Eleving Group launches smartphone financing in Uganda and Kenya

Eleving Group, an international financial technology company listed on the Frankfurt and Riga stock exchanges, has successfully launched smartphone financing in Uganda and Kenya. The company is partnering with the region’s leading telecommunications operators to expand access to digital services.

“We are truly excited to introduce smartphone financing in Uganda and Kenya. With this service, we are giving our customers access to the digital economy. Approximately 40% of the population in these countries still do not possess a smartphone. By offering affordable smartphones, we enable this customer segment to access information and news, educational resources, and financial services, which are the key drivers of economic inclusion. For many, owning a smartphone is also the first step toward starting their own small business,” explains Tomas Sudnius, CEO of Eleving Group for the African and Asian markets.

To ensure a sustainable market entry, smartphone financing in these countries was initially rolled out through a pilot project. This allowed Eleving Group to confirm that the customers had fully understood the product and to assess repayment performance, while keeping volumes intentionally limited in the first months.

“Kenya and Uganda together have a population of more than 100 million people. It is a market with very high potential. While we see a strong demand for the new product, it is equally important for us to maintain solid repayment performance to ensure sustainable development of both the product and the business as a whole. By introducing smartphone financing, alongside our existing new boda and car financing services, we are adding connectivity to mobility, helping our clients unlock even more opportunities in their daily lives,” explains Tomas Sudnius, CEO of Eleving Group for the African and Asian markets.

In the first six months of this year, Eleving Group’s total loan portfolio amounted to EUR 375.3 million, of which 34% was generated in the African market. In Africa, Eleving Group offers financing for vehicles (motorcycles, e-motorcycles, and cars) as well as consumer loans.

About Eleving Group

Eleving Group is a publicly listed international financial technology company founded in 2012. Today, the group operates in 16 countries across three continents, providing vehicle and consumer financing services. Since its founding, Eleving Group has served more than 1.4 million registered users. The Group employs over 3,292 people across its operations. The company’s headquarters are located in Riga, Latvia.

Since October 16, 2024, Eleving Group shares have been listed on both the Nasdaq Baltic Official List and the Frankfurt Stock Exchange Prime Standard.