Top 6 Buy Now Pay Later (BNPL)Options Available in Kenya 

From M-KOPA to Lipa Later, explore Kenya's top Buy Now Pay Later services and their impact on the country's consumer landscape.

Aug 10, 2023 - 08:18
Top 6 Buy Now Pay Later (BNPL)Options Available in Kenya 
Top 6 Buy Now Pay Later Options Available in Kenya 

Buy Now Pay Later (BNPL) services are revolutionizing how consumers shop in Kenya. With flexible, easy, and affordable payment options, it's no wonder the industry is on a steady rise. Here's a look at the country's current state of BNPL services.

An Ever-Growing Trend

The BNPL industry has seen consistent growth in Kenya. With the e-commerce sector thriving, the appetite for flexible payment options is skyrocketing. According to Business Wire, BNPL payments are expected to grow by 23.2% annually, reaching a staggering US$1,056.6 million by 2023. Simultaneously, the Kenyan BNPL Gross Merchandise Value (GMV) will likely increase from US$857.7 million in 2022 to US$1,881.7 million by 2028.

Pioneers and Startups in the BNPL Space

1. M-KOPA: Leading with Innovation

Top 6 Buy Now Pay Later (BNPL)Options Available in Kenya 

M-KOPA, founded in 2010, began its journey as a retailer of solar-powered products. The "pay as you go" model targeted low-income homes, offering affordable solar panels. With its recent $250 million funding, M-KOPA is expanding into new markets and extending its range of financed products. With over 3 million customers across Africa and $3 billion deployed in product and credit financing, they are the market leader in Green Energy.

2. Lipa Later: Empowering the Consumer

Top 6 Buy Now Pay Later (BNPL)Options Available in Kenya 

With partnerships exceeding 500 in the country, Lipa Later is a key player in Kenya's BNPL space. Offering credit up to KES. 500,000, and with a hassle-free approval process, Lipa Later is redefining how Kenyans shop. The recent $12 million funding will likely solidify its position across Kenya, Uganda, and Rwanda.

3. Aspira: A Versatile Solution

Top 6 Buy Now Pay Later (BNPL)Options Available in Kenya 

Aspira, financing over 1 billion since 2017, has partnered with more than 500 top brands, offering diverse products and services. They offer credit limits ranging from KES. 10,000 to KES. 500,000, all without the need for collateral or guarantors. With flexible monthly repayment periods, Aspira has become a key player in Kenya's BNPL ecosystem.

4.FlexPay Lipia Pole Pole: A Different Approach

Top 6 Buy Now Pay Later (BNPL)Options Available in Kenya 

Unlike the credit-first model of other BNPL providers, FlexPay "Lipia PolePole" offers a flexible saving solution for customers. By partnering with local retailers, FlexPay provides an alternative to traditional BNPL solutions, promoting responsible spending habits.

5. Faraja by Safaricom and EDOMx: Bridging Gaps

Top 6 Buy Now Pay Later (BNPL)Options Available in Kenya 

The collaboration between Safaricom and EDOMx has led to Faraja, a service allowing M-PESA customers to buy on credit from businesses using Lipa na M-PESA. With credit ranging from KES. 20 to KES 100,000 at zero interest, Faraja is revolutionizing how Kenyans shop.

6.SpotIt by Craft Silicon: A Fresh Perspective

Top 6 Buy Now Pay Later (BNPL)Options Available in Kenya 

SpotIt, the latest player by Craft Silicon, offers a unique three-stakeholder model: the customer, merchant, and bank. With partnerships nationwide, including e-commerce merchants, SpotIt has an integrated mini-app, making the process smooth and eliminating the need for bulky documentation.

Prospects and Potential

With retailers and various organizations digitizing their offerings, the full potential of BNPL solutions in Kenya is yet to be seen. However, developing and advocating for responsible spending habits is critical to sustainably ensuring this promising sector grows.

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The Buy Now Pay Later services surge in Kenya reflects the rapidly evolving consumer landscape. Companies like M-KOPA, Lipa Later, and SpotIt provide convenient purchasing options and foster responsible spending habits. As we look ahead, the BNPL model may hold the key to a more inclusive and flexible economy in Kenya, empowering consumers like never before.


The information provided in this article is for informational purposes only and does not constitute financial or investment advice. Readers are encouraged to research and consult with a financial advisor before making any financial decisions related to Buy Now Pay Later services or other financial products mentioned in this article.

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Joseph Richard Joseph is a graduate of Mathematics and Computer Science (Applied Option). With expertise in Technology and Finance, he brings his knowledge to the field, demonstrating an authoritative understanding of these interrelated areas. Joseph is pursuing a Master's in Software Engineering, further expanding his skill set.