NAIROBI, Kenya, Jan 9 – If you are planning to buy goods or services but lack money, worry less!
Buy now, pay later (BNPL) is a growing consumer financing segment that allows customers to acquire services and commodities on an installment basis and pay later.
Growing demand has attracted firms into the space to grow profit as well as their customer base.
Absa is one of the financial institutions in Kenya that is taking up the opportunity to finance the acquisition of the above through credit.
The lender offers a charge rate of as low as 2.5 percent through dealers such as Hotpoint and Samsung.
Moreover, it allows for the use of BNPL to make payments for things like school fees, hospital bills, flight tickets, and hardware items, among others.
“The minimum purchase amount is 10,000. Maximum purchase amount is determined by your approved credit limits,” says Absa’s Senior Product Manager Pauline Munyoki.
She adds that with Absa’s BNPL option, customers can undertake purchases of up to Sh10,000, with the maximum limit of a customer’s purchase amount determined by the client’s approved credit limits.
“BNPL can have a significant positive impact on your credit score depending on how you use it. By using the program and making repayments on time each month is the best way to build a strong credit score,” she adds.
“Furthermore, this makes it easier to get a higher credit limit to make more purchases or obtain other credit facilities like personal loans,” she adds.
Additionally, customers earn rewards points redeemable for cashback on purchases made.
