Aspira and Hotpoint Launch 24-Month ‘Buy Now, Pay Later’ Plan for Kenyan Shoppers
Kenyan shoppers now have the convenient option to acquire home appliances and electronics on credit, thanks to the introduction of a 24-month ‘buy now, pay later’ plan through a collaborative effort between Aspira, a leading financial solutions provider, and Hotpoint. This new plan has the potential to reshape the retail landscape, making high-end products more accessible to a broader Kenyan audience.
“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 an extended period,” stated Mr. Irshad Muttur, COO of Aspira.
Aspira’s flexible payment plans, which range from 1 month to 6 months, have already received a positive response from 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 enable a wider range of customers to access high-end products. Previously, some shoppers may have found high-end appliances and electronics out of their financial reach due to shorter payment terms. Now, customers can consider these items and extend their payment terms, creating a win-win situation for both customers and Hotpoint,” explained Mr. Chris Rhys, Head of Marketing at Hotpoint.
The introduction of the 24-month buy now, pay later plan represents a significant advancement in the Kenyan retail sector. With the promise of more affordable access to high-quality appliances and electronics, Aspira and Hotpoint are poised to make a lasting impact on the lives of Kenyan consumers, fostering a culture of financial empowerment and improved living standards.
“The partnership between Aspira and Hotpoint is a long-term commitment where the customer remains at the core of every project we undertake. We will continue to listen to our customers and adapt to their needs continuously and collaboratively,” emphasized Muttur.
According to the Kenya Buy Now Pay Later 2023 report, the BNPL payment industry in Kenya has experienced substantial growth over the past 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 annually, increasing from Sh 124 billion (USD 857.7 million) in 2022 to reach Sh 310 billion (USD 2.1 billion) by the end of 2023. The BNPL Gross Merchandise Value in Kenya is projected to rise from USD 1.4 billion in 2022 to reach USD 8.3 billion by 2028.
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