A Memorandum of Understanding (MoU) was signed between Omantel, National Finance and Thawani fintech company to clinch a partnership that will bring to the doorstep of eligible consumers the BNPL option (Buy Now, Pay Later) an emerging global finance solution available at POS, for purchasing smart devices.
As per the MoU, purchasers of smart devices at Omantel can avail of finance under the BNPL plan and pay back National Finance in instalments for an agreed tenure.
Omantel is integrating the financing platform with its sales portal. Once a customer opts for the BNPL option, the request will be processed through the financing platform, with relevant customer details necessary to process KYC, along with the selected product details. Once the order is completed, the approved customer can receive the selected smart device after signing the required documentation.
Talal Al Mamari, CEO of Omantel, said, “We are pleased to bring on-the-spot financing to our valued consumers in collaboration with two major players in the finance and digital payment space. We are putting together a simplified and secure system to enable our customers to buy the latest and most advanced devices in the market without feeling the pinch of doling out huge sums upfront. This is yet another initiative from Omantel to provide financial ease to consumers who wish to buy new smart devices.”
National Finance is Oman’s largest leasing and finance company that provides a wide array of financial products. Thawani is a fintech company specialised in offering a fully integrated digital end-to-end KYC experience for availing of the financing option.
Tariq Al Farsi, CEO of National Finance, said, “We at National Finance believe that BNPL is a convenient and attractive option for many smart devices’ buyers. We are therefore delighted to partner with Omantel and Thawani to put together a streamlined financing system that will bring relief and ease of payment for smart devices buyers. We look forward to a burgeoning relationship with Omantel.”
Eng. Majid bin Fayil Al Amri, Founder and CEO of Thawani Technologies, said, “The rapid development of the financial services and retail sector calls for pioneering solutions. Thawani Technologies, with the back-end service support provided by National Finance, has tapped into a new sector to support even more customers when it comes to purchases. The flexibility of the new service offering means consumers can break up the cost of their purchases, allowing them to make use of products and services without having to pay the full amount up front and without having to worry about high interest charges. As we continue to deploy innovative e-payment products, solutions and services for a growing market, expanding into the retail sector provides new opportunities to use the latest technologies to serve even more customers by providing attractive financial arrangements.”
Source: Press Release