MTN Sterling Bank Device Financing FAQ's


Q: What is the MTN Sterling Bank Device Financing Scheme?

A: The Device Financing Scheme enables eligible customers access credit facilities to acquire smartphones at pocket friendly interest rates.

Q: Who is eligible to apply?

A: All Customers that meet our specified criteria

Q: How do I Register?

A: You can register by visiting any of the approved MTN experience centres to provide the required details for registration.

Q: What is the Maximum Loan Tenure for the scheme?

A: 6 Months

Q: What is the required length of salary account relationship?

A: The scheme is open to all Customers and not only Salary earners once you can provide access to 3 months Bank statements for your most active accounts from any Bank.


Q: What do I need to register?

A: You need your BVN details, a valid means of Identification, Passport Photograph and Recent Utility Bill

Q: Do I have to open an account with Sterling Bank?

A: Yes, we would open an instant Sterling Bank account for you to enable us disburse the loan into the account.

Q: How long will it take for me to be registered?

A: 10 minutes

Q: Can I register for the Scheme remotely?

A: All registration is to be done within the selected MTN and Sterling Bank centres.


Q: What types of Mobile devices can be financed under this Scheme?

A: Smartphone devices

Q: What is the price range for devices in the scheme?

A: N25,000 - N400,000

Q: What is the maximum number of devices that can be financed for a customer?

A: This is dependent on Customer’s capacity to repay the financed costs of the devices. However, there is a maximum amount of N400,000 that can be accessed per Customer

Q: How do I reset the device if the need arises?

A: Devices will have to be brought back to any of the designated MTN Experience centers for all reset.


Q: What is the applicable interest rates?

A: 20% interest rate on the Device Cost


Q: Is the receipt issued in Customer’s name after the Loan has been booked?

A: No, the receipt is issued with Sterling Bank/Customer’s name as the device is still the Bank’s property until Customer has fully paid down on the loan.

Q: How can a customer make their monthly payments?

A: All monthly payments must be paid into the Sterling Bank account opened for the Customer. Payment can be made via the following channels:

  1. Visit the nearest Sterling Bank Branch to make payment.
  2. Direct Internet Transfers
  3. USSD - Dial *822#
  4. Quickteller
  5. Transfer via ATM

Where to find us: and how do I make subsequent payments?

Q: What currency should a customer make their payment?

A: All payments must be made in Naira.

Q: What percentage upfront payment can a customer pay

A: This is not available for now

Q: Will the customer be notified when payment is due?

A: Yes, the customer will be notified a few days before payment is due. The customer can also view when the next payment is due by selecting the “Home” tab on the PayJoy app.

Q: If the customer has made a payment how long does it take for the phone to unlock?

A: Once the customer has made a payment, and if the phone is connected to the internet, the phone will unlock within a few seconds. If the phone does not unlock within 1 minute, close the PayJoy App and open it again or restart the phone.

Q: What happens if a customer misses their monthly payment?

A: If a customer misses their monthly payment, the phone will be locked after a 7-day Grace period. Customers will be limited to emergency calls and calls to MTN customer centre only. No other functionality will be available on the phone until payment is made. Also, if Customers does not pay after the grace period, we would activate the tokenization service to debit the account the Customer provided during registration.


Q: What happens if the customer needs to return the device under Manufacturer Warranty?

A: The customer should return the device to the store where it was bought and follow the normal repair and Manufacturer Warranty process.

Q: Does the PayJoy app affect the Manufacturer Warranty of the customer’s device?

A: No, the PayJoy app does not affect any of the Manufacturer Warranty for the customer’s device.


Q: Are the Devices insured?

A: Yes


Q: At what location can I locate an agent to register for the scheme?

A: All 16 MTN Service Centres Nationwide and Selected Sterling Bank Outlets


Q: Can the PayJoy app be removed or uninstalled?

A: Once the customer has paid off the device in full, the device automatically goes into an unlocked state and the app loses functionality. The app can then be removed. Before such time the PayJoy app cannot be removed.

Q: Does customer need to be in cellular network coverage to unlock the phone?

A: Yes, the customer must be in a cellular network coverage and connected to the internet before the device can be unlocked.

Q: Does customer need mobile data to unlock the phone?

A: Yes, the customer must have mobile data to enable us to unlock the phone if the required monthly rental has been paid.

Q: Does the phone need to be connected to the internet to unlock?

A: Yes, the phone must be switched on and connected to the internet to unlock.

Q: Does the phone need to be connected to the internet to lock?

A: No, the phone will automatically lock regardless if the device is switched on or connected to the mobile network or connected to the internet. The phone will only be locked in the case that a payment has not be made or received by the Bank.

Q: What happens if a customer attempts to remove the PayJoy app?

A: Customers still owning the Bank that attempt to remove the PayJoy App without authorization will likely damage the phone in the process. The PayJoy App cannot be removed until the loan has been fully paid down.


Q: What is PayJoy?

A: PayJoy is the Lock patch in the device firmware responsible for locking and unlocking the device for the duration allocated based on the tenor of the Loan.

Q: Can a customer change their SIM card on their phone, but keep the same number?

A: Yes, as long as the phone number does not change the customer can change the SIM (i.e. Port ins). However, the app will lock if the MTN SIM number registered with the device is removed within the duration of the loan.

Q: Does the PayJoy app track the customer location?

A: No, the PayJoy app does not track location or any personal information.

Q: Does the PayJoy app use a lot of mobile internet data?

A: No, the PayJoy app will use less than 1MB in a month.

Q: Does the PayJoy app use a lot of the device memory?

A: No, the PayJoy app is only about 1.45MB.

Q: Does the PayJoy app collect and store any of my personal data?

A: No, the PayJoy App does NOT collect and or store any personal customer data. The PayJoy app is only tracking Customers payments monthly.

Q: Is it possible to make emergency calls or customers service calls from a locked phone?

A: Yes, it is possible to make calls to emergency numbers and customer service number while the phone is locked. No other calls to other numbers will be allowed while the phone is locked.

Q: Does PayJoy lock the device, the SIM, or both?

A: The lock is on both the device and SIM. A SIM lock means that if the SIM that was in the device during the app installation is removed, or the number changed, the phone automatically locks. For this reason, the customer must keep the same SIM number in the device for the duration of the Loan

Terms & Conditions Apply