List of Best Buy-Now-Pay-Later Services in Kenya
- on Aug 06, 2023
If you’re interested in Buy Now Pay Later (BNPL) in Kenya, here is the list of best platforms that offers consumers credit on goods and products purchases in the industry.
Buy Items and Pay Later in Kenya has seen significant surge in the recent months, making it to boost the development of e-commerce in the country by providing flexible and affordable payment options.
In other words, BNPL services in Kenya has enhanced the country e-commerce ecosystem by offering seamless, affordable and flexible mode of payment to consumers.
Hence, if you’re looking for best BNPL services in Kenya, it actually worth your time. Meanwhile, you’ll get everything you need to know about Buy Now Pay Later platforms in Kenya.
Based on information from Press Release, Buy Now Pay Later (BNPL) payments are expected to see 23.2 percent surge annually to reach US$1,056.6 million at the end of 2023. Correspondently, Kenyan BNPL Gross Merchandise Value (GMV) is expected to see increase from US$857.7 million in 2022 to US$1,881.7 million by 2028.
Here are Best Buy Now Pay Later (BNPL) in Kenya:
1. Lipa Later
Lipa Later is one the best online payment platforms in Kenya that offers Buy Now Pay Later (BNPL) services to consumers. The Fintech company is already in business with more than 500 partners in the country, making it one of the key player in the BNPL industry in East Africa.
The business partnership allows Lipa Later users to buy goods and services such as electronics, phones and gadgets from over 500 shops in Kenya, allowing them to pay on monthly installmental at flexible and affordable rate.
The reason-why I categorized Lipa Later as best Buy Now Pay Later in Kenya is because of it amazing Credit it offers customers. As a first timer, when you sign up to the BNPL platform, you’ll get KSh500,000 if you have a good credit score.
However, do note that Lipa Later is leveraged with advance credit score technology that will rate your credit score immediately you sign up. Then, you’ll get you credit limit approved ASAP. It’s also important to note that repayments periods are ranges from 2, 3 or 6 months.
Founded in 2010 as a Green Energy Company that dealt with Solar Energy and Panels Systems. The implementation of Pay-As-You-Go business model the company utilized made it easy for customers to get green energy in their homes and offices at affordable and flexible payment rate.
Meanwhile, M-Kopa did not stop it business at Pay-As-You-Go (PAYG) model, the fintech company also expanded it services to Buy-Now-Pay-Later (BNPL) – the system whereby customers make purchases for a product and pay installmentally.
M-Kopa, at the moment, is one of the best BNPL in Kenya. The credit firm is in partnership with both local and international suppliers to offers goods and services ranging from Gadgets, Smartphonnes, Home Electronics, Electric Motorcycle, Medical Equipment and even Cash Advance Loan.
M-Kopa is not only available in Kenya. The company recently gathered $250 million in fundraising to extend its services and operations to new market space in Africa. Currently, M-Kopa has over three (3) million users in Africa with over $ 3 billion product available for deployment and credit financing.
Aspira is another notable Buy Now Pay Later (BNPL) platform in Kenya. Since it inception in 2017, the company has built a finance ecosystem of over $ 1billion.
For the purpose of offering BNPL services to Kenyans, Aspira partnered with over 500 manufacturers and retailers in crediting and manufacturing markets.
Hence, products and services including student loans, building materials, gadgets and Gizmos, home electronic, and furnitures are offered on installmental payment.
However, you’ll have to register an account on Aspira website to use their services. Immediately after sign up, you’ll get your credit limit approved. With no guarantee or securities or collateral needed, Aspira will offers you credit limit ranging from KSh10,000 to KSh500,000.
Furthermore, BNPLon Aspira comes with flexible monthly repayment periods ranging between 3 and 12 months, making Aspira one of the best buy now pay later services in Kenya.
Faraja is a just-getting-started Buy Now Pay Later company in Kenya owned by Safaricom in partnership with EDOMx. The startup allows M-pesa customers to purchase products and services on credit from businesses on Lipa na M-PESA.
Using Faraja’s Buy-Now-Pay-Later is simple. You have to purchase from e-commerce or store that offers Faraja as one of their payment options. Then, dial *799# or choose Faraja mini-app on the M-PESA Super App payment option to make payment.
Meanwhile, you should have received Faraja’s credit on sign up. The company gives customers credit limit ranging from KSh20 to KSh100,000 and allows them to complete repayment in 30 days with zero interest rate.
FlexPay “Lipia PolePole” is considered as best Buy-Now-Pay-Later in Kenya because it offers a different type of BNPL business model. The fintech allows credit first and accept payment installmentally, allowing customers to buy goods and products from their prefer brands.
Additionally, Flexpay’s Flexible Payment Solution allows users to save up at their own pace for buying of products from reputable brands. This is more of a “Save Now, Pay Later” busineses model.
However, to use Flexpay’s BNPL services in Kenya, you have to create an account on the platform. The company is in partnership with various local retailers in the country for the purpose of transforming financial landscape between sellers and buyers.
In summary, Buy now, pay later is a business model and short-term financing that enables final consumers to buy and pay installmentally. BNPL is generally structured like an installment plan money lending process that involves consumers, financiers, and merchants.
I believe this article has guided you to choose best Buy Now, Pay Later platform that’ll suit your financial needs. Please, do let’s know in the comments section if you have any questions, opinion, correction or addition. Cheers!