FlexPay is helping shoppers save for future purchases
FlexPay Technologies is a Kenyan fintech out to enable consumers to afford products that would have otherwise been out of reach for them.
The startup allows customers to shop at partner merchants, reserve products, and pay over a period of time, at no added cost. It initially partnered with a Kenyan retailer during launch but scaled in 2020, and has to date grown its merchant network to 600.
This number of partner merchants is set to grow further as the startup widens its “save now, buy later” offerings.
Key Takeaways
Many African consumers cannot afford to pay outright for vital items like mobile phones or generators, crucial for their livelihoods and improving their quality of life. Buy now, pay later (BNPL) appeared to be the solution to this problem. However, its sustainability is being questioned as critics say it encourages impulsive spending and leads to debt problems. These issues have led to the rise of an alternative model—save now, buy later (SNBL), which is fast growing globally, including in Africa, thanks to startups like Flexpay, CDCare, LayUp, and Tunzaa.
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