strict qualification criteria came with its challenges.

According to Tinofara from Ixar Tech, one of the biggest hurdles was securing the necessary funding. Beyond the cost of acquiring devices, the company needed to invest in software systems to efficiently manage credit approvals and repayments.

As you were probably wondering, how are they going to deal with the risk of default? We asked and Ixar Tech said to mitigate the risk of non-payment, they implemented a remote device-locking system that disables smartphones when customers default on their payments.

You miss your payment, your phone becomes as good as a brick. This feature should provide strong motivation not to miss payments while ensuring the sustainability of the program.

Looking ahead, Ixar Tech has ambitious plans to expand its offerings beyond smartphones. The company is preparing to launch cash loans for customers who build a credit history through the financing program. Additionally, they plan to introduce value-added services, such as medical aid cover, as part of their evolution into a fully functional financial institution.

Future Collaborations and Growth

Ixar Tech is also eyeing partnerships with mobile network operators (MNOs) to provide data packages for financed devices.

You will appreciate that, by creating a credit history for individuals who may otherwise be excluded from traditional banking services, Ixar Tech will also help people build out a credit history. This might help open credit lines in the traditional finance sector in the future too.

Interested?

If you’re interested in getting financing for a smartphone, you can reach out to Ixar Tech on 0781447788 or on Facebook where their page is called Ixar Finsol.

They also have physical presences in Harare and Bulawayo.

• Harare – 1st floor Batanai Gardens, Cnr 1st street and Jason Moyo
• Bulawayo – York House, Cnr Hebert Chitepo and 8th Avenue, Room 302 on the 3rd floor