Absa Bank has some great news for its card customers as it introduces an instalment service to ease purchase of items. Absa has introduced its Buy Now Lipa Pole Pole which gives users the option of paying for items like furniture, electronics, and phones in instalments.
It is a timely development especially today when Kenyans are tightening budgets everyday due to the high cost of living.
This instalment payment option alleviates the financial strain on consumers, enabling them to acquire desired items without compromising their budget or resorting to immediate large expenses. By breaking down the total cost of items into manageable chunks, people can comfortably incorporate the payments into their monthly budgets, making these purchases more attainable and affordable.
Absa is the first bank in Kenya to offer this solution to its card holders – an instant hassle-free experience that does not stop at purchase of big-ticket items, but also works for school feels payment, booking of holidays and plane tickets among others. Some of the merchants who we can look forward to purchasing items from are Kenya Airways, Bonfire Adventures, Tile & Carpet, Victoria Furniture, Chloride Exide and Auto Express.
How does the service work?
One needs to be a card holder to be eligible for Absa’s Lipa Pole Pole, and the merchants from which the item is coming from also needs to have been activated by Absa. Once these two requirements are in place, customers will select items to be purchased, swipe their Absa cards at the point of sale, log into the Absa Mobile or Internet banking, click on the credit card billed/unbilled statement ands elect the Lipa Pole Pole option . You will then pick the instalment duration you are comfortable with and pay. Instalment options are 3, 6, 9 and 12 months, allowing you to repay with friendly and flexible interest rates. Any stand-alone amount above Ksh.10,000/- qualifies for Absa Lipa Pole Pole and transactions can be done in either of two ways. Via mobile/internet banking where users log onto their banking platform and transact, or via SMS where they receive a dedicated text code to respond to. Services like fuel, groceries, bars, restaurants, and cash withdrawals do not qualify.
Interest rates for Absa’s Lipa Pole Pole depend on the duration of time a customer chooses to pay in, but they are all quite friendly.