NAIROBI, Kenya, Aug 2 – Mastercard and Lipa Later Group target expanding the Buy Now, Pay Later (BNPL) solution across the African continent.
This follows the signing of a strategic partnership between the two to expand BNPL usage.
Leveraging Mastercard’s extensive network of merchants and innovative payment methods, among others, will empower individuals and businesses to access products and services, make access to credit seamless, et cetera.
“Financial inclusion is at the core of Mastercard’s mission, and this partnership unlocks new opportunities for consumers and merchants to access digital payments solutions previously unavailable to them,” said Shehryar Ali, Country Manager for East Africa at Mastercard.
“By partnering with Lipa Later, we are leveraging our technology to enable these payments in a digitally secure way,” Ali added.
“Together with Lipa Later, we’re focused on providing seamless consumer experiences through Buy Now Pay Later to promote inclusion to previously underserved communities and drive sustainable economic growth in Africa.”
The BNPL solution will provide flexible financing options at checkout, ensuring an omni-channel experience both online and in-store.
With instant Know Your Customer (KYC) capabilities, customers can easily access financing when shopping.
Merchants can also increase their average basket size, cater to a wider customer base, and enhance their ability to provide more products and services.
“Expanding Buy Now Pay Later and lending solutions in Africa through this strategic partnership marks a significant milestone for Lipa Later,” Lipa Later Group Chief Executive Officer Eric Muli said.
“We strongly believe in the power of financial inclusion and the transformative impact it can have on individuals and businesses,” he added.
