Absa Bank Kenya has unveiled a new addition to their offerings, the Buy Now, Pay Later (BNPL) card feature, aimed at assisting customers in effectively managing their finances. Known as “Buy Now Lipa Pole Pole,” this feature is a user-friendly payment option available on the Absa mobile and internet banking platform. It offers customers a convenient means to handle their expenses by distributing the cost of their purchases over a period of time. Remarkably, this solution provided by Absa is the pioneering initiative of its kind, exclusively offered by a bank in the Kenyan market for their cardholders.
Absa’s latest credit card innovation presents its customers with a user-friendly option that allows them to choose between two payment methods. They can either make full and immediate payments for their purchases or opt for a structured repayment plan spanning from three to 12 months. This flexible feature empowers customers to extend their spending capacity while effectively managing their finances.
Speaking during the launch of the new solution, Head of Card Payments at Absa Bank Kenya, Linda Kimani has said the introduction of the BNPL feature is a helpful tool for managing expenses, adding that it would go a long way in supporting customers to meet their needs in a flexible manner while supporting their cashflow positions.
“Given the prevailing economic environment in which many consumers are having to make tough spending decisions, we understand the growing need to manage one’s expenses and make purchases without straining one’s wallet. That’s why we’re excited to launch our BNPL card feature, which gives our customers the power and ease they need to pay for their purchases flexibly over time,” says Linda.
“By incorporating BNPL payments into their budgeting strategy, customers have more room to manage expenses such as payment of school fees or booking for holiday travel while maintaining a healthy financial outlook. We expect that the feature will give our customers more cash on hand and therefore more control over their finances, helping them to get things done,” added Linda.
The setup and confirmation process for Absa’s, Buy Now Lipa Pole Pole card feature is instant and hassle-free, ensuring a seamless experience for customers without any unnecessary delays or complications.
“We are confident that this solution not only benefits our customers greatly but also positions us as market leaders and innovators in the payments business” added Linda.
According to data from the Central Bank of Kenya, the number of card-based transactions recorded as of March 2023 topped 5,669,185, denoting a 5.3 percent increase compared to the number of transactions recorded in February 2023. This is an indicator of the growing attractiveness of the convenience of the card payment option.