Absa Kenya Launches ‘Buy Now Pay Later’ Product for Convenient Shopping
Absa Bank Kenya has unveiled its Buy Now Pay Later (BNPL) offering saying this option will help its customers better manage their expenses. The offering is a self-service payment option available through mobile and internet banking platform and allows customers to spread the cost of their purchases over time.
This is the first BNPL product to be exclusively offered by a bank in the Kenyan market for card customers.
The bank’s credit card customers will be able choose to pay for their purchases either in full immediately or opt for a structured repayment plan over a defined period, ranging from three to 12 months.
The growing attractiveness of card-based transactions is evident in the data provided by the Central Bank of Kenya. As of March 2023, the number of card-based transactions reached 5,669,185, marking a 5.3 percent increase compared to the previous month.