Aspira, Hotpoint unveil ‘buy now, pay later’ plan for Kenyan shoppers

By Phyllis MUCHOKI

Kenyan shoppers can now conveniently acquire home appliances and electronics on credit, following the introduction of a 24-month ‘buy now, pay later’ plan in a deal made easier between financial solutions provider Aspira and Hotpoint.

The new plan could redefine the retail landscape, making high-end products more accessible to many Kenyans.

“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 Irshad Muttur, COO of Aspira.

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Aspira’s flexible 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 Chris Rhys, Head of Marketing at Hotpoint.

The introduction of the 24-month buy now, pay later plan marks a significant step forward in the Kenyan retail sector.

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With the promise of more affordable access to high-quality appliances and electronics, Aspira and Hotpoint are set to make a lasting impact in 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 partnership where the customer sits at the center of every project we do. We will continue to listen to customers and adapt ourselves to their needs continuously and together,” said Muttur.

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.