Source: Tom Jackson/ Disrupt Africa
Kenyan startup Lipa Later has partnered Mastercard to drive financial inclusion and expand Buy Now, Pay Later (BNPL) solutions in Africa, starting with Kenya and expanding to Rwanda, Uganda, and Nigeria.
Founded in 2018, Lipa Later aims to empower African businesses to do more by enabling e-commerce, financial inclusion and shopping all on one centralised and fully integrated platform.
The strategic partnership with Mastercard aims to unlock new opportunities for consumers and merchants by providing tailored BNPL solutions and enhanced payment capabilities. It will see Lipa Later leverage Mastercard’s extensive network of merchants, innovative payment methods, and state-of-the-art technology infrastructure to empower individuals and businesses with greater access to essential products and services, make access to credit seamless and reduce friction to create seamless shopping experiences and transactions.
“Financial inclusion is at the core of Mastercard’s mission, and this partnership unlocks new opportunities for consumers and merchants to access digital payments solutions previously unavailable to them,” said Shehryar Ali, country manager for East Africa at Mastercard.
“By partnering with Lipa Later, we are leveraging our technology to enable these payments in a digitally secure way. Together with Lipa Later, we’re focused on providing seamless consumer experiences through Buy Now Pay Later to promote inclusion to previously underserved communities and drive sustainable economic growth in Africa.”
The BNPL solution will provide flexible financing options at checkout, ensuring an omni-channel experience both online and in-store. With instant Know Your Customer (KYC) capabilities, customers can easily access financing and enjoy a frictionless shopping experience. Merchants can also increase their average basket size, cater to a wider customer base, and enhance their ability to provide more products and services.
“Expanding Buy Now Pay Later and lending solutions in Africa through this strategic partnership marks a significant milestone for Lipa Later. We strongly believe in the power of financial inclusion and the transformative impact it can have on individuals and businesses,” said Eric Muli, founder and CEO of Lipa Later.
“By joining forces with Mastercard, we are accelerating our mission of making credit easily accessible and reducing friction to create seamless shopping experiences and usher Africa’s retail industry into its next phase of growth. This partnership will empower people, stimulate economic growth, and foster innovation in Africa. Together, we are driving positive change and shaping the future of finance in Kenya and beyond.”
Source: Tom Jackson/ Disrupt Africa
