Slot, Access Bank, Samsung team up for nationwide sale, financing of Galaxy S22
Nigerians with an Access Bank salary account will be able to own one of the latest Galaxy S22 Series even without making any initial payment at any Slot outlet across the country. This is the result of a new partnership agreement by Samsung, Access Bank, and Slot on Monday.
The Galaxy S22 which has not been officially launched in Nigeria by Samsung 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 while 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 device finance scheme allows Access Bank salaried customers to get a loan with a 50 percent discount. The original interest rate is 27 percent, but with the 50 percent customers will now pay a reduced interest rate of 13.5 percent per annum and 1.1 percent monthly. The repayment period for Device Finance is 12 months.
“This is the coming together of two world class institutions,” said Victor Etuokwu, Executive Director, Personal Banking. “We got here by parternships and alliances.”
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 disclosed that customers can also swap their old phones with 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.