Hotpoint, Aspira introduce two-year BNPL plan for Kenyan shoppers

Aspira and Hotpoint

Aspira, a buy now pay later (BNPL) company, has launched a partnership with Hotpoint that will see customers access Hotpoint’s portfolio of products via a two-year BNPL program. “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 Mr. Irshad Muttur, COO of Aspira.

Aspira’s payment plans, which range from 1 month to 6 months, have already been well-received by Kenyan shoppers, according to Mr. Muttur. 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.

“The 24-month product will allow more customers to access a broader range of products. 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,” stated Mr. Chris Rhys, Head of Marketing at Hotpoint.

The Kenya Buy Now Pay Later 2023 report shows that the BNPL payment industry in Kenya has recorded strong growth over the last two years due to increased e-commerce penetration. The report predicts that BNPL payments in the country are expected to grow by 51.6 percent on an annual basis from Sh 124 billion (USD 857.7 million) in 2022 to reach Sh 310 billion (USD 2.1 billion) at the end of 2023. The BNPL Gross Merchandise Value in Kenya will increase from USD 1.4 billion in 2022 to reach USD 8.3 billion by 2028.

A lot of other companies have since joined the BNPL business, including Craft Silicon (that runs the Little app) and EDOMx (alongside Safaricom).  

Telegram Ad
Total
0
Shares
Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post
WOWZI

Wowzi, ADMI seal partnership to train Kenyan content creators

Next Post

TECNO has announced the Phantom V Flip

Related Posts