Absa Bank Kenya has introduced a new feature called Buy Now, Pay Later, which aims to improve customers’ expense management.
Known as Buy Now Lipa Pole Pole, this self-service payment option is available on Absa’s mobile and internet banking platform.
It provides customers with a convenient way to handle their expenses by spreading the cost of their purchases over time. Notably, Absa is the first bank in the Kenyan market to exclusively offer this solution to its card customers.
This user-friendly card innovation gives Absa’s credit card customers the choice to pay for their purchases in full immediately or opt for a structured repayment plan over a defined period of three to 12 months, thus extending their spending power.
Linda Kimani, Head of Card Payments at Absa Bank Kenya stated that given the current economic environment where many consumers face tough spending decisions they have increased the need to manage expenses and make purchases without straining their wallet.
That’s why we are thrilled to launch our BNPL card feature, enabling customers to pay for their purchases flexibly over time.
“By incorporating BNPL payments into their budgeting strategy, customers have more flexibility to manage expenses like school fees or holiday travel bookings while maintaining a healthy financial outlook. We anticipate that this feature will provide our customers with more money on hand and, consequently, more control over their finances, empowering them to accomplish their goals.”
According to data from the Central Bank of Kenya, card-based transactions in March 2023 surpassed 5,669,185, reflecting a 5.3 percent increase compared to transactions recorded in February 2023. This indicates the growing appeal and convenience of card payments.