ISLAMABAD: The Ministry of Information Technology and Telecommunication has finalised the ‘smartphone financing policy’ which will be shared with stakeholders, including representatives from four telecom companies and fintech firms, next week.

Caretaker IT minister Dr Umer Saif, while talking to media on Thursday said four meetings have already been held in this regard. “People would hear good news regarding the availability of smartphones through easy instalment plans,” he said.

He said once stakeholders agree on the draft smartphone financing policy, the Pakistan Telecommuni­cation Authority will notify it and the process is expected to be completed in next few days.

Dr Saif emphasised the IT ministry supports the idea of allowing banks, investment companies, and telecom firms to offer smartphones on instalment plans.

He added that mobile phones of defaulters will be blocked in a way that renders them unusable. However, the final decision has not been made, and the cellular company providing the mobile phone may have the right to block the defaulter’s SIM cards.

Sources in the ministry said two out of four telcos have opposed the idea of a centralised pool to block all SIM cards issued under the defaulter’s CNIC.

The banking sector is also unwilling to invest in microloaning due to the high management costs associated with mobile phone loans. However, microfinance banks, particularly Mobilink Microfinance Bank, Telenor Microfinance Bank, and UBank, have shown eagerness to offer phones in instalment plans.

Published in Dawn, November 3rd, 2023