What you need to know:
- Aspira has been providing similar services of flexible payment plans, ranging from one to six months.
- Kenya’s buy now pay later industry continues to grow as hard economic times deny Kenyans spending power.
Home appliances seller, Hotpoint, and financial solutions provider, Aspira, have partnered to enable shoppers acquire appliances and electronics on credit, in a 24-month 'buy now, pay later' plan.
The two companies said the plan is intended to enable more shoppers access high-end products, by spreading the cost.
“Our vision is to make quality appliances and a comfortable lifestyle affordable and manageable for people in Kenya. Kenyans aspire to have a good life, and with this partnership, they can now access essential appliances over a more extended period,” said Irshad Muttur, Aspira’s Chief Operating Officer.
Flexible payment plans
Aspira has been providing similar services of flexible payment plans, ranging from one to six months, which the company said has already been well-received by Kenyan shoppers.
“The addition of the 24-month plan allows consumers to spread the cost of their purchases over a more extended period, aligning with the lifespan of many durable appliances. We will continue to listen to customers and adapt ourselves to their needs continuously and together,” Mr Muttur said.
Hard economic times
Kenya’s buy now pay later industry continues to grow as hard economic times deny Kenyans spending power, as well as the increased e-commerce penetration.
A report this year projects that BNPL payments in the country are expected to grow by 51.6 per cent from Sh124 billion in 2022 to Sh310 billion by end of this year.
“Previously, some high-end appliances and electronics may have been out of reach for many shoppers due to shorter payment terms. Now, customers can consider these items and extend their payment terms, which is a win-win for both customers and Hotpoint," said Chris Rhys, Head of Marketing at Hotpoint.