Y9 launches the worlds first ever banking phone

Y9 Inc, the digital bank from the USA and operating in Africa, has launched the world’s first device embedded with providing microfinance services in its today’s business operations. Ashok Kavinattamai, the CEO of Y9 Microfinance Tanzania, a subsidiary of Y9 Inc has expressed his excitement about the launch, stating: “At Y9 Microfinance, our vision is deeply rooted in empowering Tanzanians through digital and financial inclusion”. He noted that with the addition of the 4G Smart Feature Phone called TZ1 in Tanzania in the device financing service, the company is taking a bold step towards making modern technology a reality for a broader segment of the population. “We aim to bridge the gap, ensuring that everyone, regardless of their economic status, can leverage the benefits of connectivity and financial access,” he said.

For an extremely affordable price, individuals can now own a 4G smart feature phone, built in with the latest technology such as “Tap pay” contactless payment system which is soon to be enabled, embedded with all popular Applications making TZ1 very beneficial in its range. This is reaffirming Y9 Microfinance’s commitment to offer intelligent, affordable, and accessible device financing services for the unbanked and underbanked. Furthermore, he said Y9 Microfinance is permeating the market, breaking down barriers to provide digital access and financial empowerment. Device Financing Service opens avenues for individuals who may have found the upfront cost of smartphones prohibitive. By adding reasonably priced 4G smart feature phones to its product portfolio such as cash loans, utility loans and salary loans, he noted Y9 Microfinance aims to empower a wider audience, enabling them to harness the power of the internet, digital services, and mobile connectivity for personal and financial growth.

“Y9 Microfinance’s Device Financing Service aligns seamlessly with its broader mission of fostering digital inclusion across Tanzania. The organization envisions a future where every individual, regardless of socioeconomic status, has the tools and opportunities to take part meaningfully in the digital economy,” he said. Kavinattamai highlighted this evolution, adding, “Our experience with providing 4G smartphones demonstrated the demand for advanced mobile technology. However, we recognized the need to reach an even broader audience.”