MICRO-CREDIT FOR CONSUMER PRODUCTS: MORDI, OSIBELUWO & EKEH

According to a report by Africa Fintech Foundary, e-Commerce financing under what has been termed the Buy Now, Pay Later, BNPL, scheme is rapidly gaining popularity among consumers seeking to buy household goods and spread payment for the products over a period of time.

The report indicates that tech giants have jumped on the BNPL bandwagon, with PayPal launching its own product, Amazon and Apple partnering with Affirm, and Square agreeing to buy Afterpay in a $29 billion deal.

The global BNPL market was valued at $4.07 billion in 2020 and is expected to reach $20.4 billion by 2028, said the report.

In Nigeria, BNPL payment adoption is expected to grow steadily from $204.3 million in 2021 to $1.19 billion 2028.

One of such companies joining the BNPL train is Access Bank, which is collaborating with Samsung West Africa and Zinox Group to offer micro-credit to customers of bank who wish to purchase a Samsung Galaxy S22 series smartphone through the Device Finance digital lending scheme.

To tell us more about the scheme, are Emeka Mordi, Managing Director of Grow Microfinance Bank (a subsidiary of Access Bank); Solomon Osibeluwo, Mobile Experience Master Trainer for Samsung West Africa; and Chidalu Ekeh, Head, Tech Experience Centre (a subsidiary of Zinox Group).

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