• The Program was developed with financial services provider Sofac
• It offers installment payments starting at 110 MAD (~$12) over up to 36 months
• Customers apply in-store via app with approvals processed within 30 minutes
  
  

Samsung Electronics' Moroccan subsidiary has launched a consumer credit solution, "Samsung Finance+," aimed at boosting sales by making its products, particularly smartphones, more accessible to local consumers.

Developed in partnership with Sofac, a specialized financial services provider, the program allows customers to purchase Samsung products through installment payments. Monthly payments start at 110 Moroccan dirhams (approximately $12), with financing periods extending up to 36 months.

Customers can apply for financing directly in-store via a dedicated application, with Sofac advisors processing applications within 30 minutes. Upon approval, customers can take their chosen Samsung smartphone home immediately.

"We are delighted to launch Samsung Finance+ in Morocco in collaboration with SOFAC," said Hyun Joong Kim, President of Samsung Electronics Maghreb Arab (Semag), in a statement. "This service will enable a greater number of Moroccan consumers to access our innovative products. It marks a significant step towards making Samsung technology more accessible."

The initiative aligns with Samsung's broader strategy to strengthen its presence in the Moroccan market while adapting to local consumers' purchasing power. By partnering with Sofac, Samsung leverages local expertise in consumer credit.

The African smartphone market is facing headwinds. Research firm Canalys reported that Samsung's smartphone shipments to the continent fell 17% in the fourth quarter of 2024 compared to the previous year, totaling 3.5 million units. With a 17% market share during that period, trailing Chinese firm Transsion's 49%, Samsung is seeking to maintain its competitiveness amid softening demand.

Samsung may replicate the consumer credit model in other African markets to bolster growth, using Morocco as a pilot program in a region where upfront payments often present a significant barrier to purchase.

However, access to credit remains contingent on Sofac's assessment of a customer's financial profile, potentially excluding consumers in the informal sector or those without established banking histories. This screening process could impede the broader inclusion goals of such financing solutions.

By Adoni Conrad Quenum,

Editing by Feriol Bewa